For Fund Financial Statements, the Measurement Focus and Basis of Accounting

question 9

Multiple Choice

For fund financial statements, the measurement focus and basis of accounting used by governmental fund types are

• A)current financial resources and modified accrual accounting.
• B)economic resources and modified accrual accounting.
• C)financial resources and full accrual accounting.
• D)economic resources and full accrual accounting.

---

Definitions:

Quitclaim Deed

A deed that conveys only whatever interest the grantor had in the property and therefore offers the least amount of protection against defects of title.

Warranty Deed

A deed in which the grantor promises that she or he has title to the property conveyed in the deed, that there are no undisclosed encumbrances on the property, and that the grantee will enjoy quiet possession of the property; provides the greatest amount of protection for the grantee.

Waterfront Property

Real estate located along a body of water, such as a sea, ocean, lake, or river.

Loft

An upper room or floor in a building, typically under the roof, used for storage or accommodation.