Question 1

Each of the following would be considered required supplementary information except

Accepted Answer

A)  Management's discussion and analysis. 
B)  Budgetary comparison information that is eligible for basic financial statement presentation but not included therein. 
C)  A letter of transmittal. 
D)  Disclosures for governments that use the modified approach to infrastructure accounting and reporting. 
A)  Management's discussion and analysis. 
B)  Budgetary comparison information that is eligible for basic financial statement presentation but not included therein. 
C)  A letter of transmittal. 
D)  Disclosures for governments that use the modified approach to infrastructure accounting and reporting.

Question 2

A city had the following accounts and amounts on its statement of activities: 
-Public safety expenses of $2,755,500
-Public safety charges for services of $20,500
-Public safety operating grants and contributions of $105,000
-Public safety capital grants and contributions of $75,000
-General government charges for services of $455,500
-Property tax general revenues of $2,905,000
-Unrestricted grants of $300,000
Net (expense) revenue for the public safety function would be

Accepted Answer

A)  $(2,555,000). 
B)  $200,500. 
C)  $956,000. 
D)  $2,555,000. 
A)  $(2,555,000). 
B)  $200,500. 
C)  $956,000. 
D)  $2,555,000.

Question 3

The government-wide statement of net position would report the following component of net position except

Accepted Answer

A)  Unrestricted net position. 
B)  Restricted net position. 
C)  Net investment in capital assets. 
D)  Designated net position. 
A)  Unrestricted net position. 
B)  Restricted net position. 
C)  Net investment in capital assets. 
D)  Designated net position.

Question 4

Interest expense for governmental activities at the government-wide level should be reported

Accepted Answer

A)  As part of the function for which the financing was beneficial. 
B)  As part of the general government function. 
C)  In total as capitalized interest. 
D)  As an indirect expense not allocated to a functional area. 
A)  As part of the function for which the financing was beneficial. 
B)  As part of the general government function. 
C)  In total as capitalized interest. 
D)  As an indirect expense not allocated to a functional area.

Question 5

Which of the following classifications is not used in the government-wide statement of activities?

Accepted Answer

A)  General revenues. 
B)  Extraordinary items. 
C)  Transfers. 
D)  Nonoperating revenues. 
A)  General revenues. 
B)  Extraordinary items. 
C)  Transfers. 
D)  Nonoperating revenues.

Question 6

The government-wide statement of activities

Accepted Answer

A)  Distinguishes between major and nonmajor funds. 
B)  Distinguishes between governmental and business-type activities. 
C)  Excludes discretely presented component units. 
D)  Excludes direct expenses of governmental and business-type activities. 
A)  Distinguishes between major and nonmajor funds. 
B)  Distinguishes between governmental and business-type activities. 
C)  Excludes discretely presented component units. 
D)  Excludes direct expenses of governmental and business-type activities.

Question 7

Which of the following may be reported in the government-wide statements and the fund financial statements?

Accepted Answer

A)  Nonfiduciary component units 
B)  General government long-term debt 
C)  General government capital assets 
D)  Short-term debt. 
A)  Nonfiduciary component units 
B)  General government long-term debt 
C)  General government capital assets 
D)  Short-term debt.

Question 8

A city reports three Pension Trust Funds, one Private-Purpose Trust Fund, one Investment Trust Fund, and three Agency Funds. How many columns would the City's statement of fiduciary net position would report?

Accepted Answer

A)  Two (2). 
B)  Three (3). 
C)  Four (4). 
D)  Eight (8). 
A)  Two (2). 
B)  Three (3). 
C)  Four (4). 
D)  Eight (8).

Question 9

For general purpose external financial reporting, discretely presented component unit information

Accepted Answer

A)  Is not presented. 
B)  Is included in the government-wide statements only. 
C)  Is included in the fund financial statements only. 
D)  Is included in both the government-wide and the fund financial statements. 
A)  Is not presented. 
B)  Is included in the government-wide statements only. 
C)  Is included in the fund financial statements only. 
D)  Is included in both the government-wide and the fund financial statements.

Question 10

Major fund reporting is required for which of the following fund types?

Accepted Answer

A)  Enterprise Funds. 
B)  Internal Service Funds. 
C)  Agency Funds. 
D)  Private-Purpose Trust Funds. 
A)  Enterprise Funds. 
B)  Internal Service Funds. 
C)  Agency Funds. 
D)  Private-Purpose Trust Funds.

Question 11

Assume that a governmental entity has, in addition to the General Fund, four other governmental funds. Upon applying the quantitative criteria to determine the minimum requirements for major fund reporting it is determined that two of those four funds meet the criteria. At a minimum, the governmental entity will report how many major funds?

Accepted Answer

A)  One (1). 
B)  Two (2). 
C)  Three (3). 
D)  Four (4). 
A)  One (1). 
B)  Two (2). 
C)  Three (3). 
D)  Four (4).

Question 12

Which of the following funds would not be eligible for major fund reporting?

Accepted Answer

A)  General Fund. 
B)  Enterprise Fund. 
C)  Debt Service Fund. 
D)  Internal Service Fund. 
A)  General Fund. 
B)  Enterprise Fund. 
C)  Debt Service Fund. 
D)  Internal Service Fund.

Question 13

In accordance with GAAP, Management's Discussion and Analysis is part of the

Accepted Answer

A)  Required supplementary information and is presented before the basic financial statements. 
B)  Required supplementary information and is presented after the basic financial statements. 
C)  Basic financial statements and is presented before the notes to the financial statements. 
D)  Basic financial statements and is presented after the government-wide financial statements. 
A)  Required supplementary information and is presented before the basic financial statements. 
B)  Required supplementary information and is presented after the basic financial statements. 
C)  Basic financial statements and is presented before the notes to the financial statements. 
D)  Basic financial statements and is presented after the government-wide financial statements.

Question 14

A governmental entity has a General Fund, four Special Revenue Funds, two Debt Service Funds, a Permanent Fund, two Enterprise Funds, three Internal Service Funds, and two Pension Trust Funds. Using the criteria from GASB Statement No. 34 to identify major funds, the government discovers that two of the Special Revenue Funds and one Enterprise Fund meet the minimum criteria to be a major fund. How many individual governmental funds may be reported as major funds?

Accepted Answer

A)  Four (4). 
B)  Eight (8). 
C)  Ten (10). 
D)  Fifteen (15). 
A)  Four (4). 
B)  Eight (8). 
C)  Ten (10). 
D)  Fifteen (15).

Question 15

Fiduciary funds are reported

Accepted Answer

A)  In both the fund financial statements and the government-wide financial statements. 
B)  As required supplementary information. 
C)  By fund type in the government-wide financial statements. 
D)  By fund type in the fund financial statements. 
A)  In both the fund financial statements and the government-wide financial statements. 
B)  As required supplementary information. 
C)  By fund type in the government-wide financial statements. 
D)  By fund type in the fund financial statements.

Question 16

In the government-wide statements, business-type activities include

Accepted Answer

A)  Primarily only Enterprise Fund operations. 
B)  Primarily only Internal Service Fund operations. 
C)  Both a government's Enterprise Fund and all of its Internal Service Fund activities. 
D)  A government's Enterprise Fund, Internal Service Fund, and nonexpendable trust fund activities. 
A)  Primarily only Enterprise Fund operations. 
B)  Primarily only Internal Service Fund operations. 
C)  Both a government's Enterprise Fund and all of its Internal Service Fund activities. 
D)  A government's Enterprise Fund, Internal Service Fund, and nonexpendable trust fund activities.

Question 17

According to the GASB Codification, Management's Discussion and Analysis is

Accepted Answer

A)  To be based on currently known statements, schedules, statistical data, and other information about future economic growth. 
B)  To be based on currently known facts, decisions, or conditions expected to have significant effects on financial activities. 
C)  To provide information that is necessary for fair presentation of each of the various entities reported in a government's basic financial statements. 
D)  To be limited to quantitative analysis only and should not state the reasons changes in the financial activities from year-to-year. 
A)  To be based on currently known statements, schedules, statistical data, and other information about future economic growth. 
B)  To be based on currently known facts, decisions, or conditions expected to have significant effects on financial activities. 
C)  To provide information that is necessary for fair presentation of each of the various entities reported in a government's basic financial statements. 
D)  To be limited to quantitative analysis only and should not state the reasons changes in the financial activities from year-to-year.

Question 18

Which of the following would not be classified as charges for services?

Accepted Answer

A)  Operating special assessments. 
B)  Licenses and permits. 
C)  Fines and forfeitures. 
D)  A special tax levied for a particular function. 
A)  Operating special assessments. 
B)  Licenses and permits. 
C)  Fines and forfeitures. 
D)  A special tax levied for a particular function.

Question 19

In the government-wide statement of net position, interfund receivables and payables

Accepted Answer

A)  Should not be reported. 
B)  Should only be reported for balances payable between governmental activities and business-type activities. 
C)  Can be reported in either the governmental activities or business-type activities columns. 
D)  Should be eliminated in the governmental activities column but not the business-type activities column. 
A)  Should not be reported. 
B)  Should only be reported for balances payable between governmental activities and business-type activities. 
C)  Can be reported in either the governmental activities or business-type activities columns. 
D)  Should be eliminated in the governmental activities column but not the business-type activities column.

Question 20

Capital assets are not reported

Accepted Answer

A)  In governmental activities. 
B)  In business-type activities. 
C)  In the Enterprise Funds. 
D)  In the General Fund. 
A)  In governmental activities. 
B)  In business-type activities. 
C)  In the Enterprise Funds. 
D)  In the General Fund.

Each of the following would be considered required supplementary information except

The government-wide statement of net position would report the following component of net position except

Interest expense for governmental activities at the government-wide level should be reported

Which of the following classifications is not used in the government-wide statement of activities?

The government-wide statement of activities

Which of the following may be reported in the government-wide statements and the fund financial statements?

A city reports three Pension Trust Funds, one Private-Purpose Trust Fund, one Investment Trust Fund, and three Agency Funds. How many columns would the City's statement of fiduciary net position would report?

For general purpose external financial reporting, discretely presented component unit information

Major fund reporting is required for which of the following fund types?

Which of the following funds would not be eligible for major fund reporting?

In accordance with GAAP, Management's Discussion and Analysis is part of the

Fiduciary funds are reported

In the government-wide statements, business-type activities include

According to the GASB Codification, Management's Discussion and Analysis is

Which of the following would not be classified as charges for services?

In the government-wide statement of net position, interfund receivables and payables

Capital assets are not reported

Governmental and Nonprofit Accountingenvironment and Characteristics

State and Local Government Accounting and Financial Reporting Modelthe Foundation

Budgeting, Budgetary Accounting, and Budgetary Reporting

The General Fund and Special Revenue Funds

Revenue Accountinggovernmental Funds

Expenditure Accountinggovernmental Funds

Capital Projects Funds

Debt Service Funds

General Capital Assets; General Long-Term Liabilities; Permanent Fundsintroduction to Interfund-Gca-Gltl Accounting

Enterprise Funds

Internal Service Funds

Trust and Agency Fiduciary Funds Summary of Interfund-Gca-Gltl Accounting

Financial Reporting Deriving Government-Wide Financial Statements and Required Reconciliations

Financial Reportingthe Comprehensive Annual Financial Report and the Financial Reporting Entity

Non-Slg Not-For-Profit Organizations

Accounting for Colleges and Universities

Accounting for Health Care Entities

Federal Government Accounting

Auditing Governments and Not-For-Profit Organizations

Filters

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

Each of the following would be considered required supplementary information except

The government-wide statement of net position would report the following component of net position except

Interest expense for governmental activities at the government-wide level should be reported

Which of the following classifications is not used in the government-wide statement of activities?

The government-wide statement of activities

Which of the following may be reported in the government-wide statements and the fund financial statements?

A city reports three Pension Trust Funds, one Private-Purpose Trust Fund, one Investment Trust Fund, and three Agency Funds. How many columns would the City's statement of fiduciary net position would report?

For general purpose external financial reporting, discretely presented component unit information

Major fund reporting is required for which of the following fund types?

Which of the following funds would not be eligible for major fund reporting?

In accordance with GAAP, Management's Discussion and Analysis is part of the

Fiduciary funds are reported

In the government-wide statements, business-type activities include

According to the GASB Codification, Management's Discussion and Analysis is

Which of the following would not be classified as charges for services?

In the government-wide statement of net position, interfund receivables and payables

Capital assets are not reported

Governmental and Nonprofit Accountingenvironment and Characteristics

State and Local Government Accounting and Financial Reporting Modelthe Foundation

Budgeting, Budgetary Accounting, and Budgetary Reporting

The General Fund and Special Revenue Funds

Revenue Accountinggovernmental Funds

Expenditure Accountinggovernmental Funds

Capital Projects Funds

Debt Service Funds

General Capital Assets; General Long-Term Liabilities; Permanent Fundsintroduction to Interfund-Gca-Gltl Accounting

Enterprise Funds

Internal Service Funds

Trust and Agency Fiduciary Funds Summary of Interfund-Gca-Gltl Accounting

Financial Reporting Deriving Government-Wide Financial Statements and Required Reconciliations

Financial Reportingthe Comprehensive Annual Financial Report and the Financial Reporting Entity

Non-Slg Not-For-Profit Organizations

Accounting for Colleges and Universities

Accounting for Health Care Entities

Federal Government Accounting

Auditing Governments and Not-For-Profit Organizations

Filters