GFOA Exam CPFO Topic 4 Question 82 Discussion

Actual exam question for GFOA's CPFO exam

Question #: 82
Topic #: 4

[All CPFO Questions]

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:

AWhat 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?

BWhat 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?

CWhat 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?

DNone of these

Show Suggested Answer

Suggested Answer: D

by An at Mar 09, 2024, 08:44 AM

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Valentin

1 months ago

Haha, 'none of these'? Really? That's a bold move, but I don't think it's the right call here. C is definitely the winner. Gotta love these accounting exams, they keep you on your toes!

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Nada

19 days ago

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?

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...

2 months ago

Hmm, this one's tricky. I'm between B and C, but I think C is the better choice since it covers both increases and decreases in economic resources. Gotta love these accounting questions, they really make you think!

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