Exam 13: Financial Reportingthe Basic Financial Statements and Required Supplementary Information

Governmental activities in the government-wide financial statements would potentially report the following equity classifications except

Which of the following statements is true regarding financial reporting by state and local governments?

Topics to be covered in the management's discussion and analysis

In the government-wide financial statements, a recipient government should report pass-through grants as

Which financial statement may be presented as required supplementary information?

Management's discussion and analysis

Below is information on total assets for various funds of the City of Dublin (all amounts are in thousands of dollars). Fund Assets General \ 1,300 Federal Grants Special Reverue 500 State Grants Special Reverule 200 City Hall Capital Projects 900 Debt Service 700 Water ard Sewer Enterprise 8,000 Swirninirig Pool Eriterprise 1,000 Fleet Maragernent Internal Service 10,800 Employee Pension Furd 6,500 Requirement: Prepare a schedule computing the threshold for asset amounts that should be used to determine which funds must be reported as major. Identify which funds are major funds.

If the General Fund has restricted fund balance, then the governmental activities column will automatically have

A government that uses the modified approach will

Which governmental fund must always be reported in a separate column in the governmental fund financial statements?

Which of the following cannot be classified as program revenues?

Which of the following financial statements are prepared using the flow of economic resources measurement focus and accrual basis of accounting? I. Government-wide II. Governmental funds III. Proprietary funds IV. Fiduciary funds

A government issued general obligation bonds to finance the construction of a new fire station. In the current year, the government incurred $107,000 of interest expense on the debt. This amount will be reported on the government-wide statement of activities as

The government-wide financial statements report all of the following equity classifications except

The government-wide financial statements do not include

In the fund financial statements, a government should include a separate column for all of the following except

Hannah Township has a General Fund, two Capital Projects Funds, one Permanent Fund, two Enterprise Funds, two Internal Service Funds, three Pension Trust Funds, and one Private-Purpose Trust Fund. Assuming all governmental and enterprise funds meet the major fund criteria, how many columns will the proprietary fund statement of net position have?

A county had the following earnings during the year: -Charges for services in public works of $289,000 -Public safety operating grants of $100,000 -Property taxes of $1,950,000 -Interest earned on restricted grants of $5,750 -Interest earned on unrestricted grants of $3,250 -Public works capital grants of $310,000 -Sales taxes of $425,000 Based on this information and assuming all revenues were earned, governmental activities general revenues for the year would be

The government-wide statement of net position must include a column for each of the following except

Which of the following statements concerning the notes to the financial statements is true?