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

Limited Time Offer

25%

Off

Get Premium CPFO Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Valentin

2 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!

upvoted 0 times

Venita

2 days ago

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?

upvoted 0 times

...

Flo

13 days ago

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?

upvoted 0 times

...

Nada

1 months 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?

upvoted 0 times

...

Frank

2 months ago

Oh boy, this is a classic. I remember studying this in class - C is the way to go. Proprietary funds are just like private businesses, keeping tabs on all the ups and downs. Now, where did I put my calculator...?

upvoted 0 times

Jules

2 months ago

User 2: I agree, C is the right choice. It's all about tracking those economic resources just like a private business.

upvoted 0 times

...

Soledad

2 months ago

User 1: C) What transaction and events have increased or decreased the fund's total economic resources during the reporting period, measured by changes in net assets like revenues and expenses?

upvoted 0 times

...

Darnell

2 months ago

Aha, I know this one! It's definitely C. Proprietary funds are all about the big picture - tracking both increases and decreases in economic resources. A and B are too narrow, gotta go with the comprehensive answer.

upvoted 0 times

...

James

2 months ago

I'm not sure, but I think the answer might be C, as it considers both increases and decreases in economic resources.

upvoted 0 times

...

Aimee

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!

upvoted 0 times