Question 1

The GASB Statement No. 34 reporting model includes, but is not limited to which of the following reports?

Accepted Answer

A)  Government-wide financial statements 
B)  a management discussion and analysis section 
C)  funds based financial statements 
D)  all of the above 
A)  Government-wide financial statements 
B)  a management discussion and analysis section 
C)  funds based financial statements 
D)  all of the above

Question 2

GASB Statement No.34 requires the reporting for infrastructure assets. Special provisions for reporting include

Accepted Answer

A)  mandatory straight line depreciation on all infrastructure assets 
B)  depreciation should not be recorded on any infrastructure assets 
C)  small government units do not have to report on infrastructure assets now or in the future 
D)  allowing various approaches to estimating infrastructure costs 
A)  mandatory straight line depreciation on all infrastructure assets 
B)  depreciation should not be recorded on any infrastructure assets 
C)  small government units do not have to report on infrastructure assets now or in the future 
D)  allowing various approaches to estimating infrastructure costs

Question 3

Which of the following statements relating to the requirements for financial reporting is not true?

Accepted Answer

A)  General purpose financial statements are a columnar overview of the financial position and operating results of all funds 
B)  General purpose financial statements provide the minimum financial reporting necessary for fair representation of government activity 
C)  General purpose financial statements are part of the financial section of a comprehensive annual financial report 
D)  General purpose financial statements are part of required supplementary information 
A)  General purpose financial statements are a columnar overview of the financial position and operating results of all funds 
B)  General purpose financial statements provide the minimum financial reporting necessary for fair representation of government activity 
C)  General purpose financial statements are part of the financial section of a comprehensive annual financial report 
D)  General purpose financial statements are part of required supplementary information

Question 4

GASB Statement No. 34 requirements for the reporting for general fixed assets include

Accepted Answer

A)  the use of account groups 
B)  reporting general fixed assets as a major fund 
C)  general fixed assets will be included only in the government wide financial statements 
D)  report general fixed assets as a component unit 
A)  the use of account groups 
B)  reporting general fixed assets as a major fund 
C)  general fixed assets will be included only in the government wide financial statements 
D)  report general fixed assets as a component unit

Question 5

Audit reports prepared under the Single Audit Act include which of the following?

Accepted Answer

A)  a report on compliance with laws and regulations 
B)  a report on the study of the internal control systems 
C)  an opinion on the fairness of financial statement presentation 
D)  all of the above 
A)  a report on compliance with laws and regulations 
B)  a report on the study of the internal control systems 
C)  an opinion on the fairness of financial statement presentation 
D)  all of the above

Question 6

Key characteristic of the statement of net assets include all of the following except:

Accepted Answer

A)  general long-term assets at face value only 
B)  all capital assets 
C)  depreciation on capital assets except for certain infrastructure exceptions 
D)  interfund payables and receivables between governmental funds are eliminated 
A)  general long-term assets at face value only 
B)  all capital assets 
C)  depreciation on capital assets except for certain infrastructure exceptions 
D)  interfund payables and receivables between governmental funds are eliminated

Question 7

Which of the following is/are reporting requirements in funds-based statements under GASB Statement No.34?

Accepted Answer

A)  the statements highlight major funds and aggregate non major funds into one column 
B)  provide detailed information about short term spending and fiscal compliance 
C)  separate funds based statements are required for governmental, proprietary, and fiduciary funds 
D)  All of the above 
A)  the statements highlight major funds and aggregate non major funds into one column 
B)  provide detailed information about short term spending and fiscal compliance 
C)  separate funds based statements are required for governmental, proprietary, and fiduciary funds 
D)  All of the above

Question 8

Which of the following is not a purpose of the financial audit that accompanies statements?

Accepted Answer

A)  ensuring compliance with fiscal requirements 
B)  render an opinion about whether the statements present fairly the financial position, results of operation, and cash flows of the government 
C)  to comment on the economy, efficiency or program results of a governmental unit 
D)  statements have been prepared in accordance with GAAP, GASB, and state, municipal, and federal laws 
A)  ensuring compliance with fiscal requirements 
B)  render an opinion about whether the statements present fairly the financial position, results of operation, and cash flows of the government 
C)  to comment on the economy, efficiency or program results of a governmental unit 
D)  statements have been prepared in accordance with GAAP, GASB, and state, municipal, and federal laws

Question 9

Which of the following were innovations in financial reporting introduced by GASB Statement No. 34?

Accepted Answer

A)  An introductory narrative section 
B)  An overall view of the government in government wide statements 
C)  Comprehensive information about the cost of delivering services to citizens 
D)  all of the above 
A)  An introductory narrative section 
B)  An overall view of the government in government wide statements 
C)  Comprehensive information about the cost of delivering services to citizens 
D)  all of the above

The GASB Statement No. 34 reporting model includes, but is not limited to which of the following reports?

GASB Statement No.34 requires the reporting for infrastructure assets. Special provisions for reporting include

Which of the following statements relating to the requirements for financial reporting is not true?

GASB Statement No. 34 requirements for the reporting for general fixed assets include

Audit reports prepared under the Single Audit Act include which of the following?

Key characteristic of the statement of net assets include all of the following except:

Which of the following is/are reporting requirements in funds-based statements under GASB Statement No.34?

Which of the following is not a purpose of the financial audit that accompanies statements?

Which of the following were innovations in financial reporting introduced by GASB Statement No. 34?

Business Combinations: New Rules for a Long-Standing Business Practice

Consolidated Statements: Date of Acquisition

Consolidated Statements: Subsequent to Acquisition

Intercompany Transactions: Merchandise, Plant Assets, and Notes

Intercompany Transactions: Bonds and Leases

Cash Flow, Eps, and Taxation

Special Issues in Accounting for an Investment in a Subsidiary

Subsidiary Equity Transactions; Indirect and Mutual Holdings

The International Accounting Environment

Foreign Currency Transactions

Translation of Foreign Financial Statements

Interim Reporting and Disclosures About Segments of an Enterprise

Partnerships: Characteristics, Formation, and Accounting for Activities

Partnerships: Ownership Changes and Liquidations

Governmental Accounting: the General Fund and the Account Groups

Governmental Accounting: Other Governmental Funds, Proprietary Funds, and Fiduciary Funds

Accounting for Private Not-For-Profit Organizations

Accounting for Not-For-Profit Colleges and Universities and Health Care Organizations

Estates and Trusts: Their Nature and the Accountants Role

Debt Restructuring, Corporate Reorganizations, and Liquidations

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Exam 17: Financial Reporting Issues

The GASB Statement No. 34 reporting model includes, but is not limited to which of the following reports?

GASB Statement No.34 requires the reporting for infrastructure assets. Special provisions for reporting include

Which of the following statements relating to the requirements for financial reporting is not true?

GASB Statement No. 34 requirements for the reporting for general fixed assets include

Audit reports prepared under the Single Audit Act include which of the following?

Key characteristic of the statement of net assets include all of the following except:

Which of the following is/are reporting requirements in funds-based statements under GASB Statement No.34?

Which of the following is not a purpose of the financial audit that accompanies statements?

Which of the following were innovations in financial reporting introduced by GASB Statement No. 34?

Business Combinations: New Rules for a Long-Standing Business Practice

Consolidated Statements: Date of Acquisition

Consolidated Statements: Subsequent to Acquisition

Intercompany Transactions: Merchandise, Plant Assets, and Notes

Intercompany Transactions: Bonds and Leases

Cash Flow, Eps, and Taxation

Special Issues in Accounting for an Investment in a Subsidiary

Subsidiary Equity Transactions; Indirect and Mutual Holdings

The International Accounting Environment

Foreign Currency Transactions

Translation of Foreign Financial Statements

Interim Reporting and Disclosures About Segments of an Enterprise

Partnerships: Characteristics, Formation, and Accounting for Activities

Partnerships: Ownership Changes and Liquidations

Governmental Accounting: the General Fund and the Account Groups

Governmental Accounting: Other Governmental Funds, Proprietary Funds, and Fiduciary Funds

Accounting for Private Not-For-Profit Organizations

Accounting for Not-For-Profit Colleges and Universities and Health Care Organizations

Estates and Trusts: Their Nature and the Accountants Role

Debt Restructuring, Corporate Reorganizations, and Liquidations

Filters