Acc 410 Midterm Exam Solution Answers

ACC 410 Midterm Exam Solution Answers
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ACC 410 Midterm Exam Solution Answers
Review Test Submission: Midterm Exam
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Instructions This midterm exam consist of 20 multiple choice questions and covers the material in Chapters 1 through 5. There are four questions from each Chapter.
• Question 1
Which of the following characteristics is NOT a characteristic that may distinguish a governmental or not-for-profit entity from a business entity?
• Question 2
Which of the following is common to both governments and not-for-profit entities but distinguishes these entities from for-profit entities?
• Question 3
Which of the following rule-making authorities would establish accounting standards for all nongovernment not-for-profits?
• Question 4
Which of the following is NOT generally considered a main user of government and not-for-profit entity external financial statements?
Management.
• Question 5
Which of the following liabilities would NOT be found in the fund balance sheet of the General Fund of the City of Marmaduke?
• Question 6
Which of the following funds is a governmental fund?
• Question 7
To fulfill the printing needs of its various departments and agencies, the City has established a Central Print Shop which bills the various departments and agencies of the city for printing services rendered. The Central Print Shop should be accounted for in which of the following funds.
• Question 8
Which of the following is NOT a governmental fund?
• Question 9
In the fund financial statements, the statements for the governmental funds should be prepared using
• Question 10
How many government-wide statements is a municipality required to prepare?
• Question 11
The focus of the Statement of Activities of the city of West Hills is on which of the following?
• Question 12
Under the new GASB...