Acc 410 Wk 3 Quiz 2 Ch. 2 & 3 - All Possible Questions to Purchase Click Link Below:

ACC 410 WK 3 Quiz 2 Ch. 2 & 3 - All Possible Questions

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ACC 410 WK 3 Quiz 2 Ch. 2 & 3 - All Possible Questions

TRUE/FALSE (CHAPTER 2)

1. A fund is a separate fiscal and accounting entity with a self-balancing set of accounts.

1. Fund accounting promotes control and accountability over restricted resources.

1. The basis of accounting determines what transactions and events are recognized.

1. An entity’s measurement focus determines when transactions and events are recognized.

1. If an entity adopts a full accrual basis of accounting, its measurement focus will automatically be on all economic resources.

1. If an entity adopts a modified accrual basis of accounting, its measurement focus will automatically be on current financial resources.

1.  A government may report some of its funds on a full accrual basis.

1. A government may have as many general funds as it deems necessary.

1. Funds divide a government into functional departments.

1. General funds are established to account for resources legally restricted for specified purposes.

1. Fiduciary activities only benefit parties other than the government itself.

1. The Financial Accounting Standards Board requires all nongovernmental not-for-profit entities to use fund accounting.

MULTIPLE CHOICE (CHAPTER 2)

1.   What is the primary reason that governmental entities use fund accounting?

a)      Fund accounting is required by law.

b)      Fund accounting is required by GAAP.

c)      Fund accounting promotes control and accountability over restricted resources.

d)      Fund accounting promotes better control over operating activities.

2.   Basis of accounting determines which of the following?

a)      When transactions and events are recognized.

b)      What transactions and events will be...