Deck 15: Financial Accounting

Question 1

School accounting can be classified into two broad categories: statistical and financial.

Answer 1

True

Question 2

Fiscally independent school districts offer to the public K-12 grades that are free from charges for any form of educational services.

Answer 2

False

Question 3

Fiscally dependent school districts are required by either the state constitution or statute to submit their budgets to an intervening local governing agency.

Answer 3

True

Question 4

The primary purpose of financial accounting for school districts is to maximize educational opportunities and increase equity for the enterprise.

Question 5

Public schools manage the flow of revenue receipts and expenditure of resources through a single central fund known as the General Fund.

Question 6

The Capital Outlay and Debt Service Funds are used to acquire, renovate, and retire long-term debt for public school facilities.

Question 7

Enterprise Funds are designed to account for any activity for which a fee is charged to external users for their acquisition of goods or services.

Question 8

Non-Revenue Receipts are increases to assets which do not incur a liability or represent exchanges of property for cash.

Question 9

The Modified Accrual Accounting method is commonly used by school districts, and it combines the Accrual method with cash method of accounting.

Question 10

Public entities, including school districts, rely upon the following accounting equation: Assets - Liabilities = Equity.

Question 11

There are two major types of fiscal resources, student activity and school district activity, contained in School District Activity Funds.

Question 12

Fiscal resources raised by students, i..e., student activity, usually can be balance forwarded regardless of whether the school district is fiscally dependent or fiscally independent.

Question 13

Fiscally independent school districts offer to the public K-12 grades that are free from charges for any form of educational services.

Question 14

Fiscally dependent school districts are required by either the state constitution or statute to submit their budgets to an intervening local governing agency.

Question 15

The primary purpose of financial accounting for school districts is to maximize educational opportunities and increase equity for the enterprise.

Question 16

Public schools manage the flow of revenue receipts and expenditure of resources through a single central fund known as the General Fund.

Question 17

The Permanent Fund is the chief operating fund of the school district and is used to account for all financial resources of the school district except for those required to be accounted for in another fund.

Question 18

Example(s) of statistical accounting is (are):

A) Pupil accounting
B) Personnel accounting
C) Inventories
D) All of the above

Question 19

The primary purpose of public sector accounting is to:

A) Expend and safeguard appropriations efficiently
B) Maximize equity
C) Provide alternative methodologies
D) None of the above

Question 20

The chief operating fund used by public school districts is titled:

A) Debt Service
B) Permanent
C) General
D) Retirement Trust

Question 21

Expenditures can be coded (classified) as follows:

A) Fund
B) Object
C) Function
D) Program
E) all of the above

Question 22

The financial transactions of public school districts are usually recorded pursuant to the following method(s):

A) accrual accounting
B) modified accrual accounting
C) cash accounting
D) none of the above

Question 23

Double-Entry Bookkeeping employs the following:

A) t-accounts
B) debit (left hand entry)
C) credit (right hand entry)
D) All of the above

Question 24

Activity finds contain the following components:

A) student activity resources
B) school board liabilities
C) trust accounts
D) none of the above

Question 25

The purpose an external audit of the financial transactions made by a school district is to:

A) reveal material misstatements
B) meet general accepted accounting procedures
C) eliminate unnecessary support personnel
D) a and b but not c