State & Local Governments

Question 1

What is the objective of financial reporting by state and local governments?

Answer 1

Accountability

Question 2

When is the estimated revenues control account debited?

Answer 2

When the budget is recorded

Question 3

Measurement focus of governmental fund accounting?

Answer 3

Current financial resources

Question 4

What are the measurement focus and basis of accounting for the government-wide FS?

Answer 4

Economic resource and accrual

Question 5

In preparing combined financial statements for a gov entity - interfund receivables and payables are recorded as?

Answer 5

Amounts due to and due from other funds

Question 6

What type of funds of a goverment are interfund transfers reported as “other financing sources or uses”?

Answer 6

Governmental funds

Question 7

Commitments to purchase goods or services

Answer 7

Encumbrances

Question 8

What are recorded for budgetary control purposes to prevent over expenditure of appropriations?

Answer 8

Encumbrances