1. Economic resources measurement focus and accrual basis of accounting

a) Current financial resources measurement focus and accrual basis of accounting

b) Economic resources measurement focus and modified accrual basis of accounting

c) None of the above

d) The fiduciary funds have no revenues

2. All of the following are commonly used major revenue source classes except for

a) Taxes

b) Intergovernmental revenues

c) Fines and Forfeits

d) Transfers from other funds

3. Level "A" GAAP for The University of Virginia, a public institution, would be established by the

a) Financial Accounting Standards Board

b) Governmental Accounting Standards Board

c) American Institute of Certified Public Accountants

d) National Association of College and University Business Officers

4. The Governmental Accounting Standards Board has been given authority to establish accounting and financial reporting standards for

a) All governmental units and agencies

b) Federal, state and local governments

c) All governmental units and all not-for-profit organizations

d) State and local governmental entities and governmentally-owned utilities, authorities, hospitals and colleges and universities

5. Which of the following items would typically not need an encumbrance?

a) New Building

b) Regular Salaries

c) New Computer

d) Office Equipment

Answer rating: 100% (QA)

1 b Economic resources measurement focus and modified ... View the full answer