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

In the proprietary fund statements, a government should include a separate column for

The fund financial statements included in the basic financial statements include separate balance sheets (or statements of net position) for all of the following except

A city determines in the current year that it has three major governmental funds, including the General Fund, and two major enterprise funds. The city will

For governmental activities, the minimum level of functional detail required for direct expenses on the Statement of Activities is the same level of detail required in the

A government that uses the modified approach to account for qualifying assets should report all infrastructure asset related costs for the year as

The following information was drawn from the records of Wise County (all amounts are in thousands of dollars). Local gas tax restricted for street maintenance. \1 3,000 State grant restricted for police training 4,000 Federal grant for new library 1,222 Gain on sale of general capital assets 300 License and permit fees 70 Interest collected on investments 108 Fines and forfeitures 500 Contributions to permanent fund which supports education 635 Shared state revenues restricted to public health. 1,100 $\underline{\text{ Requirement: }}$ Prepare schedules computing amounts to be reported as Charges for Services, Operating Grants and Contributions, Capital Grants and Contributions, and General Revenues.

Which of the following statements is true regarding the statement of cash flows for a governmental unit?

Equity in a fiduciary fund is, by nature, considered to be

A city has, in addition to the General Fund, three other governmental funds. Two of those three governmental funds have been deemed to be major funds. At most, how many funds may be reported as major funds?

When preparing external financial statements that are in accordance with generally accepted accounting principles, the minimum financial report will include

The minimum requirements for general purpose external financial reporting does not include

Sales taxes levied by a county government are shared with the local municipal government. The municipal government chooses to use the intergovernmental revenues for drug enforcement activities. In the government-wide statement of activities, the municipal government would report the sales taxes as

The General Fund levies taxes of $3,750,000 during the fiscal year, 1% of which is deemed to be uncollectible. $3,650,000 was collected or met the availability criteria. How much revenue should be recorded in the government-wide financial statements?

In the statement of activities, depreciation is reported on

Depreciation was calculated for the police department's vehicle fleet. The expense will be reported

The government-wide statements include

Which of the following types of revenue would always be reported as a general revenue in the government-wide financial statements?

A budgetary comparison schedule is required for