Question 1

Governmental-type funds label the excess of assets over liabilities on the balance sheet as:

Accepted Answer

A)  Net Assets 
B)  Net Fund Balance and Liabilities 
C)  Fund Balance 
D)  Assets Net of Liabilities 
A)  Net Assets 
B)  Net Fund Balance and Liabilities 
C)  Fund Balance 
D)  Assets Net of Liabilities

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

What are the five categories of fund balance on a Governmental Funds Balance Sheet?

Accepted Answer

Non-spendable
Restri

Question 4

Which Statement is presented using the Accrual Basis of Accounting?

Accepted Answer

A)  Governmental Fund Balance Sheet 
B)  Government-Wide Statement of Activities 
C)  Statement of Revenues, Expenditure and changes in Fund Balances 
D)  A and C 
A)  Governmental Fund Balance Sheet 
B)  Government-Wide Statement of Activities 
C)  Statement of Revenues, Expenditure and changes in Fund Balances 
D)  A and C

Question 5

Which part of the financial section of the CAFR is considered "Required Supplementary Information? "

Accepted Answer

A)  Auditor's Report 
B)  Management's Discussion and Analysis 
C)  Government-Wide Financial Statements 
D)  Fund Financial Statements 
A)  Auditor's Report 
B)  Management's Discussion and Analysis 
C)  Government-Wide Financial Statements 
D)  Fund Financial Statements

Question 6

The introductory and statistical sections of a CAFR are not audited.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is true regarding the government-wide financial statements?

Accepted Answer

A)  The government-wide financial statements include the Statement of Net Assets and the Statement of Activities. 
B)  The government-wide financial statements are prepared using the current financial resources measurement focus and the modified accrual basis of accounting. 
C)  Both of the above. 
D)  Neither of the above. 
A)  The government-wide financial statements include the Statement of Net Assets and the Statement of Activities. 
B)  The government-wide financial statements are prepared using the current financial resources measurement focus and the modified accrual basis of accounting. 
C)  Both of the above. 
D)  Neither of the above.

Question 8

With respect to fund basis financial statements,a government may designate any fund to be a major fund if reporting that fund separately would be useful.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following funds requires a Budgetary Comparison Schedule?

Accepted Answer

A)  Enterprise Funds 
B)  Internal Service Funds 
C)  Investment Trust Funds 
D)  General Fund 
A)  Enterprise Funds 
B)  Internal Service Funds 
C)  Investment Trust Funds 
D)  General Fund

Question 10

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

Accepted Answer

A)  Discretely presented component units are included in a separate column (or columns). 
B)  Net assets are broken down into three categories: invested in capital assets, reserved, and unreserved. 
C)  Both of the above. 
D)  Neither of the above. 
A)  Discretely presented component units are included in a separate column (or columns). 
B)  Net assets are broken down into three categories: invested in capital assets, reserved, and unreserved. 
C)  Both of the above. 
D)  Neither of the above.

Question 11

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

Accepted Answer

A)  The Statement of Net Assets (or Balance Sheet) reflects equity as contributed equity and retained earnings. 
B)  Normally, a reconciliation is required between the proprietary fund financial statements and the business-type activities column in the government-wide financial statements. 
C)  Statements include the Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Fund Net Assets, and Statement of Cash Flows. 
D)  The Statement of Cash Flows may be prepared using either the direct or indirect methods. 
A)  The Statement of Net Assets (or Balance Sheet) reflects equity as contributed equity and retained earnings. 
B)  Normally, a reconciliation is required between the proprietary fund financial statements and the business-type activities column in the government-wide financial statements. 
C)  Statements include the Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Fund Net Assets, and Statement of Cash Flows. 
D)  The Statement of Cash Flows may be prepared using either the direct or indirect methods.

Question 12

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

Accepted Answer

A)  Fiduciary fund financial statements include the Statement of Fiduciary Net Assets, the Statement of Changes in Fiduciary Net Assets, and the Statement of Cash Flows prepared on the direct method. 
B)  Fiduciary fund financial statements are prepared on the current financial resources measurement focus and modified accrual accounting. 
C)  Both of the above. 
D)  Neither of the above. 
A)  Fiduciary fund financial statements include the Statement of Fiduciary Net Assets, the Statement of Changes in Fiduciary Net Assets, and the Statement of Cash Flows prepared on the direct method. 
B)  Fiduciary fund financial statements are prepared on the current financial resources measurement focus and modified accrual accounting. 
C)  Both of the above. 
D)  Neither of the above.

Question 13

Which of the following is false regarding major fund reporting for governmental funds?

Accepted Answer

A)  The General Fund is always a major fund. 
B)  Each fund that is considered major must be reported in a separate column in the governmental funds financial statements. 
C)  A government may designate any fund as major if it feels that reporting that fund in the basic financial statements would be useful. 
D)  None of the above, all are true. 
A)  The General Fund is always a major fund. 
B)  Each fund that is considered major must be reported in a separate column in the governmental funds financial statements. 
C)  A government may designate any fund as major if it feels that reporting that fund in the basic financial statements would be useful. 
D)  None of the above, all are true.

Question 14

The government-wide financial statements are prepared using the economic resources measurement focus and accrual basis of accounting.

Accepted Answer

A) True 
 B)False

Question 15

A complete CAFR includes combining financial statements to reflect major funds.

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A)  The governmental fund financial statements include the Balance Sheet and the Statement of Revenues, Expenditures, and Changes in Fund Balances. 
B)  The governmental fund financial statements are prepared using the current financial resources measurement focus and the modified accrual basis of accounting. 
C)  Both of the above. 
D)  Neither of the above. 
A)  The governmental fund financial statements include the Balance Sheet and the Statement of Revenues, Expenditures, and Changes in Fund Balances. 
B)  The governmental fund financial statements are prepared using the current financial resources measurement focus and the modified accrual basis of accounting. 
C)  Both of the above. 
D)  Neither of the above.

Question 17

Which of the following is true regarding the Comprehensive Annual Financial Report (CAFR)?

Accepted Answer

A)  The CAFR has three main sections: introductory, financial, and statistical. 
B)  Required Supplementary Information includes a Budgetary Comparison Schedule for the General Fund and all major special revenue funds that have a legally adopted annual budget (unless a statement is prepared). 
C)  Both of the above. 
D)  Neither of the above. 
A)  The CAFR has three main sections: introductory, financial, and statistical. 
B)  Required Supplementary Information includes a Budgetary Comparison Schedule for the General Fund and all major special revenue funds that have a legally adopted annual budget (unless a statement is prepared). 
C)  Both of the above. 
D)  Neither of the above.

Question 18

Which of the following is false regarding the government-wide financial statements?

Accepted Answer

A)  The government-wide financial statements are not required to present prior-year data. 
B)  The government-wide financial statements include a Statement of Net Assets, Statement of Activities, and Statement of Cash Flows. 
C)  The government-wide financial statements include capital assets, including infrastructure, and reflect depreciation, except for infrastructure using the modified approach. 
D)  All of the above are true. 
A)  The government-wide financial statements are not required to present prior-year data. 
B)  The government-wide financial statements include a Statement of Net Assets, Statement of Activities, and Statement of Cash Flows. 
C)  The government-wide financial statements include capital assets, including infrastructure, and reflect depreciation, except for infrastructure using the modified approach. 
D)  All of the above are true.

Question 19

Which of the following is true regarding the Budgetary Comparison Schedule?

Accepted Answer

A)  The Budgetary Comparison Schedule compares the actual results to the original budget, but display of variances is optional. 
B)  The Budgetary Comparison Schedule must be prepared for the General Fund and each major special revenue fund that has a legally adopted budget. 
C)  The Budgetary Comparison Schedule is considered part of the basic financial statements. 
D)  All of the above are true. 
A)  The Budgetary Comparison Schedule compares the actual results to the original budget, but display of variances is optional. 
B)  The Budgetary Comparison Schedule must be prepared for the General Fund and each major special revenue fund that has a legally adopted budget. 
C)  The Budgetary Comparison Schedule is considered part of the basic financial statements. 
D)  All of the above are true.

Question 20

In addition to a Statement of Net Assets,Proprietary Fund level financial statements include which of the following?

Accepted Answer

A)  Statement of revenues, expenses, and changes in fund net assets. 
B)  Statement of cash flows. 
C)  Both of the above. 
D)  Neither of the above. 
A)  Statement of revenues, expenses, and changes in fund net assets. 
B)  Statement of cash flows. 
C)  Both of the above. 
D)  Neither of the above.

Governmental-type funds label the excess of assets over liabilities on the balance sheet as:

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

What are the five categories of fund balance on a Governmental Funds Balance Sheet?

Which Statement is presented using the Accrual Basis of Accounting?

Which part of the financial section of the CAFR is considered "Required Supplementary Information? "

The introductory and statistical sections of a CAFR are not audited.

Which of the following is true regarding the government-wide financial statements?

With respect to fund basis financial statements,a government may designate any fund to be a major fund if reporting that fund separately would be useful.

Which of the following funds requires a Budgetary Comparison Schedule?

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

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

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

Which of the following is false regarding major fund reporting for governmental funds?

The government-wide financial statements are prepared using the economic resources measurement focus and accrual basis of accounting.

A complete CAFR includes combining financial statements to reflect major funds.

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

Which of the following is true regarding the Comprehensive Annual Financial Report (CAFR)?

Which of the following is false regarding the government-wide financial statements?

Which of the following is true regarding the Budgetary Comparison Schedule?

In addition to a Statement of Net Assets,Proprietary Fund level financial statements include which of the following?

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Proprietary Funds

Fiduciary Trustfunds

Government-Wide Statements, Capital Assets, Long-Term Debt

Accounting for Special-Purpose Entities, Including Public Colleges and Universities

Accounting for Private Not-For-Profit Organizations

College and University Accounting Private Institutions

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters

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

Governmental-type funds label the excess of assets over liabilities on the balance sheet as:

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

What are the five categories of fund balance on a Governmental Funds Balance Sheet?

Which Statement is presented using the Accrual Basis of Accounting?

Which part of the financial section of the CAFR is considered "Required Supplementary Information? "

The introductory and statistical sections of a CAFR are not audited.

Which of the following is true regarding the government-wide financial statements?

With respect to fund basis financial statements,a government may designate any fund to be a major fund if reporting that fund separately would be useful.

Which of the following funds requires a Budgetary Comparison Schedule?

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

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

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

Which of the following is false regarding major fund reporting for governmental funds?

The government-wide financial statements are prepared using the economic resources measurement focus and accrual basis of accounting.

A complete CAFR includes combining financial statements to reflect major funds.

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

Which of the following is true regarding the Comprehensive Annual Financial Report (CAFR)?

Which of the following is false regarding the government-wide financial statements?

Which of the following is true regarding the Budgetary Comparison Schedule?

In addition to a Statement of Net Assets,Proprietary Fund level financial statements include which of the following?

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Proprietary Funds

Fiduciary Trustfunds

Government-Wide Statements, Capital Assets, Long-Term Debt

Accounting for Special-Purpose Entities, Including Public Colleges and Universities

Accounting for Private Not-For-Profit Organizations

College and University Accounting Private Institutions

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters