ACC 574 help A Guide to career/Snaptutorial ACC 574 help A Guide to career/Snaptutorial | Page 6

4.
should be prepared for only those funds for which
appropriations budgets are required by law to be prepared on the
accrual basis or the modified accrual basis
16) In accounting for state and local governments, the modified
accrual basis is required for
1.
2.
3.
4.
proprietary and fiduciary funds
all funds
governmental funds only
proprietary funds only
17) The accounting system used by a state or local government must
make it possible
1.
to fairly present the financial position and results of financial
operations of the government as a whole, as well as fund financial
activity in conformity with GAAP, and to demonstrate compliance
with finance-related legal and contractual provisions
2.
to provide web-based bond offering statements to
investment firms
3.
to prepare financial statements as required by the Financial
Accounting Standards Board
4.
to prepare consolidated accrual basis statements for the
government as a whole
18) Which of the following is not a characteristic of a fund as defined
by GASB standards?
1.
An accounting entity
2.
A self-balancing set of accounts
3.
A fiscal entity
4.
A segregated quantity of cash and other financial resources
on deposit with a designated trustee
19) Which of the following costs would be allowable under OMB
Circular A-87?