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

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

Fiduciary funds are reported

The government-wide financial statements do not include

Which financial statement may be presented as required supplementary information?

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?

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

Each of the following would be considered required supplementary information except

Capital assets are not reported

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

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?

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

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

A government that uses the modified approach will

The City of Raymond reports the following fund information all amounts are in thousands of dollars: All governmental funds' fund balance \1 3,000 Restricted fund balances: Special Revenue Fund 1,200 Debt Service Fund 1,700 General capital assets 10,800 Accumulated depreciation on capital assets 4,100 General long-term liabilities: Bonds payable for capital assets 5,700 Liability for compensated absences 3,200 Internal Service Fund serving governmental activities Net position 3,000 Capital assets net of accumulated depreciation 1,700 Liability, capital related 500 Requirement: Prepare the net position section for governmental activities for the statement of net position for the City of Raymond for the year ended December 31, 20X9.

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

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

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

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

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

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