Midterm Exam on Governmental and Not-for-Profit Accounting

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Midterm Exam on Governmental and Not-for-Profit AccountingThis midterm exam consist of 20 multiple choice questions and covers the material in Chapters 1through 5. There are four questions from each Chapter.Question 110 out of 10 pointsWhich of the following objectives is considered to be the cornerstone of financial reporting by agovernmental entity?AnswerSelected Answer:Accountability.Correct Answer:Accountability.Question 210 out of 10 pointsWhich of the following is NOT generally considered a main user of government and not-for-profit entity external financial statements?AnswerSelected Answer:Management.Correct Answer:Management.Question 310 out of 10points

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In which of the following activities is a not-for-profit entity least likely to engage?AnswerSelected Answer:Providing for the national defense.Correct Answer:Providing for the national defense.Question 410 out of 10 pointsA regulatory agency would use the external financial statements of a local government forwhich of the following purposes?AnswerSelected Answer:To do all of the above.Correct Answer:To do all ofthe above.Question 510 out of 10 pointsWhich of the following funds is accounted for on the modified accrual basis of accounting?AnswerSelected Answer:General fund.Correct Answer:General fund.

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Question 610 out of 10 pointsBasis of accounting determines which of the following?AnswerSelected Answer:When transactions and events are recognized.Correct Answer:When transactions and events are recognized.Question 710 out of 10 pointsRiverside Golf Course is a City-owned golf course that collects greens fees in amounts sufficientto cover its expenses.Riverside Golf Course should be accounted for in which of the followingfunds?AnswerSelected Answer:Enterprise fund.Correct Answer:Enterprise fund.Question 810 out of 10 pointsWhen a governmental entity adopts a basis of accounting other than full accrual and ameasurement focus that excludeslong-lived assets and liabilities in its governmental fundtypes:Answer

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