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answers the question. 1) Which of the followize statcmonis is trae repardi-g peeponctary finds? A) Accrals and defereds common to boines acconeting are poovded in gropeictary fands. B) GASB standards require bodect-actual repirtitg foe propretury famb. C) The purchase of a capieal aasel is recoeded as an expendine in propnecary timds. D) Proprictary fands use the madified accrual havis of ackuming. 2) Internal service fonds account for: A) Activities that groduce gooks ar scrvices to he prowided so other govamental units wh a cosi-1cimbursement basix. a cost-feiminarsement hasis. C) Hoet of the choices are cotrect. D) Neither of the claices is correct. would be: A) Lotery. B) Sainmine pool. C) Centralized governacnt motar post. D) Riepert. 4) Which of the followiog is eveect with rospet lo lnactal Sorvise Funk? Versisen 1 1 A) Internal scrves funds use modufied accrual accomen and the earant financial tescerees measaremed focus C) linterial strvice funds acrovim for langserm deter her tot cxical avete. D) Ala of the choices are false statrments. 5) Rentricted Net Pasaiun for a popniztary fund is: A) net resources whose use is festricted by usen of the serwien. B) ecported ect of depreciation. C) teportsd ast of acoumulated depseciabice and any ousumber flete aid to acquire the asset. D) net rescurtes uhose use is nestricied by crofiton, graetin, lews oe ragutatives of other govemments. 6) GASB requires eaterprise fiands to be esed under which of the followiag eircuratances? A) When the legal requirement exists that the cost of providing services for an activity, including capital cods, be recovered through foes es charges. B) When debt is backed solely by fees and charges. C) When a government has a policy to establish foes and clurges to cover the cest of providing services for an activity. D) All of the choices are coerect. 7) When govemments operate landfills as ceterperse fiands, which of the following is coerect? A) GASB requires that certain pos-closure costs be estimated and accrued during the period the landfills receive sold waste. B) GASB requires that a pontion of future estimated conts be chargod as an expcnse and liability of the landfisl using units-of'production method as waste is acceptod. C) The purpose of recording postelosiare expenses and liabilities is to match the estimated costs with the revenues during the period of time the waste is accepted. D) All of the choses are correct. Version 1 2 8) Pollution remediatioe costs: A) are to be acerued as a liability in the financial statemeats. B) are recoeded as expenses if they will be paid from cuncet resources. C) are not an issee as the state of local governmeat merely tued (but did not eperate) the polluted site. D) All of the choices afe cortect. 9) Activities that produse goods or scrvices to be peevidod to other departments of ether governmental units would be seported in which fund? A) Internal service fund. B) Advance fund. C) Enterprise fund. D) Custodial fund. 10) GASB requires the method to teport cash flows from operating activities in the Statement of Cash Flows. A) indirect. B) direct. C) modified accrual. D) full accrual. 11) Montgoencry County eperates a landfill as an enterprise fand. The closare and postclosure care costs are estimated to be 540 million. It is cetimatod that the capacity of the landfill is 16 million tens of waste and that waste will be accepted for 6 years. During 2020,4 million tons of waste was accepted. The charge for clouse and pont-closare care conts for 2020 would be: A) 52.5 million. B) 58 millien. C) $667 million. D) $10 million. Version 1 3 12) An internal service fund provided services to a Gencral Fand departenent. At the time of billing, the credit entry in the intemal service fund would be: A) Operating Revenues-Charges for Sales and Services. B) Other Financing Soarcss-Charps for Servicen. C) Due from Gieneral Fund. D) Other Fiancing Sources - Tranders ln. 13) Which of the following is true reganfing interal service fuods? A) Internal service funds grovide services primarily to evernal wers oe a user-charge basia. B) Internal service funds normally recoed the atmal budget in the accounts. C) teternal service funds" capital assets aft sot acceentod for in the acteunts. D) Inscmal service fands ase accrual acconting and the oceomic rowurces measurement focus. 14) If a government decides to accoent fot ats rid managament activities in a single fund, it must use: A) a Preprictary Fund. B) a Fiduciary Fund. C) a Special Revenue Fund. D) Fither the Gencral Fund et an linsernal Sorvice fost. 15) Capial assets of internal service fands should be repurted: A) in the internal service funds only. B) in the governmeat-wide statements oely. C) in boch the internal service funds and the govemment-wide statements. D) None of the choices are cenrect, they are not tepontad. 16) Revenae bonds wall by a waser intility find, upwes sale, weell be tocoeded. A) in an eaterprive find as "Other Financeg Souree". B) in the general loog-term debt accounts as a liabilisy. C) in an erecrprise fund as a frability. D) in an enferprise fond as an aderion fo Nuct Ronitice. 17) Which of the felliow ing is not true regardez enerprise fuss?? centritusted cagifal asd retainod earnings. B) A Stakenson of Revenack, Fipcrise, ansl Changes in Fund Net Rosition would be the primary operating statement for entarpriee fimeds. C. Eaterprise funds' Cawh flier Statensents coeld have ap to fons categveies. D) None of the choices, all afe true 18) Which of the following is not truc togarting caderprise funde? B) Enterprive funds rocord capital assets dircctly in the fund accountc. C) Henterprike funds report a Statement of Cank Flews. D) The difference berween awets and labilaies of enterpese fundr is nemed Tiud Halance". 19) Which of the following is an caample of an fntcrnal Scrvise 1 and? A) State Riak Mansement fund. B) Connty Water and Sewer Unlities. C) Stase Lotseries. D) Municipal Golf Couner. 20) Which fund accounts for activities that peodacs poods of services to be provided fo sther departments of elier govemmantal units? 5 A) Eakerpeise finht. B) Internal Service fued. C) Specal Revenee fund. D) Debs Service fund. 21) Pcvenue bunds: A) cany less risk than general ebligatiee bonds. B) are intended to be paid freen the resenses of an emerprise. C ) ate no longet in eusterec. D) are backed by the full faits and credit of the govermment in addition to enterpoise teverues. 22) Tee Water Utility (an enterpeise fund) has just scnt out a porchase order to a vendor for some ecw equipment. Which of the following would be included in the joumal sedry to recod thix event? A) A credit sa Necounts Payable. B) A detiin to Fincumbrances. C) A debin to Expondinars. D) Neee of the shoices ane correct. 23) The city is using an intcral service fund bo self-insure its risk financing activitics. Claimas accrued of pasal by this fand are recoeded as: A) Transfers eat. B) Spscial thema. C) Operating Expenses. D) Nonoperatiog Fiperaes. 24) Which of the following is not correct sepanding the GiSEE Cash Flom Staneraent? A) The reconciliatiod of isceme and cach flows from cperatioes starts with operating incoree. B) Fixod Assets acquisitives arw roported in tho Canital and Related Finansing Soction. C) Cash roceived feven Interes and Dividend Inceme is rocorded in the Operating Secticen. D) All of the choices are cerrect. 25) The operation of internal servace funds has important implications for other funds. Which of the following statements is incerrect? A) Changes for services of the meternal scrvice fund are recoeded as expenditures in the governmental fund purchasing the services. B) GASE sandants require the use of interal scrvice funds to facilitate comparioens between governmeats. C) If the evpenditures for the purchasing mtity is reconded in the Gensal Find, a positive operatiog income in the internal senvice ford would mean that the expenditurcs reported in the Cicneral Fund exceod the irue cost of eperatiag the govemmerat. D) The problems creatod by ieternal service funds aze renolved when ithe govemmentwide statements afe prepared. answers the question. 1) Which of the followize statcmonis is trae repardi-g peeponctary finds? A) Accrals and defereds common to boines acconeting are poovded in gropeictary fands. B) GASB standards require bodect-actual repirtitg foe propretury famb. C) The purchase of a capieal aasel is recoeded as an expendine in propnecary timds. D) Proprictary fands use the madified accrual havis of ackuming. 2) Internal service fonds account for: A) Activities that groduce gooks ar scrvices to he prowided so other govamental units wh a cosi-1cimbursement basix. a cost-feiminarsement hasis. C) Hoet of the choices are cotrect. D) Neither of the claices is correct. would be: A) Lotery. B) Sainmine pool. C) Centralized governacnt motar post. D) Riepert. 4) Which of the followiog is eveect with rospet lo lnactal Sorvise Funk? Versisen 1 1 A) Internal scrves funds use modufied accrual accomen and the earant financial tescerees measaremed focus C) linterial strvice funds acrovim for langserm deter her tot cxical avete. D) Ala of the choices are false statrments. 5) Rentricted Net Pasaiun for a popniztary fund is: A) net resources whose use is festricted by usen of the serwien. B) ecported ect of depreciation. C) teportsd ast of acoumulated depseciabice and any ousumber flete aid to acquire the asset. D) net rescurtes uhose use is nestricied by crofiton, graetin, lews oe ragutatives of other govemments. 6) GASB requires eaterprise fiands to be esed under which of the followiag eircuratances? A) When the legal requirement exists that the cost of providing services for an activity, including capital cods, be recovered through foes es charges. B) When debt is backed solely by fees and charges. C) When a government has a policy to establish foes and clurges to cover the cest of providing services for an activity. D) All of the choices are coerect. 7) When govemments operate landfills as ceterperse fiands, which of the following is coerect? A) GASB requires that certain pos-closure costs be estimated and accrued during the period the landfills receive sold waste. B) GASB requires that a pontion of future estimated conts be chargod as an expcnse and liability of the landfisl using units-of'production method as waste is acceptod. C) The purpose of recording postelosiare expenses and liabilities is to match the estimated costs with the revenues during the period of time the waste is accepted. D) All of the choses are correct. Version 1 2 8) Pollution remediatioe costs: A) are to be acerued as a liability in the financial statemeats. B) are recoeded as expenses if they will be paid from cuncet resources. C) are not an issee as the state of local governmeat merely tued (but did not eperate) the polluted site. D) All of the choices afe cortect. 9) Activities that produse goods or scrvices to be peevidod to other departments of ether governmental units would be seported in which fund? A) Internal service fund. B) Advance fund. C) Enterprise fund. D) Custodial fund. 10) GASB requires the method to teport cash flows from operating activities in the Statement of Cash Flows. A) indirect. B) direct. C) modified accrual. D) full accrual. 11) Montgoencry County eperates a landfill as an enterprise fand. The closare and postclosure care costs are estimated to be 540 million. It is cetimatod that the capacity of the landfill is 16 million tens of waste and that waste will be accepted for 6 years. During 2020,4 million tons of waste was accepted. The charge for clouse and pont-closare care conts for 2020 would be: A) 52.5 million. B) 58 millien. C) $667 million. D) $10 million. Version 1 3 12) An internal service fund provided services to a Gencral Fand departenent. At the time of billing, the credit entry in the intemal service fund would be: A) Operating Revenues-Charges for Sales and Services. B) Other Financing Soarcss-Charps for Servicen. C) Due from Gieneral Fund. D) Other Fiancing Sources - Tranders ln. 13) Which of the following is true reganfing interal service fuods? A) Internal service funds grovide services primarily to evernal wers oe a user-charge basia. B) Internal service funds normally recoed the atmal budget in the accounts. C) teternal service funds" capital assets aft sot acceentod for in the acteunts. D) Inscmal service fands ase accrual acconting and the oceomic rowurces measurement focus. 14) If a government decides to accoent fot ats rid managament activities in a single fund, it must use: A) a Preprictary Fund. B) a Fiduciary Fund. C) a Special Revenue Fund. D) Fither the Gencral Fund et an linsernal Sorvice fost. 15) Capial assets of internal service fands should be repurted: A) in the internal service funds only. B) in the governmeat-wide statements oely. C) in boch the internal service funds and the govemment-wide statements. D) None of the choices are cenrect, they are not tepontad. 16) Revenae bonds wall by a waser intility find, upwes sale, weell be tocoeded. A) in an eaterprive find as "Other Financeg Souree". B) in the general loog-term debt accounts as a liabilisy. C) in an erecrprise fund as a frability. D) in an enferprise fond as an aderion fo Nuct Ronitice. 17) Which of the felliow ing is not true regardez enerprise fuss?? centritusted cagifal asd retainod earnings. B) A Stakenson of Revenack, Fipcrise, ansl Changes in Fund Net Rosition would be the primary operating statement for entarpriee fimeds. C. Eaterprise funds' Cawh flier Statensents coeld have ap to fons categveies. D) None of the choices, all afe true 18) Which of the following is not truc togarting caderprise funde? B) Enterprive funds rocord capital assets dircctly in the fund accountc. C) Henterprike funds report a Statement of Cank Flews. D) The difference berween awets and labilaies of enterpese fundr is nemed Tiud Halance". 19) Which of the following is an caample of an fntcrnal Scrvise 1 and? A) State Riak Mansement fund. B) Connty Water and Sewer Unlities. C) Stase Lotseries. D) Municipal Golf Couner. 20) Which fund accounts for activities that peodacs poods of services to be provided fo sther departments of elier govemmantal units? 5 A) Eakerpeise finht. B) Internal Service fued. C) Specal Revenee fund. D) Debs Service fund. 21) Pcvenue bunds: A) cany less risk than general ebligatiee bonds. B) are intended to be paid freen the resenses of an emerprise. C ) ate no longet in eusterec. D) are backed by the full faits and credit of the govermment in addition to enterpoise teverues. 22) Tee Water Utility (an enterpeise fund) has just scnt out a porchase order to a vendor for some ecw equipment. Which of the following would be included in the joumal sedry to recod thix event? A) A credit sa Necounts Payable. B) A detiin to Fincumbrances. C) A debin to Expondinars. D) Neee of the shoices ane correct. 23) The city is using an intcral service fund bo self-insure its risk financing activitics. Claimas accrued of pasal by this fand are recoeded as: A) Transfers eat. B) Spscial thema. C) Operating Expenses. D) Nonoperatiog Fiperaes. 24) Which of the following is not correct sepanding the GiSEE Cash Flom Staneraent? A) The reconciliatiod of isceme and cach flows from cperatioes starts with operating incoree. B) Fixod Assets acquisitives arw roported in tho Canital and Related Finansing Soction. C) Cash roceived feven Interes and Dividend Inceme is rocorded in the Operating Secticen. D) All of the choices are cerrect. 25) The operation of internal servace funds has important implications for other funds. Which of the following statements is incerrect? A) Changes for services of the meternal scrvice fund are recoeded as expenditures in the governmental fund purchasing the services. B) GASE sandants require the use of interal scrvice funds to facilitate comparioens between governmeats. C) If the evpenditures for the purchasing mtity is reconded in the Gensal Find, a positive operatiog income in the internal senvice ford would mean that the expenditurcs reported in the Cicneral Fund exceod the irue cost of eperatiag the govemmerat. D) The problems creatod by ieternal service funds aze renolved when ithe govemmentwide statements afe prepared

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