Problem 2: Fill in the blank questions; do not use abbreviations in your answers

1. _______________________ funds are not reported on the government-wide financial statements.

2. Under the modified accrual basis of accounting, revenues are recognized in the period that they become susceptible to accrualthat is, when they become both ________________ and ______________ to finance expenditures of the fiscal period.

3. Chicago OHare Airport is an example of an ______________________ fund.

4. _______________________________________ are general purpose local governments in the State of Illinois.

5. The content and format for the Comprehensive Annual Financial Report that is issued by state and local governments is prescribed by the _________________________________________.

6. On the government-wide financial statements, ______________________ funds and ___________________ funds are reported as governmental activities.

7. On the government-wide financial statements, ____________________ funds are reported as business-type activities.

8. The Government Finance Officers Association is the body that awards the _________________

________________________________________ to a state or local general purpose government.

9. A statement of cash flows is reported for _____________________ funds.

10. A balance sheet is reported for ________________________ funds.