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

In order for a fund to exist, there must be

Financial reports for state and local governments are used for all the following EXCEPT?

Comparison of the legally approved budget with actual results of the General Fund is included as part of required supplementary information in the CAFR.

The ______ Fund accounts for all resources other than those required to be accounted for in other funds.

Depreciation on capital assets is included as an expense in the Statement of Revenues, Expenses and Changes in Fund Net Assets in the proprietary fund financial statements

State and local governmental funds are organized into three categories including:

A government may have __________________ general fund(s) in a given year?

Contrast revenue recognition under the accrual and modified accrual bases of accounting.

Long-term debt of a governmental unit would be reported in the:

Level "A" GAAP for The University of Virginia, a public institution, would be established by the:

A city government collects local option sales taxes legally restricted to pay for the construction of a new courthouse. Which fund should account for the receipt of the sales taxes?

According to GASB standards relating to Budgetary Accounting, an annual budget should be adopted by every governmental unit.

Which of the following statement(s) are NOT included in the proprietary funds:

FASB sets the reporting standards for private and public not-for-for profits Answer False

Which of the following fund types uses modified accrual accounting?

The Financial Accounting Standards Board has authority to establish accounting and financial reporting standards for both private and state universities.

A city government makes its semiannual payment of interest on revenue bonds issued to pay for the construction of additional subway stations. Which fund would account for the payment?

Long-term debt paid from proprietary funds is reported as a liability in

Capitalized fixed assets are reported in which financial statement?

What is the significance of a budget to a government?