Session 2: Rules of Accounting and Monetary Reporting -- Chapter Two Quiz
1 . Which in turn of the subsequent is a difference between economic reporting for internal services and venture funds? (Points: 10) Inside service funds are reported in the government fund financial statements. Inner service funds are reported in the exclusive fund financial statements. Internal service cash are generally reported in the Business-type Activities column of the government-wide financial claims. Internal support funds are generally reported inside the Governmental Activities column in the government-wide monetary statements.
2 . Which of the following funds must be used in the event resources offered by a federal scholarhip must be seperated and utilized for counseling of youthful offenders? (Points: 10) Private-purpose trust fund.
Inside service account.
Special earnings fund.
3. In which with the following funds would it not always be appropriate to record devaluation of capital assets? (Points: 10) Particular revenue account.
Pension plan trust.
some. Capital resources used by a great enterprise finance should be accounted for in the (Points: 10) Organization fund and depreciation for the capital resources should be recorded. Business-type activities journal but no depreciation on the capital assets needs to be recorded. Governmental activities journal and downgrading on the capital assets should be recorded. Enterprise fund nevertheless no depreciation on the capital assets ought to be recorded.
5. A major governmental fund is the one that has more than one elements (e. g., property, liabilities, profits, or expenditures) that is by least: (Points: 10) Five percent of...