151. What is the purpose of the Governmental Accounting Standards Board (GASB) in setting accounting standards for governmental entities?
A. Assessing Market Trends
B. Establishes and Improves Accounting Standards for State and Local Governments in the U.S.
C. Ignoring Non-Monetary Transactions
D. Detailing Changes in Cash Position
152. How does governmental accounting address the reporting of pension obligations and post-employment benefits?
A. Setting Advertising Budgets
B. Follows Specific Accounting Standards for Reporting Pension Liabilities and Other Post-Employment Benefits
C. Ignoring Changes in Equity
D. Focusing Only on Short-Term Assets
153. What is the role of the General Fund in governmental accounting?
A. Analyzing Market Share
B. Detailing Changes in Cash Position
C. The Primary Operating Fund for General Governmental Activities
D. Ignoring Non-Monetary Transactions
154. How does governmental accounting handle the recognition of property taxes and special assessments?
A. Focusing Only on Short-Term Assets
B. Recognizes Revenues from Property Taxes and Special Assessments in Accordance with Specific Guidelines
C. Ignoring Changes in Equity
D. Assessing Market Demand
155. What is the purpose of the Debt Service Fund in governmental accounting?
A. Ignoring Non-Cash Transactions
B. Focusing on Short-Term Liabilities
C. Accounts for the Accumulation of Resources for the Payment of Principal and Interest on Debt
D. Setting Advertising Budgets
156. How does governmental accounting address the recognition of enterprise funds for business-type activities?
A. Analyzing Employee Performance
B. Setting Advertising Budgets
C. Accounts for Business-Type Activities that Charge Fees to External Users
D. Ignoring Changes in Equity
157. What is the significance of the special revenue fund in governmental accounting?
A. Assessing Market Trends
B. Accounts for Specific Revenues That Are Legally Restricted for Particular Purposes
C. Ignoring Non-Cash Transactions
D. Detailing Long-Term Liabilities
158. How does governmental accounting handle the reporting of fiduciary funds, such as pension and investment trust funds?
A. Focusing Only on Short-Term Assets
B. Recognizes and Reports Fiduciary Activities in Separate Funds in Accordance with Specific Standards
C. Ignoring Changes in Equity
D. Analyzing Market Share
159. What role do internal controls play in governmental accounting?
A. Setting Advertising Budgets
B. Ensures Adequate Safeguards and Controls to Safeguard Assets and Ensure Accuracy of Financial Reporting
C. Ignoring Changes in Cash Position
D. Focusing Only on Short-Term Liabilities
160. How does governmental accounting address the reporting of grants and contributions received for capital projects?
A. Detailing Changes in Cash Position
B. Recognizes Resources Received for Capital Projects in Compliance with Applicable Standards
C. Ignoring Non-Monetary Transactions
D. Assessing Employee Performance
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