Question 1

Which of the following is not considered Required Supplementary Information (RSI)?

Accepted Answer

A)  Management's Discussion and Analysis. 
B)  Budgetary Comparison Schedule. 
C)  Notes to the financial statements. 
D)  None of the above; all are considered RSI. 
A)  Management's Discussion and Analysis. 
B)  Budgetary Comparison Schedule. 
C)  Notes to the financial statements. 
D)  None of the above; all are considered RSI.

Question 2

According to GASB,a primary government can only be a state or a general-purpose local government,such as a city or county.

Accepted Answer

A) True 
 B)False

Question 3

The following information is available for the preparation of the government-wide financial statements for the Village of Twin Oaks for the year ended June 30,2014:
   Required:
 From the information given above,prepare,in good form,a Statement of Activities for the Village of Twin Oaks for the Year Ended June 30,2014.

Accepted Answer

The answer of The following information is available for the...

Question 4

The total fund balances presented in Governmental Funds Statements are different from the total net assets on the government-wide Statement of Net assets.Which of the following is not a reason for this difference?

Accepted Answer

A)  The two statements have different bases of accounting 
B)  Capital assets used in government operations are not financial resources and therefore are not reported in the funds 
C)  Some liabilities are not due and payable in the current period and are not reported in fund liabilities 
D)  Accrued Wages Payable at year end are reported on the statement of net assets but are not reported in the fund statements 
A)  The two statements have different bases of accounting 
B)  Capital assets used in government operations are not financial resources and therefore are not reported in the funds 
C)  Some liabilities are not due and payable in the current period and are not reported in fund liabilities 
D)  Accrued Wages Payable at year end are reported on the statement of net assets but are not reported in the fund statements

Question 5

Which of the following is true regarding financial reporting of governmental funds?

Accepted Answer

A)  Governmental funds include the General Fund, special revenue funds, capital projects funds, debt service funds, and permanent funds. 
B)  The Fund Balance of governmental funds reports fund balance as reserved and unreserved. 
C)  Both of the above. 
D)  Neither of the above. 
A)  Governmental funds include the General Fund, special revenue funds, capital projects funds, debt service funds, and permanent funds. 
B)  The Fund Balance of governmental funds reports fund balance as reserved and unreserved. 
C)  Both of the above. 
D)  Neither of the above.

Question 6

Which of the following statements is false?

Accepted Answer

A)  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. 
B)  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. 
C)  When preparing fund basis financial statements, any funds not reported separately are reported by function. 
D)  In addition to the government-wide statements, governments are required to prepare fund financial statements for governmental, proprietary and fiduciary funds. 
A)  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. 
B)  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. 
C)  When preparing fund basis financial statements, any funds not reported separately are reported by function. 
D)  In addition to the government-wide statements, governments are required to prepare fund financial statements for governmental, proprietary and fiduciary funds.

Question 7

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

Accepted Answer

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

Question 8

State and local governments are required to prepare a CAFR.

Accepted Answer

A) True 
 B)False

Question 9

Entities which are determined to be component units of state and local governmental units must be discretely presented in the financial statements.

Accepted Answer

A) True 
 B)False

Question 10

The three major sections of a CAFR are the Introductory,Financial,and statistical sections.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following is true regarding fiduciary funds?

Accepted Answer

A)  Fiduciary funds are reported in the fiduciary fund financial statements but not in the government-wide financial statements. 
B)  Agency funds would be reported in both the Statement of Fiduciary Net Assets and the Statement of Changes in Fiduciary Net Assets. 
C)  Both of the above. 
D)  Neither of the above. 
A)  Fiduciary funds are reported in the fiduciary fund financial statements but not in the government-wide financial statements. 
B)  Agency funds would be reported in both the Statement of Fiduciary Net Assets and the Statement of Changes in Fiduciary Net Assets. 
C)  Both of the above. 
D)  Neither of the above.

Question 12

Which of the following is true regarding fiduciary fund statements?

Accepted Answer

A)  Fiduciary fund statements include the Statement of Fiduciary Net Assets and the Statement of Changes in Fiduciary Net Assets. 
B)  Fiduciary fund statements are prepared using the current financial resources measurement focus and modified accrual basis of accounting. 
C)  Both of the above. 
D)  Neither of the above. 
A)  Fiduciary fund statements include the Statement of Fiduciary Net Assets and the Statement of Changes in Fiduciary Net Assets. 
B)  Fiduciary fund statements are prepared using the current financial resources measurement focus and modified accrual basis of accounting. 
C)  Both of the above. 
D)  Neither of the above.

Question 13

Prior-year data may be presented but are not required on government-wide statements

Accepted Answer

A) True 
 B)False

Question 14

The basic financial statements of a state or local governmental unit include the MD&A,government-wide statements,fund statements,and the notes.

Accepted Answer

A) True 
 B)False

Question 15

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 on the current financial resources measurement focus and modified accrual basis of accounting. 
C)  The governmental fund Balance Sheet reflects the difference of assets minus liabilities as Fund Balance. 
D)  All of the above are true. 
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 on the current financial resources measurement focus and modified accrual basis of accounting. 
C)  The governmental fund Balance Sheet reflects the difference of assets minus liabilities as Fund Balance. 
D)  All of the above are true.

Which of the following is not considered Required Supplementary Information (RSI)?

According to GASB,a primary government can only be a state or a general-purpose local government,such as a city or county.

The total fund balances presented in Governmental Funds Statements are different from the total net assets on the government-wide Statement of Net assets.Which of the following is not a reason for this difference?

Which of the following is true regarding financial reporting of governmental funds?

Which of the following statements is false?

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

State and local governments are required to prepare a CAFR.

Entities which are determined to be component units of state and local governmental units must be discretely presented in the financial statements.

The three major sections of a CAFR are the Introductory,Financial,and statistical sections.

Which of the following is true regarding fiduciary funds?

Which of the following is true regarding fiduciary fund statements?

Prior-year data may be presented but are not required on government-wide statements

The basic financial statements of a state or local governmental unit include the MD&A,government-wide statements,fund statements,and the notes.

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

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

Which of the following is not considered Required Supplementary Information (RSI)?

According to GASB,a primary government can only be a state or a general-purpose local government,such as a city or county.

The total fund balances presented in Governmental Funds Statements are different from the total net assets on the government-wide Statement of Net assets.Which of the following is not a reason for this difference?

Which of the following is true regarding financial reporting of governmental funds?

Which of the following statements is false?

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

State and local governments are required to prepare a CAFR.

Entities which are determined to be component units of state and local governmental units must be discretely presented in the financial statements.

The three major sections of a CAFR are the Introductory,Financial,and statistical sections.

Which of the following is true regarding fiduciary funds?

Which of the following is true regarding fiduciary fund statements?

Prior-year data may be presented but are not required on government-wide statements

The basic financial statements of a state or local governmental unit include the MD&A,government-wide statements,fund statements,and the notes.

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

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