Question 1

Describe what the government-wide statements are intended to convey to readers and contrast with the intent of the fund financial statements.

Accepted Answer

Government-wide statements are designed

Question 2

Which of the following actions is not required to convert data from the governmental fund financial statements to enable preparation of the government-wide financial statements?

Accepted Answer

A)  Adding annual depreciation expense proportionately to functional expense categories. 
B)  Eliminating interfund payables and receivables between governmental funds. 
C)  Aggregating fund information. 
D)  Eliminating receivables and payables between governmental and enterprise funds. 
A)  Adding annual depreciation expense proportionately to functional expense categories. 
B)  Eliminating interfund payables and receivables between governmental funds. 
C)  Aggregating fund information. 
D)  Eliminating receivables and payables between governmental and enterprise funds.

Question 3

Similar in purpose to the International Accounting Standard Board (IASB)is the International Public Sector Accounting Standards Board.

Accepted Answer

A) True 
 B)False

Question 4

GASB standards require that governmental fund financial statements include which of the following?

Accepted Answer

A)  Balance sheet. 
B)  Statement of activities. 
C)  Statement of cash flows. 
D)  Both A and 
B)  
A)  Balance sheet. 
B)  Statement of activities. 
C)  Statement of cash flows. 
D)  Both A and 
B)

Question 5

Under GASB standards,where are nonmajor funds reported?

Accepted Answer

A)  In the management's discussion and analysis preceding the financial statements. 
B)  In aggregate amounts in a single column in the fund financial statements. 
C)  In a note disclosure following the financial statements. 
D)  In the government-wide financial statements. 
A)  In the management's discussion and analysis preceding the financial statements. 
B)  In aggregate amounts in a single column in the fund financial statements. 
C)  In a note disclosure following the financial statements. 
D)  In the government-wide financial statements.

Describe what the government-wide statements are intended to convey to readers and contrast with the intent of the fund financial statements.

Which of the following actions is not required to convert data from the governmental fund financial statements to enable preparation of the government-wide financial statements?

Similar in purpose to the International Accounting Standard Board (IASB)is the International Public Sector Accounting Standards Board.

GASB standards require that governmental fund financial statements include which of the following?

Under GASB standards,where are nonmajor funds reported?

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Entities

Principles of Accounting and Financial Reporting for State and Local Governments

Governmental Operating Statement Accounts Budgetary Accounting

Accounting for Governmental Operating Activitiesillustrative Transactions and Financial Statements

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-Type Activities of State and Local Governments

Accounting for Fiduciary Activitiesagency and Trust Funds

Analysis of Governmental Financial Performance

Auditing of Governmental and Not-For-Profit Organizations

Budgeting and Performance Measurement

Accounting for Not-For-Profit Organizations

Not-For-Profit Organizationsregulatory, Taxation, and Performance Issues

Accounting for Colleges and Universities

Accounting for Health Care Organizations

Accounting and Reporting for the Federal Government Glossary

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Exam 9: Financial Reporting of State and Local Governments

Describe what the government-wide statements are intended to convey to readers and contrast with the intent of the fund financial statements.

Which of the following actions is not required to convert data from the governmental fund financial statements to enable preparation of the government-wide financial statements?

Similar in purpose to the International Accounting Standard Board (IASB)is the International Public Sector Accounting Standards Board.

GASB standards require that governmental fund financial statements include which of the following?

Under GASB standards,where are nonmajor funds reported?

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Entities

Principles of Accounting and Financial Reporting for State and Local Governments

Governmental Operating Statement Accounts Budgetary Accounting

Accounting for Governmental Operating Activitiesillustrative Transactions and Financial Statements

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-Type Activities of State and Local Governments

Accounting for Fiduciary Activitiesagency and Trust Funds

Analysis of Governmental Financial Performance

Auditing of Governmental and Not-For-Profit Organizations

Budgeting and Performance Measurement

Accounting for Not-For-Profit Organizations

Not-For-Profit Organizationsregulatory, Taxation, and Performance Issues

Accounting for Colleges and Universities

Accounting for Health Care Organizations

Accounting and Reporting for the Federal Government Glossary

Filters