The questions for this exam were last updated on January 7, 2026
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An ISF has the following capital equipment in service for the stated time. Based upon the information below, using the straight-line method, what should be charged for depreciation at year-end?
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Question No. 2
A Stabile economy is defined as? I. An equilibrium in the international balance of payments II. Full employment III. Economist growth IV. Frequent changes in Price
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Question No. 3
GAAP do not specify how much fund balance to set aside, but the_________ recommends that local governments maintain a reserve of (1) 5% to 15% of general fund reserves or (2) at least 1-2 months general fund operating expenditures.
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Question No. 4
Pension trust, investment trust, private-purpose trust, and agency are the types of:
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Question No. 5
Assume an invoice with credit terms of 2%/10, net30. The interest charge is 2% of $1000, or $20; the principal is $980; and the days of principal borrowed are the 20 days of credit. What is the interest rate offered if the discount is taken?
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Question No. 6
Revenue bonds are a liability limited to the pledged revenue. The issuer is thus not obligated _________ to repay the debt.
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Question No. 7
GAAP requires that the fees for enterprise fund services like water, sewer, and electricity offset costs. As a policy decision, governing board members choose among four water and sewer rate structures. Those are all EXCEPT:
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Question No. 8
The financial adviser:
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Question No. 9
The CAFR includes all of the following EXCEPT the:
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Question No. 10
The auditor(s) should: I- Adequately plan the work and properly supervise assistants II- Properly study internal accounting controls to determine their reliability These points are the part of
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Question No. 11
_______________ Details the principal steps and the dates by which the bonds will be sold.
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Question No. 12
In issuing bonds, Governments usually take following steps EXCEPT:
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Question No. 13
In addition to interim financial reports, governments may report on interim basis:
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Question No. 14
Issuance of practice and consensus bulletins prepared by the AICPA’s Accounting and Standard Executive Committee is done at _________ level of GAAP.
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Question No. 15
Internal controls are the primary responsibility of:
