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

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

(True/False)

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Question 81

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

(Multiple Choice)

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Question 82

The governmental fund statements are prepared using the current financial resources measurement focus and modified accrual basis of accounting.

(True/False)

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Question 83

The Government-wide financial statements include separate columns for discretely presented component units.

(True/False)

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Question 84

Under GASB rules for the financial reporting entity:

(Multiple Choice)

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Question 85

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

(Multiple Choice)

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Question 86

A government may designate any fund to be a major fund if reporting the fund separately would be useful.

(True/False)

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Question 87

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

(True/False)

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Question 88

Which of the following items would likely be in a reconciliation between the governmental fund financial statements and the governmental activities column in the government-wide financial statements?

(Multiple Choice)

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Question 89

Governmental fund financial statements include columns for the General Fund and all other "major" governmental funds.

(True/False)

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Question 90

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

(Multiple Choice)

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Question 91

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

(Multiple Choice)

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Question 92

Separate financial information is required to be presented for all funds.

(True/False)

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Question 93

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

(Multiple Choice)

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Question 94

List the fund financial statements required by GASB Statement 34 for proprietary type funds.

(Short Answer)

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Question 95

Which of the following is true regarding the government-wide statements?

(Multiple Choice)

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Question 96

With respect to fund basis financial statements,governmental funds are considered to be a major fund when total assets,liabilities,revenues and expenditures combined are at least 10% of the total for the governmental funds category.

(True/False)

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Question 97

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

(Multiple Choice)

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Question 98

Which part of the financial section of the CAFR is considered "Required Supplementary Information? "

(Multiple Choice)

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Question 99

Which of the following is true regarding the Budgetary Comparison Schedule?

(Multiple Choice)

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Question 100

Showing 81 - 100 of 143

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 the government-wide Statement of Activities?

The governmental fund statements are prepared using the current financial resources measurement focus and modified accrual basis of accounting.

The Government-wide financial statements include separate columns for discretely presented component units.

Under GASB rules for the financial reporting entity:

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

A government may designate any fund to be a major fund if reporting the fund separately would be useful.

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

Which of the following items would likely be in a reconciliation between the governmental fund financial statements and the governmental activities column in the government-wide financial statements?

Governmental fund financial statements include columns for the General Fund and all other "major" governmental funds.

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

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

Separate financial information is required to be presented for all funds.

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

List the fund financial statements required by GASB Statement 34 for proprietary type funds.

Which of the following is true regarding the government-wide statements?

With respect to fund basis financial statements,governmental funds are considered to be a major fund when total assets,liabilities,revenues and expenditures combined are at least 10% of the total for the governmental funds category.

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

Which part of the financial section of the CAFR is considered "Required Supplementary Information? "

Which of the following is true regarding the Budgetary Comparison Schedule?

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

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