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

The government-wide statements include

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

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

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

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

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?

A budgetary comparison schedule is required for

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

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 Revenue 500 State Grants Special Revenue 200 City Hall Capital Projects 900 Debt Service 700 Water and Sewer Enterprise 8,000 Swimming Pool Enterprise 1,000 Fleet Management Internal Service 10,800 Employee Pension Fund 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.

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

Management's discussion and analysis

In the statement of activities, depreciation is reported on

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

The City of Floyd 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 Capital Projects Fund unspent bond proceeds 900 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 Floyd for the year ended December 31, 20X9.

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

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

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?

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

Which of the following cannot be classified as program revenues?

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?