Question 1

Governmental accounting standards do not require the statistical section.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following statements is false?

Accepted Answer

A)  With respect to fund basis financial statements, a government may designate any fund to be a major fund if reporting that fund separately would be useful. 
B)  When preparing fund basis financial statements, any funds not reported separately are aggregated and reported in a single column under the label non-major funds. 
C)  When preparing fund basis financial statements, any funds not reported separately are reported by function. 
D)  In addition to the government-wide statements, governments are required to prepare fund financial statements for governmental, proprietary and fiduciary funds. 
A)  With respect to fund basis financial statements, a government may designate any fund to be a major fund if reporting that fund separately would be useful. 
B)  When preparing fund basis financial statements, any funds not reported separately are aggregated and reported in a single column under the label non-major funds. 
C)  When preparing fund basis financial statements, any funds not reported separately are reported by function. 
D)  In addition to the government-wide statements, governments are required to prepare fund financial statements for governmental, proprietary and fiduciary funds.

Question 3

In addition to the government-wide statements,governments are required to prepare fund financial statements for proprietary funds only.

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

The Fund Balance reported in the Governmental Funds Balance Sheet must be reconciled to the Net Assets of Governmental Activities in the Statement of Net Assets.

Accepted Answer

A) True 
 B)False

Question 6

When preparing fund basis financial statements,any funds not reported separately are aggregated and reported in a single column under the label non-major funds.

Accepted Answer

A) True 
 B)False

Question 7

What statements are required in the Government-wide Financial Statements?

Accepted Answer

A)  Statement of Net Assets 
B)  Statement of Activities 
C)  Cash Flow Statement 
D)  Both A and B 
A)  Statement of Net Assets 
B)  Statement of Activities 
C)  Cash Flow Statement 
D)  Both A and B

Question 8

A government may not designate a fund to be a major fund if it does not meet specified criteria.

Accepted Answer

A) True 
 B)False

Question 9

GASB requires which of the following (if applicable)to be included in the Notes to Financial Statements?

Accepted Answer

A)  Outstanding encumbrances. 
B)  The definition of cash and cash equivalents used in the statement of cash flows for proprietary funds. 
C)  Interfund receivables and payables. 
D)  All of the above. 
A)  Outstanding encumbrances. 
B)  The definition of cash and cash equivalents used in the statement of cash flows for proprietary funds. 
C)  Interfund receivables and payables. 
D)  All of the above.

Question 10

Which of the following sections of the CAFR is audited?

Accepted Answer

A)  Introductory section 
B)  Financial section 
C)  Statistical section 
D)  Management section 
A)  Introductory section 
B)  Financial section 
C)  Statistical section 
D)  Management section

Question 11

With respect to the preparation of fund basis financial statements,governmental funds other than the major fund are considered to be major when which of the following conditions exist?

Accepted Answer

A)  With respect to fund basis financial statements, governmental funds are considered to be a major fund when total assets, liabilities, revenues, or expenditures of the individual governmental fund under consideration constitutes 25% of the total for the governmental fund category. 
B)  With respect to fund basis financial statements, governmental funds are considered to be a major fund when total assets, liabilities, revenues, or expenditures of individual governmental or enterprise fund under consideration are 15% of the total of the governmental and enterprise categories, combined. 
C)  Both A and B are required for a governmental fund to be a major fund. 
D)  Neither A nor B are correct. 
A)  With respect to fund basis financial statements, governmental funds are considered to be a major fund when total assets, liabilities, revenues, or expenditures of the individual governmental fund under consideration constitutes 25% of the total for the governmental fund category. 
B)  With respect to fund basis financial statements, governmental funds are considered to be a major fund when total assets, liabilities, revenues, or expenditures of individual governmental or enterprise fund under consideration are 15% of the total of the governmental and enterprise categories, combined. 
C)  Both A and B are required for a governmental fund to be a major fund. 
D)  Neither A nor B are correct.

Question 12

Which of the following funds requires a Budgetary Comparison Schedule?

Accepted Answer

A)  Enterprise Funds 
B)  Internal Service Funds 
C)  Investment Trust Funds 
D)  General Fund 
A)  Enterprise Funds 
B)  Internal Service Funds 
C)  Investment Trust Funds 
D)  General Fund

Question 13

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

Accepted Answer

A)  The government-wide Statement of Net Assets reflects capital assets, net of accumulated depreciation, for both governmental and business-type activities. 
B)  The government-wide Statement of Net Assets must be prepared in a classified format; that is, both assets and liabilities must be separated between current and long-term categories. 
C)  The government-wide Statement of Net Assets includes all resources entrusted to the government; including governmental, proprietary, and fiduciary. 
D)  A reporting entity (primary government plus component units) total column is required. 
A)  The government-wide Statement of Net Assets reflects capital assets, net of accumulated depreciation, for both governmental and business-type activities. 
B)  The government-wide Statement of Net Assets must be prepared in a classified format; that is, both assets and liabilities must be separated between current and long-term categories. 
C)  The government-wide Statement of Net Assets includes all resources entrusted to the government; including governmental, proprietary, and fiduciary. 
D)  A reporting entity (primary government plus component units) total column is required.

Question 14

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

Accepted Answer

A)  Notes to the Financial Statements 
B)  Required Supplementary Information 
C)  Other Supplementary Information 
D)  Proprietary Fund Statements 
A)  Notes to the Financial Statements 
B)  Required Supplementary Information 
C)  Other Supplementary Information 
D)  Proprietary Fund Statements

Question 15

A statement of Cash Flows is required for which type of Fund?

Accepted Answer

A)  Governmental 
B)  Fiduciary 
C)  Proprietary 
D)  All of the above 
A)  Governmental 
B)  Fiduciary 
C)  Proprietary 
D)  All of the above

Question 16

Prior-year data are required to be presented on government-wide statements.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A)  Management's Discussion and Analysis. 
B)  Budgetary Comparison Statement. 
C)  Schedule of Risk Management Activities. 
D)  All of the above are considered RSI. 
A)  Management's Discussion and Analysis. 
B)  Budgetary Comparison Statement. 
C)  Schedule of Risk Management Activities. 
D)  All of the above are considered RSI.

Question 18

The fund balance reported in the Governmental Funds Balance Sheet must match the total net assets in the governmental activities column of the government-wide Statements of Net Assets.

Accepted Answer

A) True 
 B)False

Question 19

According to GASB Statement No.44,which of the following is not a recommended category for the CAFR's statistical section?

Accepted Answer

A)  Financial trends information 
B)  Debt capacity information 
C)  Comparative information 
D)  Operating information 
A)  Financial trends information 
B)  Debt capacity information 
C)  Comparative information 
D)  Operating information

Question 20

Prior-year data is required for government-wide financial statements.

Accepted Answer

A) True 
 B)False

Governmental accounting standards do not require the statistical section.

Which of the following statements is false?

In addition to the government-wide statements,governments are required to prepare fund financial statements for proprietary funds only.

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

The Fund Balance reported in the Governmental Funds Balance Sheet must be reconciled to the Net Assets of Governmental Activities in the Statement of Net Assets.

When preparing fund basis financial statements,any funds not reported separately are aggregated and reported in a single column under the label non-major funds.

What statements are required in the Government-wide Financial Statements?

A government may not designate a fund to be a major fund if it does not meet specified criteria.

GASB requires which of the following (if applicable)to be included in the Notes to Financial Statements?

Which of the following sections of the CAFR is audited?

With respect to the preparation of fund basis financial statements,governmental funds other than the major fund are considered to be major when which of the following conditions exist?

Which of the following funds requires a Budgetary Comparison Schedule?

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

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

A statement of Cash Flows is required for which type of Fund?

Prior-year data are required to be presented on government-wide statements.

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

The fund balance reported in the Governmental Funds Balance Sheet must match the total net assets in the governmental activities column of the government-wide Statements of Net Assets.

According to GASB Statement No.44,which of the following is not a recommended category for the CAFR's statistical section?

Prior-year data is required for government-wide financial 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 Trustfunds

Government-Wide Statements, capital Assets, long-Term Debt

Advanced Topics for State and Local Governments

Accounting for Private Not-For-Profit Organizations

College and University Accounting

Accounting for Hospitals and Other Health Care Providers

Auditing, tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters

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

Governmental accounting standards do not require the statistical section.

Which of the following statements is false?

In addition to the government-wide statements,governments are required to prepare fund financial statements for proprietary funds only.

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

The Fund Balance reported in the Governmental Funds Balance Sheet must be reconciled to the Net Assets of Governmental Activities in the Statement of Net Assets.

When preparing fund basis financial statements,any funds not reported separately are aggregated and reported in a single column under the label non-major funds.

What statements are required in the Government-wide Financial Statements?

A government may not designate a fund to be a major fund if it does not meet specified criteria.

GASB requires which of the following (if applicable)to be included in the Notes to Financial Statements?

Which of the following sections of the CAFR is audited?

With respect to the preparation of fund basis financial statements,governmental funds other than the major fund are considered to be major when which of the following conditions exist?

Which of the following funds requires a Budgetary Comparison Schedule?

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

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

A statement of Cash Flows is required for which type of Fund?

Prior-year data are required to be presented on government-wide statements.

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

The fund balance reported in the Governmental Funds Balance Sheet must match the total net assets in the governmental activities column of the government-wide Statements of Net Assets.

According to GASB Statement No.44,which of the following is not a recommended category for the CAFR's statistical section?

Prior-year data is required for government-wide financial 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 Trustfunds

Government-Wide Statements, capital Assets, long-Term Debt

Advanced Topics for State and Local Governments

Accounting for Private Not-For-Profit Organizations

College and University Accounting

Accounting for Hospitals and Other Health Care Providers

Auditing, tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters