Exam 1: Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Government activities which meet the tests and are determined to be component units of state and local governmental units must be discretely presented in the financial statements.

Which of the following is true regarding fiduciary funds?

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

Prior-year data may be presented but are not required on government-wide statements

Under GASB Statement 35, public colleges and universities are permitted to report as special purpose governments engaged in:

State and local governments are required to prepare a CAFR.

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

Which of the following is not true regarding major fund reporting for governmental funds?

Blending of financial information is done only when component units and the primary government are so intertwined that they are essentially the same.

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

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

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

Proprietary FUND level financial statements include which of the following?

The statistical section of the CAFR contains the combining schedules of nonmajor funds.

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

Which of the following is not true regarding the government-wide financial statements?

The government-wide financial statements present the government as a whole, excluding component units and including fiduciary activities.

Which of the following is true regarding Management's Discussion and Analysis (MD&A)?

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, 2009: Operating revenues-charges for services \ 16,900,000 Operating expenses: Personal services 8,090,000 Contractual services 2,222,000 Utilities 880,000 Repairs and maintenance 1,580,000 Depreciation 2,840,000 Interest revenue 130,000 Interest expense 340,000 Capital contributions 520,000 Transfer to general fund 700,000 Net assets, July 1,2008 990,000 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 Assets for the County of Augusta for the Year Ended June 30, 2009.

Special-purpose governments that have only business-type activities should report which of the following?