What are two (2) disadvantages to being a social animal?

Which of the following is true regarding the governmental fund financial statements? A. The governmental fund financial statements include the Balance Sheet and the Statement of Revenues, Expenditures, and Changes in Fund Balances. B. The governmental fund financial statements include the Balance Sheet and the Statement of Revenues, Expenditures, and Changes in Fund Balances. C. Both of the above. D. Neither of the above.

Which of the following is identified by the GASB as the “cornerstone” of all financial reporting in government? A. Understandability.B. Representational faithfulness.C. Accountability.D. Interperiod equity. 

Governmental-type funds label the excess of assets over liabilities on the balance sheet as:  A. Net Position B. Net Fund Balance and Liabilities C. Assets Net of Liabilities D. Fund Balance

 Governmental Funds Fund Balance is displayed in which of the following categories? A. Nonspendable, Spendable, Assigned, Unassigned B. Nonspendable, Restricted, Unrestricted C. Restricted, Unrestricted, Assigned, Unassigned D. Nonspendable, Restricted, Committed, Assigned, Unassigned

Record the budget and a budget revision 5 points             The council of the Town of Washington approved the 2020 budget as follows:               Estimated revenues for 2020:                Property taxes                                                                             $5,000,000                Licenses and permits                                                                  $1,000,000                          Appropriations for 2020:                General government                                                                   $4,600,000                 Public safety                                                                              $1,200,000                 Health and welfare                                                                       $100,000             During 2020, the town’s mayor presented the council with a budget revision to increase the amount of appropriation for the general government by $10,000 and decrease the amount of estimated revenues for the general government by 15,000.  The council approved this budget revision.   Required: Prepare the general journal entry necessary to initially record the budget. Prepare the general journal entry necessary to record the budget revision.

 The City of Aurora increased its revenue budget by $75,000 and the appropriation for the Public Works Department was increased by $100,000.  What is the journal entry to record this event in the General Fund? A. Estimated Revenues         75,000      Fund Balance-unassigned  25,000                     Appropriations            l             100,000 B. Appropriations                 100,000            Estimated Revenues                                              75,000            Budgetary Fund Balance                                         25,000 C. Estimated Revenues              75,000      Budgetary Fund Balance       25,000        Appropriations                                                           100,000 D. Estimated Revenues              75,000                          Appropriations                                        75,000

Which of the following best describes the recommended format for the government-wide statement of activities? A. Program revenues minus expenses minus other revenues and expenses equals change in net position. B. Program revenues plus general revenues minus expenses equals change in net position. C. Program revenues minus expenses plus general revenues equals change in net position. D. Expenses minus program revenues plus general revenues equals change in net position.

The FASAB has the authority to establish accounting and financial reporting standards for: A. State and local governments B. Investor owned business C. Federal government D. Public not-for-profits  

Which of the following is not an objective of federal financial reporting? A. Budgetary Integrity B. Increase Taxpayer Awareness C. Stewardship D. Operating Performance