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Question : 43.              Which of the following true with respect to Special : 1255441

Accounting

 

43.              Which of the following is true with respect to Special revenue funds?

A)              Special revenue funds are used when it is desirable to provide separate reporting of resources that are designated for specific purposes.

B)              Special revenue funds are used when it is desirable to provide separate reporting for funds provided by other governments to support capital projects.

C)              Special revenue funds are used when it is desirable to provide separate reporting of resources that are restricted or committed as to expenditure for purposes other than debt service or capital projects.

D)              Both B and C

44.              Which of the following is false with respect to Special revenue funds?

A)              Resources appropriately reported within proprietary or fiduciary funds are excluded from special revenue funds.

B)              A special revenue funds would be used to account for taxes which are required by state law to be used by the government to support specific activities.

C)              Special revenue funds may be used for any designated purpose to segregate revenues and ensure compliance with restrictions.

D)              None of the above

45.              Which of the following is true regarding the use of Special Revenue Funds?

A)              Special Revenue Funds may be used whenever a government wishes to segregate income for specific purposes.

B)              Special Revenue Funds are appropriate if the sole source of resources are assigned funds

C)              Once a Special Revenue Fund is established, it will continue to be a Special Revenue Fund until all resources are exhausted.

D)              Special Revenue Funds may only be used when a substantial portion of the resources are provided by restricted or committed revenue sources.

46.              Which of the following statements is not true regarding modified accrual accounting?

A)              Expenditures and fund liabilities are recorded when goods and services are received.

B)              Debt service expenditures for principal and interest are accrued.

C)              Expenditures for claims and judgments and landfill postclosure care costs of governmental funds should be recognized to the extent that the liabilities are going to be paid with available resources.

D)              Compensated absences and special termination benefits of governmental funds that will not be paid with available resources should be reported as liabilities in the government-wide statements.

47.              Regarding interfund transactions, which of the following is not correct?

A)              Transaction between funds are not assumed to be arm’s length in nature

B)              Failure to properly report interfund transactions will result in two funds being misstated.

C)              Interfund transactions must be repaid.

D)              Interfund reimbursement is a payment by one fund to second fund to repay it for a purchase which belongs in the first fund.

48.              Which of the following is an interfund transaction?

A)              Interfund services provided and used

B)              Interfund transfers

C)              Interfund loans

D)              All of the above are interfund transactons

49.              Which of the following statements is not correct?

A)              Transactions between funds of the same government may not be assumed to be arms’ length in nature.

B)              Most interfund transactions are eliminated in the government-wide statements

C)              Interfund reimbursements are classified as other financing sources or uses

D)              Interfund transfers are classified as other financing sources or uses

50.              The journal entry to record the budget of a Special Revenue Fund would include:

A)              A debit to appropriations Control

B)              A credit to Estimated Revenues Control

C)              A debit to Estimated Revenues Control

D)              None of the above, Special Revenue Funds do not record budgets

51.              The journal entry to record the re-establishment of encumbrances that were outstanding at the close of the prior period would include:

A)              A credit to Budgetary Fund Balance – Reserve for Encumbrances

B)              A debit to Budgetary Fund Balance – Reserve for Encumbrances

C)              A credit to Encumbrance Control

D)              A and B would both be included in the journal entry

52.              The journal entry to record the prior year’s deferred property taxes (those expected to be collected more than 60 days beyond year end) as revenue in the current year would include:

A)              A debit to Revenues Control

B)              A debit to Deferred Revenues

C)              A credit to Revenues Control

D)              B and C would both be included in the journal entry

 

 

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51) In the short run, a decrease in aggregate demand will lead to

A) a decrease in the price level and an increase in real GDP.

B) an increase in the price level and a decrease in real GDP.

C) a decrease in the price level and an increase in the unemployment rate.

D) an increase in the price level and an increase in real GDP.

E) no change in the price level and a decrease in real GDP.

 

52) If the economy moves upward along its short-run Phillips curve, in the AS-AD diagram, this movement is shown by a

A) movement upward along the AS curve as a result of a rightward shift of the AD curve.

B) rightward shift of potential GDP.

C) movement downward along the AS curve as a result of a leftward shift of the AD curve.

D) rightward shift of the AS curve and a movement along the AD curve.

E) leftward shift of the AS curve and a movement along the AD curve.

 

53) If aggregate demand increases, thereby leading to an increase in real GDP and inflation, there is

A) a movement downward along the short-run Phillips curve.

B) a movement upward along the short-run Phillips curve.

C) a rightward shift in the short-run Phillips curve.

D) a leftward shift in the short-run Phillips curve.

E) neither a movement along nor a shift in the short-run Phillips curve.

54) The relationship between the AS-AD model and the Phillips curve points out that as aggregate demand increases, the unemployment rate

A) decreases and the inflation rate rises.

B) increases and the inflation rate falls.

C) decreases and the price level falls.

D) increases and the inflation rate rises.

E) decreases and the inflation rate does not change, only the price level rises.

 

55) Data from the United States and the United Kingdom show that the short-run Phillips curve exhibits

A) a great deal of shifting.

B) stability with shifts occurring only when external forces are strong.

C) stability with shifts occurring only when there is an internal change of government.

D) shifts that occur every five years or so.

E) positive slopes in both nations.

 

56) Changes in which of the following shift the short-run Phillips curve?

i.changes in the natural unemployment rate

ii.changes in the expected inflation rate

iii.changes in the inflation rate

A) i only

B) ii only

C) iii only

D) i and ii

E) i, ii, and iii

57) The short-run Phillips curve shows a relationship between the

A) inflation rate and the interest rate.

B) inflation rate and real GDP.

C) unemployment rate and the interest rate.

D) inflation rate and the unemployment rate.

E) price level and real GDP.

 

58) The short-run Phillips curve is

A) vertical at the natural unemployment rate.

B) upward sloping.

C) downward sloping.

D) horizontal at the expected inflation rate.

E) U-shaped.

 

59) Moving along the short-run Phillips curve, as the unemployment rate increases the inflation rate

A) decreases.

B) increases.

C) remains unchanged.

D) initially decreases and then increases.

E) initially increases and then decreases.

 

60) When a movement up along the aggregate supply curve occurs, there is also

A) a movement down along the short-run Phillips curve.

B) a movement up along the short-run Phillips curve.

C) a rightward shift of the short-run Phillips curve.

D) a leftward shift of the short-run Phillips curve.

E) no movement along nor a shift in the short-run Phillips curve.

61) If real GDP exceeds potential GDP, then employment is ________ full employment and the unemployment rate is ________ the natural unemployment rate.

A) below; above

B) equal to; below

C) above; below

D) above; above

E) equal to; equal to

 

62) According to Okun's Law, if the natural unemployment rate is 5 percent, the actual unemployment rate is 4 percent, and potential GDP is $15 trillion, then actual real GDP is

A) $12.0 trillion.

B) $15.0 trillion.

C) $14.7 trillion.

D) $15.4 trillion.

E) $15.3 trillion.

 

63) When aggregate demand increases, there is a movement ________ along the AS curve and ________.

A) up; a movement up along the short-run Phillips curve

B) up; a movement down along the short-run Phillips curve

C) up; an upward shift of the short-run Phillips curve

D) down; a downward shift of the short-run Phillips curve

E) down; a movement down along the short-run Phillips curve

 

 

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July 1, 2023
    

 

 

51) In the short run, a decrease in aggregate demand will lead to

A) a decrease in the price level and an increase in real GDP.

B) an increase in the price level and a decrease in real GDP.

C) a decrease in the price level and an increase in the unemployment rate.

D) an increase in the price level and an increase in real GDP.

E) no change in the price level and a decrease in real GDP.

 

52) If the economy moves upward along its short-run Phillips curve, in the AS-AD diagram, this movement is shown by a

A) movement upward along the AS curve as a result of a rightward shift of the AD curve.

B) rightward shift of potential GDP.

C) movement downward along the AS curve as a result of a leftward shift of the AD curve.

D) rightward shift of the AS curve and a movement along the AD curve.

E) leftward shift of the AS curve and a movement along the AD curve.

 

53) If aggregate demand increases, thereby leading to an increase in real GDP and inflation, there is

A) a movement downward along the short-run Phillips curve.

B) a movement upward along the short-run Phillips curve.

C) a rightward shift in the short-run Phillips curve.

D) a leftward shift in the short-run Phillips curve.

E) neither a movement along nor a shift in the short-run Phillips curve.

54) The relationship between the AS-AD model and the Phillips curve points out that as aggregate demand increases, the unemployment rate

A) decreases and the inflation rate rises.

B) increases and the inflation rate falls.

C) decreases and the price level falls.

D) increases and the inflation rate rises.

E) decreases and the inflation rate does not change, only the price level rises.

 

55) Data from the United States and the United Kingdom show that the short-run Phillips curve exhibits

A) a great deal of shifting.

B) stability with shifts occurring only when external forces are strong.

C) stability with shifts occurring only when there is an internal change of government.

D) shifts that occur every five years or so.

E) positive slopes in both nations.

 

56) Changes in which of the following shift the short-run Phillips curve?

i.changes in the natural unemployment rate

ii.changes in the expected inflation rate

iii.changes in the inflation rate

A) i only

B) ii only

C) iii only

D) i and ii

E) i, ii, and iii

57) The short-run Phillips curve shows a relationship between the

A) inflation rate and the interest rate.

B) inflation rate and real GDP.

C) unemployment rate and the interest rate.

D) inflation rate and the unemployment rate.

E) price level and real GDP.

 

58) The short-run Phillips curve is

A) vertical at the natural unemployment rate.

B) upward sloping.

C) downward sloping.

D) horizontal at the expected inflation rate.

E) U-shaped.

 

59) Moving along the short-run Phillips curve, as the unemployment rate increases the inflation rate

A) decreases.

B) increases.

C) remains unchanged.

D) initially decreases and then increases.

E) initially increases and then decreases.

 

60) When a movement up along the aggregate supply curve occurs, there is also

A) a movement down along the short-run Phillips curve.

B) a movement up along the short-run Phillips curve.

C) a rightward shift of the short-run Phillips curve.

D) a leftward shift of the short-run Phillips curve.

E) no movement along nor a shift in the short-run Phillips curve.

61) If real GDP exceeds potential GDP, then employment is ________ full employment and the unemployment rate is ________ the natural unemployment rate.

A) below; above

B) equal to; below

C) above; below

D) above; above

E) equal to; equal to

 

62) According to Okun's Law, if the natural unemployment rate is 5 percent, the actual unemployment rate is 4 percent, and potential GDP is $15 trillion, then actual real GDP is

A) $12.0 trillion.

B) $15.0 trillion.

C) $14.7 trillion.

D) $15.4 trillion.

E) $15.3 trillion.

 

63) When aggregate demand increases, there is a movement ________ along the AS curve and ________.

A) up; a movement up along the short-run Phillips curve

B) up; a movement down along the short-run Phillips curve

C) up; an upward shift of the short-run Phillips curve

D) down; a downward shift of the short-run Phillips curve

E) down; a movement down along the short-run Phillips curve

 

 

default image
July 1, 2023
    

 

 

51) In the short run, a decrease in aggregate demand will lead to

A) a decrease in the price level and an increase in real GDP.

B) an increase in the price level and a decrease in real GDP.

C) a decrease in the price level and an increase in the unemployment rate.

D) an increase in the price level and an increase in real GDP.

E) no change in the price level and a decrease in real GDP.

 

52) If the economy moves upward along its short-run Phillips curve, in the AS-AD diagram, this movement is shown by a

A) movement upward along the AS curve as a result of a rightward shift of the AD curve.

B) rightward shift of potential GDP.

C) movement downward along the AS curve as a result of a leftward shift of the AD curve.

D) rightward shift of the AS curve and a movement along the AD curve.

E) leftward shift of the AS curve and a movement along the AD curve.

 

53) If aggregate demand increases, thereby leading to an increase in real GDP and inflation, there is

A) a movement downward along the short-run Phillips curve.

B) a movement upward along the short-run Phillips curve.

C) a rightward shift in the short-run Phillips curve.

D) a leftward shift in the short-run Phillips curve.

E) neither a movement along nor a shift in the short-run Phillips curve.

54) The relationship between the AS-AD model and the Phillips curve points out that as aggregate demand increases, the unemployment rate

A) decreases and the inflation rate rises.

B) increases and the inflation rate falls.

C) decreases and the price level falls.

D) increases and the inflation rate rises.

E) decreases and the inflation rate does not change, only the price level rises.

 

55) Data from the United States and the United Kingdom show that the short-run Phillips curve exhibits

A) a great deal of shifting.

B) stability with shifts occurring only when external forces are strong.

C) stability with shifts occurring only when there is an internal change of government.

D) shifts that occur every five years or so.

E) positive slopes in both nations.

 

56) Changes in which of the following shift the short-run Phillips curve?

i.changes in the natural unemployment rate

ii.changes in the expected inflation rate

iii.changes in the inflation rate

A) i only

B) ii only

C) iii only

D) i and ii

E) i, ii, and iii

57) The short-run Phillips curve shows a relationship between the

A) inflation rate and the interest rate.

B) inflation rate and real GDP.

C) unemployment rate and the interest rate.

D) inflation rate and the unemployment rate.

E) price level and real GDP.

 

58) The short-run Phillips curve is

A) vertical at the natural unemployment rate.

B) upward sloping.

C) downward sloping.

D) horizontal at the expected inflation rate.

E) U-shaped.

 

59) Moving along the short-run Phillips curve, as the unemployment rate increases the inflation rate

A) decreases.

B) increases.

C) remains unchanged.

D) initially decreases and then increases.

E) initially increases and then decreases.

 

60) When a movement up along the aggregate supply curve occurs, there is also

A) a movement down along the short-run Phillips curve.

B) a movement up along the short-run Phillips curve.

C) a rightward shift of the short-run Phillips curve.

D) a leftward shift of the short-run Phillips curve.

E) no movement along nor a shift in the short-run Phillips curve.

61) If real GDP exceeds potential GDP, then employment is ________ full employment and the unemployment rate is ________ the natural unemployment rate.

A) below; above

B) equal to; below

C) above; below

D) above; above

E) equal to; equal to

 

62) According to Okun's Law, if the natural unemployment rate is 5 percent, the actual unemployment rate is 4 percent, and potential GDP is $15 trillion, then actual real GDP is

A) $12.0 trillion.

B) $15.0 trillion.

C) $14.7 trillion.

D) $15.4 trillion.

E) $15.3 trillion.

 

63) When aggregate demand increases, there is a movement ________ along the AS curve and ________.

A) up; a movement up along the short-run Phillips curve

B) up; a movement down along the short-run Phillips curve

C) up; an upward shift of the short-run Phillips curve

D) down; a downward shift of the short-run Phillips curve

E) down; a movement down along the short-run Phillips curve

 

 

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