Question 1

Popular reports provide condensed financial information that can be used by governments to communicate financial results to citizens.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following factors would not indicate that a potential component unit (PCU) imposes a financial burden or provides a financial benefit to the primary government?

Accepted Answer

A)  The primary government is entitled to its share of any dividends distributed by the PCU. 
B)  The primary government is obligated to provide financial support to the PCU. 
C)  The primary government is obligated for the PCU's debt. 
D)  The primary government is entitled to the PCU's resources. 
A)  The primary government is entitled to its share of any dividends distributed by the PCU. 
B)  The primary government is obligated to provide financial support to the PCU. 
C)  The primary government is obligated for the PCU's debt. 
D)  The primary government is entitled to the PCU's resources.

Question 3

Which of the following statements concerning the reporting of internal balances by a government at the end of its fiscal year is True?

Accepted Answer

A)  The internal balances amounts reported in the balance sheet columns represent activity among governmental funds. 
B)  The internal balances amounts reported in the statement of net position columns represent activity between governmental activities and business-type activities. 
C)  The internal balances amounts are reported in both the asset and liability sections on the statement of net position. 
D)  The internal balances amounts reported represent the difference between interfund transfers in and interfund transfers out. 
A)  The internal balances amounts reported in the balance sheet columns represent activity among governmental funds. 
B)  The internal balances amounts reported in the statement of net position columns represent activity between governmental activities and business-type activities. 
C)  The internal balances amounts are reported in both the asset and liability sections on the statement of net position. 
D)  The internal balances amounts reported represent the difference between interfund transfers in and interfund transfers out.

Question 4

The GASB defines a component unit as any organization for which the primary government is financially accountable.

Accepted Answer

A) True 
 B)False

Question 5

What is meant by the term "reporting entity" in accounting for state and local governments?

Accepted Answer

A reporting entity is defined as a prima

Question 6

Combining financial statements for nonmajor funds of a government should be included:

Accepted Answer

A)  In the basic financial statements. 
B)  In the notes to the financial statements. 
C)  As a part of the financial section of the comprehensive annual financial report (CAFR). 
D)  As part of the statistical section of the comprehensive annual financial report (CAFR). 
A)  In the basic financial statements. 
B)  In the notes to the financial statements. 
C)  As a part of the financial section of the comprehensive annual financial report (CAFR). 
D)  As part of the statistical section of the comprehensive annual financial report (CAFR).

Popular reports provide condensed financial information that can be used by governments to communicate financial results to citizens.

Which of the following factors would not indicate that a potential component unit (PCU) imposes a financial burden or provides a financial benefit to the primary government?

Which of the following statements concerning the reporting of internal balances by a government at the end of its fiscal year is True?

The GASB defines a component unit as any organization for which the primary government is financially accountable.

What is meant by the term "reporting entity" in accounting for state and local governments?

Combining financial statements for nonmajor funds of a government should be included:

Introduction to Accounting and Financial Reporting for Government and Not-for-Profit Entities

Principles of Accounting and Financial Reporting for State and Local Governments

Governmental Operating Statement Accounts; Budgetary Accounting

Accounting for Governmental Operating Activities–Illustrative Transactions and Financial Statements

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-type Activities of State and Local Governments

Accounting for Fiduciary Activities—Custodial and Trust Funds

Analysis of Government Financial Performance

Auditing of Government and Not-for-Profit Organizations

Budgeting and Performance Measurement

Not-for-Profit Organizations—Regulatory, Taxation, and Performance Issues

Accounting for Not-for-Profit Organizations

Accounting for Colleges and Universities

Accounting for Health Care Organizations

Accounting and Reporting for the Federal Government

Filters

Exam 9: Financial Reporting of State and Local Governments

Popular reports provide condensed financial information that can be used by governments to communicate financial results to citizens.

Which of the following factors would not indicate that a potential component unit (PCU) imposes a financial burden or provides a financial benefit to the primary government?

Which of the following statements concerning the reporting of internal balances by a government at the end of its fiscal year is True?

The GASB defines a component unit as any organization for which the primary government is financially accountable.

What is meant by the term "reporting entity" in accounting for state and local governments?

Combining financial statements for nonmajor funds of a government should be included:

Introduction to Accounting and Financial Reporting for Government and Not-for-Profit Entities

Principles of Accounting and Financial Reporting for State and Local Governments

Governmental Operating Statement Accounts; Budgetary Accounting

Accounting for Governmental Operating Activities–Illustrative Transactions and Financial Statements

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-type Activities of State and Local Governments

Accounting for Fiduciary Activities—Custodial and Trust Funds

Analysis of Government Financial Performance

Auditing of Government and Not-for-Profit Organizations

Budgeting and Performance Measurement

Not-for-Profit Organizations—Regulatory, Taxation, and Performance Issues

Accounting for Not-for-Profit Organizations

Accounting for Colleges and Universities

Accounting for Health Care Organizations

Accounting and Reporting for the Federal Government

Filters