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Chapter 2 The Government and Not-For-Profit Environment

Question # 00155337
Subject: General Questions
Topic: General General Questions
Due on: 01/18/2016
Posted On: 12/19/2015 12:59 AM

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25. The primary focus of the Statement of Activities of a not-for-profit organization is on determining the net increase/decrease in which of the following?

a) Unrestricted Net Assets.

b) Temporarily Restricted Net Assets.

c) Permanent Net Assets.

d) Net Assets of the entity taken as a whole.

26. Under the GASB Statement No. 34 reporting model for governmental entities, which of the following is required?

a) Only one set of financial statements, prepared on the full accrual basis of accounting.

b) Only one set of financial statements, prepared on the modified accrual basis of accounting.

c) Two sets of financial statements, one that views the government as a collection of separate funds and reports using the current financial resources measurement focus and modified accrual basis of accounting for governmental funds and one that views the government as a whole by combining all governmental activities in one column and all business-type activities in another column using the full accrual basis of accounting for both columns.

d) Two sets of financial statements, one that views the government as a whole using the current financial resources measurement focus and modified accrual basis of accounting and one that views the government by function and combines all governmental activities in one column and all business-type activities in another column using the full accrual basis of accounting for both columns.

27. Under the GASB Statement No. 34 reporting model for governmental entities, the government-wide Statement of Net Assets will display which of the following?

a) Assets, Liabilities, and Net Assets.

b) Assets, Liabilities, and Fund Balances.

c) Assets, Liabilities, and Fund Equity.

d) Assets, Liabilities, and Owner’s Equity.

28. Under the GASB Statement No. 34 reporting model for governmental entities, the focus of the government-wide Statement of Activities is on which of the following?

a) Program revenues and general revenues.

b) Program revenues and expenses.

c) Net income.

d) The net cost of each of the government’s main functions and programs.

29. A not-for-profit entity Statement of Net Assets will NOT report which of the following?

a) Net assets invested in capital assets net of related debt.

b) Capital assets.

c) Temporarily restricted net assets.

d) Permanently restricted net assets.

30. Which of the following funds of Chessie City would be consolidated to form the governmental activities column in the City’s government-wide financial statements?

a) Its general fund, special revenue fund, and agency fund.

b) Its general fund, debt service fund, and capital projects fund.

c) Its general fund, enterprise fund, and fiduciary fund.

d) Its enterprise fund and internal service fund.

31. Which fund type would all governments normally include in their fund financial statements?

a) Capital projects funds

b) Special revenue funds

c) General fund

d) Fiduciary funds

32. Under the GASB Statement No. 34 reporting model for governmental entities, fund financial statements include separate sets of financial statements for:

a) Each major function of the government.

b) Governmental funds, proprietary funds, and fiduciary funds.

c) Governmental funds, enterprise funds, and internal service funds.

d) Governmental funds, special revenue funds, and debt service funds.

33. When a fax machine purchased by a governmental unit is received, it should be recorded in the general fund as a(n)

a) Expense

b) Encumbrance

c) Expenditure

d) General Capital Asset

34. Which of the following is not included in the financial section of the Comprehensive Annual Financial Report?

a) Required supplementary information

b) Letter of transmittal

c) Financial Statements

d) Notes to the statements

35. During the current fiscal year, Mountain View City’s water utility, an enterprise fund, rendered billings for water supplied to the general fund. Which of the following accounts should be debited by the general fund?

a) Transfer-out to enterprise fund

b) Due to water utility enterprise fund

c) Appropriations

d) Expenditures

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