Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

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 4

Which of the following is true regarding fiduciary fund statements?

Accepted Answer

A)  Fiduciary fund statements include the Statement of Fiduciary Net Position and the Statement of Changes in Fiduciary Net Position. 
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 Position and the Statement of Changes in Fiduciary Net Position. 
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 5

Which of the following is true about the combining financial statements?

Accepted Answer

A)  They are used whenever a non-major column is used in one of the fund financial statements 
B)  The total column in the combining statements is not always the same as the non-major funds column in the basic financial statements 
C)  Both of the above 
D)  Neither of the above 
A)  They are used whenever a non-major column is used in one of the fund financial statements 
B)  The total column in the combining statements is not always the same as the non-major funds column in the basic financial statements 
C)  Both of the above 
D)  Neither of the above

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

Governmental fund financial statements include columns for the General Fund and all other "major" governmental funds.

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A)  Statement of Activities. 
B)  Statement of Cash Flows. 
C)  Both of the above. 
D)  Neither of the above. 
A)  Statement of Activities. 
B)  Statement of Cash Flows. 
C)  Both of the above. 
D)  Neither of the above.

Question 9

List and describe the three major sections of the Comprehensive Annual Financial Report and indicate briefly what is in each.

Accepted Answer

The three major sections are introductor

Question 10

Government-wide financial statements use the economic resources measurement focus and the accrual basis of accounting.

Accepted Answer

A) True 
 B)False

Question 11

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.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A)  The proprietary fund financial statements include the Statement of Net Position, the Statement of Revenues, Expenses, and Changes in Fund Net Position, and the Statement of Cash Flows. 
B)  The proprietary fund financial statements are prepared using the economic resources measurement focus and the accrual basis of accounting. 
C)  Both of the above. 
D)  Neither of the above. 
A)  The proprietary fund financial statements include the Statement of Net Position, the Statement of Revenues, Expenses, and Changes in Fund Net Position, and the Statement of Cash Flows. 
B)  The proprietary fund financial statements are prepared using the economic resources measurement focus and the accrual basis of accounting. 
C)  Both of the above. 
D)  Neither of the above.

Question 14

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

Accepted Answer

A)  The government-wide Statement of Activities may reflect expenses either by function (general government, public safety, etc.) or by object or natural classification (salaries, supplies, etc.). 
B)  The government-wide Statement of Activities reflects taxes as general revenues. 
C)  The government-wide Statement of Activities is prepared using the modified accrual basis of accounting for governmental activities and using the accrual basis of accounting for business-type activities. 
D)  Indirect program expenses may not be allocated to the other functional areas. 
A)  The government-wide Statement of Activities may reflect expenses either by function (general government, public safety, etc.) or by object or natural classification (salaries, supplies, etc.). 
B)  The government-wide Statement of Activities reflects taxes as general revenues. 
C)  The government-wide Statement of Activities is prepared using the modified accrual basis of accounting for governmental activities and using the accrual basis of accounting for business-type activities. 
D)  Indirect program expenses may not be allocated to the other functional areas.

Question 15

Only governmental fund statements include separate columns for discretely presented component units.

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

Government-wide fina

Question 17

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

Accepted Answer

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

Question 18

Governmental-type fund financial statements include the Balance Sheet and the Statement of Revenues,Expenditures,Changes in Fund Balances,and a Statement of Cash Flows.

Accepted Answer

A) True 
 B)False

Question 19

The General Fund is always a major fund for purposes of financial reporting.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following sections of the CAFR is audited?

Accepted Answer

A)  Introductory section 
B)  Financial section 
C)  Statistical section 
D)  Management Discussion and Analysis section 
A)  Introductory section 
B)  Financial section 
C)  Statistical section 
D)  Management Discussion and Analysis section

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

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

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

Which of the following is true regarding fiduciary fund statements?

Which of the following is true about the combining financial statements?

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

Governmental fund financial statements include columns for the General Fund and all other "major" governmental funds.

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

List and describe the three major sections of the Comprehensive Annual Financial Report and indicate briefly what is in each.

Government-wide financial statements use the economic resources measurement focus and the accrual basis of accounting.

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

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?

Only governmental fund statements include separate columns for discretely presented component units.

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

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

Governmental-type fund financial statements include the Balance Sheet and the Statement of Revenues,Expenditures,Changes in Fund Balances,and a Statement of Cash Flows.

The General Fund is always a major fund for purposes of financial reporting.

Which of the following sections of the CAFR is audited?

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

Filters

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

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

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

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

Which of the following is true regarding fiduciary fund statements?

Which of the following is true about the combining financial statements?

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

Governmental fund financial statements include columns for the General Fund and all other "major" governmental funds.

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

List and describe the three major sections of the Comprehensive Annual Financial Report and indicate briefly what is in each.

Government-wide financial statements use the economic resources measurement focus and the accrual basis of accounting.

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

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?

Only governmental fund statements include separate columns for discretely presented component units.

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

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

Governmental-type fund financial statements include the Balance Sheet and the Statement of Revenues,Expenditures,Changes in Fund Balances,and a Statement of Cash Flows.

The General Fund is always a major fund for purposes of financial reporting.

Which of the following sections of the CAFR is audited?

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

Filters