Exam 15: Financial Reportingthe Comprehensive Annual Financial Report and the Financial Reporting Entity

The governing board of the City of Wheaton is also the governing board of Mosquito Abatement District, a business-type activity. A benefit or burden relationship exists between the city and the district. Which of the following statements regarding the financial reporting options is false?

Which of the following scenarios does not describe governing boards of a primary government and a potential component unit that are substantially the same?

Which of the following is not part of the financial section of a comprehensive annual financial report?

If a primary government reports a discretely presented component unit, then the primary government must

The introductory section of a CAFR typically includes all of the following except

Management's Discussion and Analysis is

All of the following statistical tables should include ten individual years of trend information except

The City of Newport appointed the original governing board of the Newport Historical Association, at which point the board became self-sustaining. The city has historically (but voluntarily) provided funding for the Association for the past several years. The city of Newport should

Which of the following must be included to meet the minimum requirements for general purpose external financial reporting?

In the statistical section, the required demographic and economic information includes all of the following except

Blended and discretely presented component units may issue separate financial statements. Which of the following statements is false related to this provision in GAAP?

An entity is a component unit of another entity if

When there are more than two funds of the relevant fund type, combining financial statements would not be required in the CAFR for which types of funds?

Listed below are various statements, schedules, notes, and other elements that appear in a Comprehensive Annual Financial Report (CAFR). A. Demographic and Economic Information B. Organization Chart C. Table of Contents D. Statement of Net Position E. Schedule of Revenues, Expenditures, and Changes in Fund Balance-Budget-to-Actual F. Proprietary Funds Statement of Cash Flows G. Summary of Significant Accounting Policies H. Letter of Transmittal I. Governmental Funds Balance Sheet J. Capital Assets note disclosure K. Reconciliation of Changes in Fund Balances to Changes in Net Position L. Management's Discussion and Analysis M. Statement of Net Position-Component Units N. GFOA Certificate of Achievement for Excellence in Financial Reporting O. Statement of Fiduciary Net Position P. Parks and Recreation Special Revenue Fund Balance Sheet Q. Changes in Net Position, Last 10 Years R. Statement of Activities S. Auditor's Report $\underline{\text{Requirement }}$ - Recommend that you choose one of the following requirements, 1. Identify the major section of the CAFR in which each element is found. a. Introductory b. Financial c. Statistical 2. Identify the major subsection of the CAFR in which each element of the financial section is found. a. Basic Financial Statements 1. Government-wide financial statements 2. Fund financial statements 3. Notes to the financial statements b. Required Supplementary Information (RSI) c. Other Supplementary Information (OSI) 3. List each element in the proper order that they are found in the CAFR.

In which of the following situations would a component unit be required to prepare a CAFR, not just the basic financial statements?

Which of the following statements is false?

Which of the following criteria is not required to be met for a government to be considered fiscally independent?

Britt County has seven discretely presented component units. Three of the component units are considered "governmental" in nature and the remaining four are considered "business-type" in nature. How many columns for the discretely presented component units would be reported on the General Fund balance sheet?

Whether or not to declare a fund as being major is not optional for