What basis of accounting do enterprise

Assignment Help Financial Accounting

Reference no: EM1314081

Multiple type questions.

Select the best answer.

1. What basis of accounting do enterprise and internal service funds use?

	Enterprise	Internal Service
a.	Modified accrual	Modified accrual
b.	Modified accrual	Full accrual
c.	Full accrual	Modified accrual
d.	Full accrual	Full accrual

2. Which of the following is not a GASB-required statement for proprietary funds?

a. Statement of net assets

b. Statement of revenues, expenses, and changes in fund net assets

c. Statement of cash flows

d. Statement of changes in fund net assets

3. A government need not necessarily account for an activity in an enterprise fund even though it

a. Charges fees for the activity and those fees are material in amount

b. Finances the activity solely with revenue debt

c. Is required by law or policy to recover the cost of the activity by fees

d. Opts to establish pricing policies so as to recover its costs, including capital costs

4. Except for FASB pronouncements that have been overridden by specific GASB pronouncements, in their enterprise funds governments must

a. Apply all FASB pronouncements, irrespective of when issued

b. Apply all FASB pronouncements issued prior to November 30, 1989, and apply either all or none of the pronouncements issued after that date

c. Apply all FASB pronouncements issued subsequent to November 30, 1989

d. Apply all FASB pronouncements issued prior to November 30, 1989, and governments may apply pronouncements of their choosing issued after that date

5. Tap fees that exceed the cost of hooking customers into the utility should be accounted for as

a. Capital contributions

b. Ordinary revenues

c. A combination of capital contributions and ordinary revenues

d. Extraordinary items

6. Landfill closure and post-closure costs should be recognized as expenses

a. In the periods incurred

b. In the period that the landfill is closed

c. In the periods that the landfill is in operation

d. In the period in which the landfill is opened

Reference no: EM1314081

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