Acc 460 Final Exam 100% Correct Answers

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ACC 460 Final Exam 100% Correct Answers

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1. A primary characteristic that distinguishes governmental entities from business entities is

a) the need to generate revenues equal to or in excess of expenditures/expenses.

b) the importance of the budget in the governing process.

c) the need to provide goods or services.

d) the correlation between revenues generated and demand for goods or services.

1. Which of the following is NOT a purpose of external financial reporting by governments? External financial reports should allow users to

a) Assess financial condition.

b) Compare actual results with the budget.

c) Assess the ability of elected officials to effectively manage people.

d) Evaluate efficiency and effectiveness.

1. Basis of accounting determines which of the following?

a) When transactions and events are recognized.

b) What transactions and events will be reported.

c) Where transactions and events will be reported.

d) Why transactions and events will be reported.

1. A fund is

a) A separate legal entity.

b) A separate fiscal and accounting entity.

c) A separate self-balancing set of accounts for inventory purposes.

d) None of the above.

1. __________ is governments’ responsibility to report the extent to which they have met their operating objectives efficiently and effectively, using all resources available for that purpose, and whether they can continue to meet their objectives for the foreseeable future.

a) Fund accountability.

b) Fiscal accountability.

c) Operational accountability.

d) Government accountability.

1. In addition to government-wide statements, GASB Statement No. 34 requires fund financial statements be included in the government’s basic set of financial statements. The basic fund financial...