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

A Comprehensive Annual Financial Report (CAFR)would include an introductory section,management's discussion and analysis,basic financial statements,required supplementary information other than MD&A,combining and individual fund statements,narrative explanations,and statistical section.

(True/False)

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Question 101

The modified approach for infrastructure requires schedules and disclosures to be included in which part of the CAFR?

(Multiple Choice)

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Question 102

Government-wide statements are to be prepared using the economic resources measurement focus and accrual basis of accounting.

(True/False)

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Question 103

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

(Multiple Choice)

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Question 104

Which of the following is true regarding GASB's definition of the financial reporting entity?

(Multiple Choice)

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Question 105

List the basic financial statements required by GASB Statement 34 for fiduciary type funds.

(Essay)

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Question 106

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

(Multiple Choice)

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Question 107

Which of the following is true with respect to the General Fund

(Multiple Choice)

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Question 108

A budgetary comparison schedule is required for?

(Multiple Choice)

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Question 109

Which of the following is considered Required Supplementary Information (RSI)?

(Multiple Choice)

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Question 110

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

(Multiple Choice)

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Question 111

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 30,2015: 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 30,2015.

(Essay)

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Question 112

Which of the following is true regarding the financial reporting entity of a state or local government?

(Multiple Choice)

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Question 113

Which of the following is not one of the major sections of the Comprehensive Annual Financial Report (CAFR)?

(Multiple Choice)

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Question 114

Which of the following funds require a Statement of Cash Flows?

(Multiple Choice)

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Question 115

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

(Multiple Choice)

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Question 116

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

(Multiple Choice)

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Question 117

Special-purpose governments engaged in business type activities only are required to prepare both proprietary fund and government-wide financial statements.

(True/False)

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Question 118

Which of the following is not true regarding the Statement of Cash Flows for proprietary funds?

(Multiple Choice)

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Question 119

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

(Multiple Choice)

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Question 120

Showing 101 - 120 of 136

A Comprehensive Annual Financial Report (CAFR)would include an introductory section,management's discussion and analysis,basic financial statements,required supplementary information other than MD&A,combining and individual fund statements,narrative explanations,and statistical section.

The modified approach for infrastructure requires schedules and disclosures to be included in which part of the CAFR?

Government-wide statements are to be prepared using the economic resources measurement focus and accrual basis of accounting.

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

Which of the following is true regarding GASB's definition of the financial reporting entity?

List the basic financial statements required by GASB Statement 34 for fiduciary type funds.

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

Which of the following is true with respect to the General Fund

A budgetary comparison schedule is required for?

Which of the following is considered Required Supplementary Information (RSI)?

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

Which of the following is true regarding the financial reporting entity of a state or local government?

Which of the following is not one of the major sections of the Comprehensive Annual Financial Report (CAFR)?

Which of the following funds require a Statement of Cash Flows?

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

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

Special-purpose governments engaged in business type activities only are required to prepare both proprietary fund and government-wide financial statements.

Which of the following is not true regarding the Statement of Cash Flows for proprietary funds?

Which of the following is true regarding the governmental fund 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 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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