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

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In addition to the government-wide statements,governments are required to prepare fund financial statements for which of the following category of funds?

(Multiple Choice)

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Question 61

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

(Essay)

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Question 62

In addition to government-wide statements,governments are required to prepare fund financial statements within which three categories of funds?

(Short Answer)

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Question 63

Funds other than the General Fund must be considered a major fund when

(Multiple Choice)

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Question 64

State and local governments are not required to prepare a CAFR.

(True/False)

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Question 65

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

(Essay)

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Question 66

The General Fund is not always considered to be a major fund when preparing fund basis financial statements.

(True/False)

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Question 67

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

(Multiple Choice)

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Question 68

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

(Multiple Choice)

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Question 69

A Comprehensive Annual Financial Report for a state or local governmental unit should contain an introductory section,a financial section,and a statistical section

(True/False)

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Question 70

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?

(Multiple Choice)

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Question 71

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.

(True/False)

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Question 72

Which of the following is true regarding the reporting of Budget-Actual Comparisons?

(Multiple Choice)

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Question 73

Prior-year data are required to be presented on government-wide statements

(True/False)

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Question 74

Blending of financial information is done only when component units and the primary government are so intertwined that they are essentially the same.

(True/False)

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Question 75

An example of an expenditure classification by function for a governmental fund would be:

(Multiple Choice)

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Question 76

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

(Multiple Choice)

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Question 77

What are the three major sections of the Comprehensive Annual Financial Report?

(Multiple Choice)

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Question 78

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

(Multiple Choice)

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Question 79

With respect to Government-wide financial statements,which of the following is not required by GASB?

(Multiple Choice)

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Question 80

Showing 61 - 80 of 136

In addition to the government-wide statements,governments are required to prepare fund financial statements for which of the following category of funds?

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

In addition to government-wide statements,governments are required to prepare fund financial statements within which three categories of funds?

Funds other than the General Fund must be considered a major fund when

State and local governments are not required to prepare a CAFR.

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

The General Fund is not always considered to be a major fund when preparing fund basis financial statements.

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

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

A Comprehensive Annual Financial Report for a state or local governmental unit should contain an introductory section,a financial section,and a statistical section

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?

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 is true regarding the reporting of Budget-Actual Comparisons?

Prior-year data are required to be presented on government-wide statements

Blending of financial information is done only when component units and the primary government are so intertwined that they are essentially the same.

An example of an expenditure classification by function for a governmental fund would be:

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

What are the three major sections of the Comprehensive Annual Financial Report?

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

With respect to Government-wide financial statements,which of the following is not required by GASB?

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 Funds, Inter-fund Transactions

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

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