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

The following water and sewer information is available for the preparation of the financial statements for the County of Augusta for the year ended June 30,2015: Required: From the information given above,prepare,in good form,a Water and Sewer Fund column for the proprietary fund Statement of Revenues,Expenses,and Changes in Fund Net Position for the County of Augusta for the Year Ended June 30,2015.

Under GASB rules for the financial reporting entity:

Which of the following is true regarding the proprietary funds statements?

What is the rule for determining whether a governmental fund,other than the General Fund,is a major fund?

Governmental fund statements are prepared using:

Which Statement is presented using the Accrual Basis of Accounting?

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

The statistical section typically presents ____ years of information in each table or schedule.

Which of the following funds requires a Budgetary Comparison Schedule?

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

When preparing fund basis financial statements,any funds not reported separately are reported individually by function.

With respect to fund basis financial statements,a government may only designate a fund to be a major fund if it meets the size thresholds established by GASB.

The following General Fund information is available for the preparation of the financial statements for the City of Pine Cove for the year ended December 31,2015. Required: From the information given above,prepare,in good form,a General Fund Statement of Revenues,Expenditures,and Changes in Fund Balances for the City of Pine Cove for the Year Ended December 31,2015.

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

Combining statements are required whenever a non-major column is used in one of the fund financial statements.

The following information is available for the preparation of the government-wide financial statements of the City of Aurora as of June 30,2015: Assume all long-term liabilities were incurred in the acquisition of capital assets. Required: From the information given above,prepare,in good form,a Statement of Net Position for the City of Aurora as of June 30,2015. Include the unrestricted net position,which is to be computed from the information presented above. Include a total column. Aurora has no component units.