40 accounting mcqs 494810

1. The measurement focus and basis of accounting that are most unlike those used by business entities are those used by  (Points : 2)    Governmental funds.    Fiduciary funds.    Proprietary funds.    Contribution funds. 2. Under the dual-track accounting approach used in the text, which of the following transactions or events would be recorded in the general journal for governmental activities at the government-wide level?  (Points : 2)    Recording the annual budget, property tax levy, and payroll.    Recording the property tax levy, issuance of tax anticipation notes, and accrual of interest on long-term debt at year-end.    Recording the property tax levy, payroll, and encumbrances for purchase orders.    Recording the property tax levy, encumbrances for purchase orders, and payment of interest on long-term debt. 3. Which of the following would result in the amortization of a bond discount or premium?  (Points : 2)    Bonds are issued: No; Bonds are held as investments: No    Bonds are issued: No; Bonds are held as investments: Yes    Bonds are issued: Yes; Bonds are held as investments: No    Bonds are issued: Yes; Bonds are held as investments: Yes 4. Which of the following funds are governmental funds?  (Points : 2)    General Fund, special revenue funds, capital projects funds, debt service funds, and private-purpose trust funds.    General Fund, special revenue funds, private-purpose trust funds.    General Fund, special revenue funds, debt service funds, capital projects funds, and permanent funds.    General Fund, special revenue funds, capital projects funds, debt service funds, and internal service funds.  5. When the budget of a government is adopted and Estimated Revenues exceed Appropriations, the excess is  (Points : 2)    Credited to Budgetary Fund Balance.    Debited to Budgetary Fund Balance.    Debited to Reserve for Encumbrances.    Credited to Reserve for Encumbrances.  6. The Financial Accounting Standards Board has the…