QUESTION: 13

GASB has responsibility for:

researching and developing accounting and reporting principles for state and local governments.
ensuring that FASB standards are implemented by state and local governments.
developing standards for federal and state governments.
ensuring that federal and state governments implement FASB standards.

Answer(s): A

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QUESTION: 14

The modified accrual basis of accounting is characterized by:

revenues being recognized when realized.
revenues being recognized when measurable and available.
assets included in the general fixed asset account group.
expenditures recorded when warrants are paid.

Answer(s): B

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QUESTION: 15

An ISF has the following capital equipment in service for the stated time. Based upon the information below, using the straight-line method, what should be charged for depreciation at year-end?

$8,155
$6,438
$4,267
$2,171

Answer(s): B

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Based upon the information below, for a governmental fund calculate the amount of revenues for the year using the modified accrual basis of accounting, assuming all deferred revenues are related to receivables.

$278,000
$245,000
$247,000
$253,000

Answer(s): C

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