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ACC 574 Final Exam

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ACC 574 Final Exam 1) Recognizing revenues when measurable and available for paying current obligations and expenditures when incurred describes which basis of accounting? Budgetary Modified cash Modified accrual Accrual 2) Which of the following uses the flow of economic resources measurement focus? Internal Service Fund Special Revenue Fund Debt Service Fund General Fund 3) The organization that designates which authoritative standard-setting body is responsible for establishing accounting and financial reporting standards for particular kinds of organizations—federal, state, and local government; not-for-profit; and business organizations—is the Association of Government Accountants Government Finance Officers Association Financial Accounting Foundation American Institute of Certified Public Accountants 4) Which of the following has contributed most to governments’ increased interest in activity-based accounting? The Single Audit Act of 1984, and 1996 Amendments Increased demand for high-profile management tools to bolster the image of government Implementation of innovative management approaches—such as TQM and SEA measures—in response to public demand for greater accountability and productivity GASB standards 5) State reimbursement to schools for a portion of any special education costs incurred is an example of which category of nonexchange transactions? Voluntary nonexchange revenue Government mandated nonexchange revenue Imposed tax revenue Derived tax revenue 6) Which of the following is a characteristic that distinguishes government and not-for-profit (G&NP) organizations from business enterprises? Accumulating wealth on behalf of its constituents is a key goal of G&NP organizations and business enterprises. Net income is an appropriate performance evaluation measurement for most of these organizations. The resource providers of G&NP organizations often do not receive services commensurate with the amount of resources they provide. Borrowing is not a significant source of financing. 7) Which of the following is not specifically identified in the GAAP hierarchy for state and local governments? GAO’s Yellow Book GASB Implementation Guides GASB Technical Bulletins AICPA Industry Audit and Accounting Guides 8) The purpose of encumbrance accounting is to prevent government waste replace expense accounting in governments avoid expenditures exceeding appropriations manage a government’s cash flows 9) The governmental GAAP hierarchy was established by The Financial Accounting Foundation (FAF) The American Institute of Certified Public Accountants (AICPA) The Financial Accounting Standards Board (FASB) The Governmental Accounting Standards Board (GASB) 10) Which of the following budgetary approaches starts with line-item expenditures and applies a factor approximating the inflation rate to most items, unless specific information is available to suggest that a different factor should be applied? Incremental budgeting Program budgeting Zero-based budgeting Performance budgeting 11) Which of the following is not one of the purposes of a budget considered in the Government Finance Officer Association Distinguished Budget Presentation Award Program? As a policy document As a communication device As a legal document As a financial plan 12) Which of the following statements is not consistent with the GASB’s Budgeting, Budgetary Control, and Budgetary Reporting Principle? An annual budget must be adopted using generally accepted accounting principles. The budgetary comparison schedule should present both the original and the final appropriated budgets for the reporting period. The accounting system should provide the basis for appropriate budgetary control. B

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