Chapter2

Question 1
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A deferred inflow is defined as "an acquisition of net assets by the government that is applicable to a future reporting period".
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True
False
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This definition is consistent with that found in Chapter 2. TF A deferred inflow is defined...
Difficulty: Medium
Question Type: Concept
Reck - Chapter 02 #15
The correct answer is 'True'.
Question 2
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Governmental funds account for assets but not the liabilities.
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True
False
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Under the modified accrual basis of accounting, governmental funds account for current assets and liabilities but not long-term assets or liabilities. TF Governmental funds account...
Difficulty: Easy
Question Type: Concept
Reck - Chapter 02 #6
The correct answer is 'False'.
Question 3
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Which of the following funds are governmental funds?
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a. General Fund, special revenue funds, capital projects funds, debt service funds, and private-purpose trust funds.
b. General Fund, special revenue funds, private-purpose trust funds.
c. General Fund, special revenue funds, debt service funds, capital projects funds, and permanent funds.
d. General Fund, special revenue funds, capital projects funds, debt service funds, and internal service funds.
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correct MC Which of the following funds are governmenta...
Difficulty: Easy
Question Type: Concept
Reck - Chapter 02 #38
The correct answer is: General Fund, special revenue funds, debt service funds, capital projects funds, and permanent funds.
Question 4
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All capital assets acquired by or used by a fund should be reported in the fund balance sheet or statement of net position.
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True
False
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Proprietary and fiduciary funds report