ADMISSION-Certified Government Financial Manager Set 1

Cost Allocation basis for all internal funds is:

If a government creates an internal service funds, GAAP require that the ______ cost of services, _________ the cost of capital assets be recovered through the user fee.

Pension trust, investment trust, private-purpose trust, and agency are the types of:

The city of Mudville uses 1600 oil filters annually. The cost of placing an order is $5.00. The unit cost is $3.50. The carrying cost is 20 percent, and the carrying cost per unit is &0.70(0.20x$3.50). And, there are 255 working days per year, and each order requires three working days of lead time. What is the reorder point?

In Government Organizations, a modified approach for depreciation is used. This modified approach expenses maintenance cost and capitalizes additions and improvements, but it does not record depreciation charges. The logic behind the modified approach is:

Proprietary and fiduciary funds use the economic resources measurement focus and the accrual basis of accounting. Proprietary funds focus on changes in economic resources, similar to private sector businesses, asking:

Governmental funds, by comparison, focus on current financial resources, asking:

With a beginning departmental appropriation of $200,000, the water department orders $20,000 in chemicals. The actual invoice upon delivery is $18500. What is the available balance?

Because of the current financial measurement focus of the Governmental Funds, they do not report:

Small local governments and nonprofits use a third accounting basis, the cash basis, unapproved by GAAP. Cash accounting is used because ____________ accounting, though more accurate, is more complex and costly.