Chat with AIExam 2: Overview of Financial Reporting for State and Local Governments
Exam 1: Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations144 Questions
Exam 2: Overview of Financial Reporting for State and Local Governments143 Questions
Exam 3: Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority154 Questions
Exam 4: Accounting for the General and Special Revenue Funds128 Questions
Exam 5: Accounting for Other Governmental Fund Types: Capital Projects, debt Service, and Permanent170 Questions
Exam 6: Proprietary Funds143 Questions
Exam 7: Fiduciary Trustfunds162 Questions
Exam 8: Government-Wide Statements, capital Assets, long-Term Debt162 Questions
Exam 9: Advanced Topics for State and Local Governments104 Questions
Exam 10: Accounting for Private Not-For-Profit Organizations154 Questions
Exam 11: College and University Accounting128 Questions
Exam 12: Accounting for Hospitals and Other Health Care Providers99 Questions
Exam 13: Auditing, tax-Exempt Organizations, and Evaluating Performance144 Questions
Exam 14: Financial Reporting by the Federal Government68 Questions
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The following information is available for the preparation of the government-wide financial statements of the City of Aurora as of June 30,2012:
Assume all long-term liabilities were incurred in the acquisition of capital assets.
Required:
From the information given above,prepare,in good form,a Statement of Net Assets for the City of Aurora as of June 30,2012.
Assume all long-term liabilities were incurred in the acquisition of capital assets.
Required:
From the information given above,prepare,in good form,a Statement of Net Assets for the City of Aurora as of June 30,2012. (Essay)
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(37)
(37) Government-wide statements are to be prepared using the current financial resources measurement focus and modified accrual basis of accounting.
(True/False)
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(31) Which of the following is true regarding Management's Discussion and Analysis (MD&A)?
(Multiple Choice)
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(32) 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 30,2012:
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 30,2012.
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 30,2012. (Essay)
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(38) Governmental fund statements are prepared using the current financial resources measurement focus and modified accrual basis of accounting.
(True/False)
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(38) Which of the following is one of the criteria to determine if a fund is considered to be a major fund?
(Multiple Choice)
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(28) Which of the following is not true regarding the Statement of Cash Flows for proprietary funds?
(Multiple Choice)
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(34) Which of the following is true regarding the reporting of major funds in the governmental funds financial statements?
(Multiple Choice)
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(41) Which of the following is true regarding GASB's definition of the financial reporting entity?
(Multiple Choice)
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(42) Which of the following is not one of the major sections of the Comprehensive Annual Financial Report (CAFR)?
(Multiple Choice)
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(37) Fund balance is an account title used only in governmental funds to indicate the excess of assets over liabilities.
(True/False)
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(33) Which of the following is not true regarding the government-wide financial statements?
(Multiple Choice)
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(25) The Comprehensive Annual Financial Report (CAFR)contains four major sections:
introductory,financial,supplementary,and statistical.
(True/False)
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(48) List the five categories outlined in GASB Statement 44 to be included in the statistical section of the CAFR.
(Essay)
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(33) Governmental fund financial statements include the Balance Sheet and the Statement of Revenues,Expenditures,and Changes in Fund Balances.
(True/False)
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(34) What are the three major sections of the Comprehensive Annual Financial Report?
(Multiple Choice)
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(45) List the basic financial statements required by GASB Statement 34 for fiduciary type funds.
(Short Answer)
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(31) A Comprehensive Annual Financial Report (CAFR)would include an introductory section,management's discussion and analysis,basic financial statements,required supplementary information other than MD&A,combining and individual fund statements,narrative explanations,and statistical section.
(True/False)
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(42) Which of the following is not true regarding major fund reporting for governmental funds?
(Multiple Choice)
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(24) 
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