QUESTION NO: 1
Which of the following events requires both a proprietary and a budgetary accounting entry?
Which of the following events requires both a proprietary and a budgetary accounting entry?
Correct Answer: C
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QUESTION NO: 2
What fund category traditionally accounts for the general services to the public such as public safety, health, transportation, social services and the administration of the government?
What fund category traditionally accounts for the general services to the public such as public safety, health, transportation, social services and the administration of the government?
Correct Answer: D
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QUESTION NO: 3
The roles of GASB and FASAB are to
The roles of GASB and FASAB are to
Correct Answer: C
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QUESTION NO: 4
The legal congressional permission for an executive branch department or agency to enter into an obligation that will result in an immediate or future outlay is referred to as
The legal congressional permission for an executive branch department or agency to enter into an obligation that will result in an immediate or future outlay is referred to as
Correct Answer: D
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QUESTION NO: 5
An example of a non-exchange revenue is
An example of a non-exchange revenue is
Correct Answer: C
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QUESTION NO: 6
An agency is developing a lee for services to cover all direct operating expenditures. Which of the following should be included in the fee calculation?
An agency is developing a lee for services to cover all direct operating expenditures. Which of the following should be included in the fee calculation?
Correct Answer: D
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QUESTION NO: 7
The Prompt Payment Act requires federal agencies to
The Prompt Payment Act requires federal agencies to
Correct Answer: A
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QUESTION NO: 8
The four general government auditing standards are
The four general government auditing standards are
Correct Answer: D
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QUESTION NO: 9
The purpose for establishing a custodial fund is to
The purpose for establishing a custodial fund is to
Correct Answer: C
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QUESTION NO: 10
A county is projecting a $7 million budget deficit in the upcoming fiscal year, so the county board, who acts as the highest level of authority for the county, sets aside $7 million in fund balance to close this gap. How should the $7 million be classified on the financial statement?
A county is projecting a $7 million budget deficit in the upcoming fiscal year, so the county board, who acts as the highest level of authority for the county, sets aside $7 million in fund balance to close this gap. How should the $7 million be classified on the financial statement?
Correct Answer: B
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