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Acc 410 Wk 4 Quiz 3 Ch. 4 All Possible Questions

2582 words - 11 pages

ACC 410 WK 4 Quiz 3 Ch. 4 - All Possible Questions
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ACC 410 WK 4 Quiz 3 Ch. 4 - All Possible Questions

ACC 410 WK 4 Quiz 3 Ch. 4


TRUE/FALSE

1. If an entity elects to focus on all economic resources (both current and long-term assets and liabilities), then it should adopt a modified accrual basis of accounting.

2. The budgetary measurement focus of governments is determined by applicable state or local laws.

3. The revenue-recognition issues facing governments are simpler to resolve than those of businesses.

4. Governmental activities tend to derive the majority of their revenues from exchange transactions.

5. In ...view middle of the document...

2. For fund financial statements, the measurement focus and basis of accounting used by governmental fund types are
a) current financial resources and modified accrual accounting.
b) economic resources and modified accrual accounting.
c) financial resources and full accrual accounting.
d) economic resources and full accrual accounting.

3. The modified accrual basis of accounting is used in presenting the fund financial statements of the governmental funds because
a) it is the superior method of accounting for the economic resources of any entity.
b) it provides information as to the extent the entity achieved interperiod equity.
c) it is budget oriented while facilitating comparisons among entities.
d) it results in accounting measurements based on the substance of transactions.

4. As used in defining the term ‘modified accrual basis of accounting’, available means
a) received in cash.
b) will be received in cash within 60 days of year-end.
c) collection in cash is reasonably assured.
d) collected within the current period or expected to be collected soon enough thereafter to be used to pay liabilities of the current period.

5. Under the accrual basis of accounting, property tax revenues are recognized
a) when they are received in cash.
b) in the year for which they were levied.
c) in the year for which they were levied and when collection in cash is reasonably assured.
d) when they are available to finance expenditures of the fiscal period.

6. Under the modified accrual basis of accounting, the amount of property tax revenues that should be recognized by a governmental entity in the current year related to the current year levy will be
a) the total amount of the levy.
b) the expected collectible portion of the levy.
c) the portion of the levy collected.
d) the portion of the levy collected in the current year or within sixty days of the fiscal period.

7. Under the modified accrual basis of accounting used by a governmental entity, investment revenues for the current period should include
a) only interest and dividends received.
b) all interest and dividends received during the period plus all accruals of interest and dividends earned.
c) all interest and dividends received plus gains and losses on securities that were sold during the period.
d) all interest and dividends received, all gains and losses on securities sold and all changes in market values on securities held in the portfolio at year-end.

8. Under the accrual basis of accounting used by a governmental entity, investment revenues for the current period should include
a) only interest and dividends received.
b) all interest and dividends received during the period plus all...

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