QUESTION 1 Government-wide statements use the: 0 A, none of these. O B. economic

Question

QUESTION 1 Government-wide statements use the: 0 A, none of these. O B. economic resources measurement focus and modified accrual basis of accounting. ° C, current financial resources measurement focus and accrual basis of accounting. D. economic resources measurement focus and accrual basis of accounting QUESTION 2 The GASB sets accounting standards for all of the following except: ?A.Governmentally related not-for-profit universities O B. Component units owned or controlled by governments O C. State and local governments O D. Nongovernmental not-for-profit hospital

Explanation / Answer

1: D

Government-wide Financial Statements. The GWFS are reported using the economic resources measurement focus and the full accrual basis of accounting. GWFS report information about the government as a whole without displaying individual funds or fund types.

2. D Private not-for-profit hospitals

3. B fedral gov.

4.A

5.A

A proprietary fund is used in governmental accounting to account for activities that involve business-like interactions, either within the government or outside of it. The two types of proprietary funds are enterprise funds and internal service funds. An enterprise fund is used to account for any activity for which external users are charged a fee for goods and services.An internal service fund is used to account for activities that provide goods or services to other funds, as well as departments or agencies of the primary government, or to other government entities on a cost-reimbursement basis.

6. D

7.C

8. A

9. D

10. B

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