Assume that the bank’s monthly costs are $12,250, the 30-day Treasury bill rate is 10.4%, and the
bank is subject to a 15% reserve requirement. What is the MCB (Minimum compensating balance)?
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Correct Answer:
A
Q: 2
Number of students enrolled, cost per student enrolled, year–end state test score and critical
thinking and application of knowledge. This is an example of measures in education sector. Match
these steps with the following appropriate list of types of measures.
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Correct Answer:
A
Q: 3
Because of the current financial measurement focus of the Governmental Funds, they do not report:
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Correct Answer:
D
Q: 4
The financial section of financial reports contains:
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Correct Answer:
D
Q: 5
Managerial accounting helps officials measure the cost-effectiveness of operations by:
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Correct Answer:
A
Q: 6
Other factors being equal, when the cost of inventory has increased over several financial statement
periods, an agency using LIFO will:
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Correct Answer:
D
Q: 7
Funds accounts for all unrestricted contributions, gifts and other income that can be used for any
purpose are known as?
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Correct Answer:
D
Q: 8
Revenue bonds are a liability limited to the pledged revenue. The issuer is thus not obligated
_________ to repay the debt.
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Correct Answer:
C
Q: 9
A275-day T-bill was purchased at a 0.6% discount and was sold at an 8.50% discount after a 30-day
holding period. What is the yield?
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Correct Answer:
B
Q: 10
Under the ___________ arrangement, governments completely outsource the reconciliation to the
bank, which reports items issued and paid, issued but not paid, and not yet issued.
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Correct Answer:
B
Q: 11
Most Government Issue bond in denominations of $5000, which underwriters call:
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Correct Answer:
D
Q: 12
Line-Item Budget is more appropriate for:
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Correct Answer:
D
Q: 13
With respect to capital leas the cops, the rating analyst evaluates:
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Correct Answer:
D
Q: 14
A discretionary grant is characterized by a:
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Correct Answer:
C
Q: 15
Governmental funds, by comparison, focus on current financial resources, asking:
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Correct Answer:
B
Q: 16
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.
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Correct Answer:
B
Q: 17
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.
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Correct Answer:
A
Q: 18
The U.S. Standard General Ledger will be used to record financial events for federal agencies, and
common data elements shall be used throughout a federal agency for collection, storage and
retrieval of financial information records according to OMB circular number:
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Correct Answer:
C
Q: 19
Upon completion of a performance audit the auditee will be provided with a report that includes the
audit objectives, methodology, results and:
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Correct Answer:
D
Q: 20
Which one of the following is not the type of debt financing?
