Posted: April 10th, 2016
1. Activities that produce goods or services to be provided to other departments or other governmental units would be reported in which fund?
Internal service fund
2. Governmental units use which fund type to account for services provided to the general public on a user charge basis?.
Internal service fund
3. The City of Sycamore has investments in bonds. These bonds have an amortized cost of $998,000 and a market value of $1,001,000. The market value is quoted and available in the financial press. The original cost of the bonds was $996,000. The par value at maturity will be $1,000,000. The amount at which the investments would be reported is: (Points : 1)
4. The estimated costs of closure of solid waste landfills are measured using
Actual future costs
Actual closure costs
5. Which of the following is true regarding the financial statements of fiduciary funds?
Fiduciary funds financial statements include the Statement of Fiduciary Net Assets,
the Statement of Changes in Fiduciary Net Assets and the Statement of Fiduciary Cash
Fiduciary funds are accounted for using the economic resources measurement focus
and accrual basis of accounting
Both of the above
Neither of the above
6. GASB Statement 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools, does not apply to which of the following investment types?
External investment pools
Open end mutual funds
Investments of pension funds
7. Which type of pension plan is required to pay out a certain sum, generally based on a
percentage of salary upon retirement and the number of years of service?
8. According to GASB Statement 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools, investments of internal investment pools are to be reported in:
The funds providing the resources for the investments
An investment trust fund
Either A or B
Both A and B
9. The operations of agency funds will be included in which of the following statements?
The fiduciary funds Statement of Fund Net Assets
The Statement of Changes in Net Assets
The Government wide Financial Statements
All of the above
10. A fund that accounts for the external portion of investment pools reported by the
Special Revenue Fund
Investment Trust Fund
Private purpose Trust Fund
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