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

The government-wide financial statements present the government as a whole,including component units and excluding fiduciary activities.

Which of the following items would likely appear in the reconciliation between the governmental fund financial statements and the governmental activities column in the government-wide financial statements?

Governmental accounting standards do not require the statistical section.

A budgetary comparison schedule is required for?

Which of the following is true regarding the governmental fund statements?

With respect to fund basis financial statements,governmental funds are considered to be a major fund when total assets,liabilities,revenues and expenditures combined are at least 10% of the total for the governmental funds category.

In addition to the government-wide statements,governments are required to prepare fund financial statements for governmental,proprietary and fiduciary funds.

Which of the following is true regarding the fiduciary fund financial statements?

The Government-wide financial statements include a separate column for fiduciary fund information.

A government may designate any fund to be a major fund if reporting the fund separately would be useful.

Combining statements are required whenever a non-major column is used in one of the fund financial statements.

Governmental fund statements are prepared using the current financial resources measurement focus and modified accrual basis of accounting.

Prior-year data is required for government-wide financial statements.

Governmental fund financial statements include the Balance Sheet and the Statement of Revenues,Expenditures,and Changes in Fund Balances.

The following water and sewer information is available for the preparation of the financial statements for the County of Augusta for the year ended June 30,2014: Required: From the information given above,prepare,in good form,a Water and Sewer Fund column for the proprietary fund Statement of Revenues,Expenses,and Changes in Fund Net Assets for the County of Augusta for the Year Ended June 30,2014.

List the Government-wide financial statements required by GASB Statement 34.

GASB requires which of the following (if applicable)to be included in the Notes to Financial Statements?

In addition to the government-wide statements,governments are required to prepare fund financial statements for governmental funds only.

Which of the following is true regarding the governmental fund statements?

The following General Fund information is available for the preparation of the financial statements for the City of Pine Cove for the year ended December 31,2014. Required: From the information given above,prepare,in good form,a General Fund Statement of Revenues,Expenditures,and Changes in Fund Balances for the City of Pine Cove for the Year Ended December 31,2014.