Exam 2: Overview of Financial Reporting for State and Local Governments

A Comprehensive Annual Financial Report (CAFR)would include an introductory section,management's discussion and analysis,basic financial statements,required supplementary information other than MD&A,combining and individual fund statements,narrative explanations,and statistical section.

The Government-wide financial statements include separate columns for discretely presented component units.

The modified approach for infrastructure requires schedules and disclosures to be included in which part of the CAFR?

Fiduciary funds are required to prepare a Statement of Cash Flows using the direct method.

Notes to the financial statements must distinguish between the primary government and discretely presented component units.

In addition to a Statement of Net Assets,what statements are required in the government-wide Financial Statements?

Which of the following is one of the criteria to determine if a governmental fund is considered to be a major fund?

When preparing fund basis financial statements,any funds not reported separately are aggregated and reported in a single column under the label non-major funds.

The fund balance reported in the Governmental Funds Balance Sheet must be reconciled to the total net assets in the governmental activities column of the government-wide Statements of Net Assets.

The statistical section typically presents ____ years of information in each table or schedule.

The fund balance reported in the Governmental Funds Balance Sheet must equal the total net assets in the governmental activities column of the government-wide Statements of Net Assets.

List the fund financial statements required by GASB Statement 34 for proprietary type funds.

Which of the following is true regarding the government-wide Statement of Activities?

With respect to the preparation of fund basis financial statements,governmental funds other than the major fund are considered to be major when which of the following conditions exist?

The statistical section of the CAFR contains the combining schedules of non-major funds.

List the five categories outlined in GASB Statement 44 to be included in the statistical section of the CAFR.

With respect to the preparation of fund basis financial statements,governmental funds other than the General Fund are considered to be major when which of the following conditions exist?

GASB Statement 34 requires supplementary information (RSI)for what two major areas?

Identify three items often found in Required Supplementary Information.

Governmental fund financial statements include a Statement of Cash Flows.