GASB has responsibility for:

A. researching and developing accounting and reporting principles for state and local governments.

B. ensuring that FASB standards are implemented by state and local governments.

C. developing standards for federal and state governments.

D. ensuring that federal and state governments implement FASB standards.

Which one of the following statements is the part of practices that States regulate?

A. Preparation of specifications

B. Advertising the letting of contracts and Project Scheduling

C. Minority Goals

D. All of these

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:

A. What transaction and events have increased the fund's total economic resources during the reporting period, measured by changes in net assets like revenues and expenses?

B. What transaction and events have decreased he fund's total economic resources during the reporting period, measured by changes in net assets like revenues and expenses?

C. What transaction and events have increased or decreased he fund's total economic resources during the reporting period, measured by changes in net assets like revenues and expenses?

D. None of these

Perils, losses, property, source of liability, and people, Indemnity, Exclusions, Definitions and conditions are:

A. Insurance declarations

B. Insuring agreements

C. Insurance policies

D. None of these

If the $20,000 is loaned at a stated interest rate of 10%with the requirement that an 18% minimum compensating balance be kept, the APR (annual percentage rate) is:

A. 12.07%

B. 12.00%

C. 12.2%

D. 13%