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16. Under the "modified accrual basis of accounting" A) B) C) D) revenues are recognized when they are both measurable and available to finance expenditures. revenues are recognized when they are both measurable, even if not available to finance expenditures. revenues are recognized when they are available to finance expenditures, even if not currently measurable None of the above 17. Which of the following statements is true? A) B) C) D) The journal entry to record the sale of a PPE asset recognizes cash or other assets received with a credit to other financing sources or revenue. The journal entry to record the sale of a PPE asset recognizes cash or other assets received with a credit to accumulated depreciation, and a gain or loss on the sale. The journal entry to record the sale of a PPE asset recognizes cash or other assets received and the reversal of an encumbrance relating to that asset The journal entry to record the sale of a PPE asset recognizes the reversal of an encumbrance account and the related expenditure. 18. Which of the following is not a "Fiduciary Fund A) B) C) D) Enterprise Fund Pension Trust Fund Investment Trust Fund Agency Fund 19. Which of the following is true? A) B) C) Outstanding encumbrances that have not yet been filled are reversed out at the end of the year. Outstanding encumbrances that have not yet been filled may be carried over to the following year if spending authority exists. All outstanding encumbrances must be fulfilled by the end of the year. None of the above are true. D) 20. Which of the following best describes an "enterprise fund"? A) An enterprise fund is a govenment activity that is available to the public and is financed, in whole or in part, by fees charged to users An enterprise fund is a business-like activity. An enterprise fund is a central operation, like a copy center, that provides service to many govermmental departments. Both A and B B) C) D)

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