Governments often provide goods and services to citizens or other governmental units at a fee.  These activities are accounted for in:   a. the general fund   b. governmental funds   c. proprietary funds   d. special revenue funds

Which of the following government-wide accounts reflects amounts owed between governmental activities and business-type activities? Transfers OOPEB liability None of these Internal balance Interfund

Grant money received from another level of government represents which of the following classes of non-exchange transactions for governmental funds? O A) Government-mandated non-exchange transactions. B) Derived tax revenues. Imposed non-exchange revenues. D) Voluntary non-exchange transactions.

Government grants are recognized only when there is reasonable assurance that the entity will comply with the conditions attaching to them the grants are received                                                    the grants will be received a and b                          a and c

What federal fund is most like a custodial fund used by state and local governments?

Which of the following is not a category of program revenue reported on the statement of activities at the government wide level? a. General program revenue b. Charge for services c. Operating grants and contribution d. Capital grants and contribution

Assets and liabilities of activities for which the government is acting in either an agency or trustee capacity for individuals, organizations, or other governments should be reported in: a. The fiduciary column of the government-wide financial statements. O b. The fiduciary fund financial statements. c. Both government-wide and fiduciary fund statements. d. Neither government-wide nor fiduciary fund statements.

T/F questions 1) Government business type activities provide services to users for fees that are intended to recover all or a portion of the costs of providing the services. 2) General governmental activities provide goods and services to citizens without regard to their ability to pay. 3) Proprietary funds report revenues and expenses using a modified-accrual basis of accounting. 4) The governmental fund accounting equation is Current Assets - Current Liabilities = Fund Balance. 5) Enterprise funds are used to account for business-type activities that serve primarily internal customers.   27) A restricted fund balance represents amounts that can only be spent for the specific purposes stipulated by constitution, external resource providers, or through enabling legislation. 28) Government enter the annual budget in the journal by recording a debit to the appropriations account and a credit to estimated revenues. 29) Under accrual accounting, revenues are generally recognized in the…

Which of the following identifies the reason that we need reconciliations between governmental funds and government-wide governmental activities (select all that apply)? Internal service funds are often categorized as governmental funds. Governmental funds use the modified accrual basis of accounting, and the government-wide governmental activities use the accrual basis of accounting. Internal service funds are often categorized as governmental activities. Governmental funds use the accrual basis of accounting, and the government- wide governmental activities use the modified accrual basis of accounting.

For a government that has a trust fund in which it is accumulating sufficient assets to pay OPEB, the net OPEB liability should be reported in both the governmental fund balance sheet and the government- wide statement of net position. A. True B. False