Gov't Not for Profit
Session 2 : Principles of Accounting and Financial Reporting - Chapter Two Quiz
1. Which of the following is a difference between financial reporting for internal service and enterprise funds? (Points : 10) Internal service funds are reported in the governmental fund financial statements. Internal service funds are reported in the proprietary fund financial statements. Internal service funds are generally reported in the Business-type Activities column of the government-wide financial statements. Internal service funds are generally reported in the Governmental Activities column of the government-wide financial statements.
2. Which of the following funds should be used if resources provided by a federal grant must be segregated and used for counseling of youthful offenders? (Points : 10) Private-purpose trust fund. Enterprise fund. Internal service fund. Special revenue fund.
3. In which of the following funds would it not be appropriate to record depreciation of capital assets? (Points : 10) Special revenue fund. Enterprise. Internal service. Pension trust.
4. Capital assets used by an enterprise fund should be accounted for in the (Points : 10) Enterprise fund and depreciation on the capital assets should be recorded. Business-type activities journal but no depreciation on the capital assets should be recorded. Governmental activities journal and depreciation on the capital assets should be recorded. Enterprise fund but no depreciation on the capital assets should be recorded.
5. A major governmental fund is one that has one or more elements (e.g., assets, liabilities, revenues, or expenditures) that is at least: (Points : 10) Five
1. Which of the following is a difference between financial reporting for internal service and enterprise funds? (Points : 10) Internal service funds are reported in the governmental fund financial statements. Internal service funds are reported in the proprietary fund financial statements. Internal service funds are generally reported in the Business-type Activities column of the government-wide financial statements. Internal service funds are generally reported in the Governmental Activities column of the government-wide financial statements.
2. Which of the following funds should be used if resources provided by a federal grant must be segregated and used for counseling of youthful offenders? (Points : 10) Private-purpose trust fund. Enterprise fund. Internal service fund. Special revenue fund.
3. In which of the following funds would it not be appropriate to record depreciation of capital assets? (Points : 10) Special revenue fund. Enterprise. Internal service. Pension trust.
4. Capital assets used by an enterprise fund should be accounted for in the (Points : 10) Enterprise fund and depreciation on the capital assets should be recorded. Business-type activities journal but no depreciation on the capital assets should be recorded. Governmental activities journal and depreciation on the capital assets should be recorded. Enterprise fund but no depreciation on the capital assets should be recorded.
5. A major governmental fund is one that has one or more elements (e.g., assets, liabilities, revenues, or expenditures) that is at least: (Points : 10) Five