Fixed assets donated to a governmental unit should be recorded a. at estimated fair value when received. b. at the lower of donors carrying amount or estimated fair value when received. c. at the donors carrying amount. d. as a memorandum entry only.

Which of the following is the cornerstone objective of financial reporting by governments? a. Consistency b. Reliability c. Accountability d. Comparability

A city acquires a new police car accounted for in the general fund. How should the city report the acquisition of the new police car in its governmental fund statement of revenues, expenditures, and changes in fund balances? a. Expenditure b. Noncurrent assets c. Expense d. Property,plant, and equipment

Which of the following accounts should Cook City close at the end ofi ts fiscalyear? a. VouchersPayable b. Expenditures c. FundBalance d. FundBalanceAssigned