Exam 10: Reporting for Public Sector Entities

A government partnership is a contractual arrangement between the government and a party or parties outside of the government reporting entity whereby the partners cooperate toward achieving significant clearly defined common goals.

Free

(True/False)

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Question 1

Correct Answer:

Verified

True

Which of the following reflects how gains and losses arising from foreign currency translation reflect PSA?

Free

(Multiple Choice)

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Question 2

Correct Answer:

Verified

Why is the net debt indicator relevant to reporting on the results of organizations within the government reporting entity?

Free

(Essay)

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Question 3

Correct Answer:

Verified

Due to the nature of their mandates or constraints placed upon them, many government organizations are not financially self-sustaining and are dependent on grants or appropriations to continue operations. Although the financial position of these organizations may be such that their financial assets exceed their liabilities (a 'net financial asset' position), the indicator provides useful information as it indicates financial capacity available for service provision.

Which of the following is NOT one of the four primary elements of the public sector financial reporting framework?

(Multiple Choice)

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Question 4

In general, there are three types of government organizations. Identify and describe these three types and the accounting standards that are followed by each type of entity.

(Essay)

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Question 5

When a government reports on a GBE, it does so applying the cost method.

(True/False)

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Question 6

The federal government provided $300,000 to a university to develop and operate an English as a Second Language program. Which of the following statements about the above government transfer is TRUE?

(Multiple Choice)

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Question 7

Remeasurement gains and losses can arise when there are ___________________ associated with financial instruments or the translation of amounts denominated in a foreign currency.

(Multiple Choice)

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Question 8

Which of the following statements regarding a public sector entity's net debt is FALSE?

(Multiple Choice)

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Question 9

One of the objectives of government reporting is to allow users the ability to assess the government's finances. A statement of financial position is prepared and the government's "net debt" is presented on this statement. Describe what is meant by "net debt" and why this is an important indicator of the government's financial position.

(Essay)

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Question 10

The measure of net debt is an indicator of a public sector entity's financial position.

(True/False)

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Question 11

Compare the accounting treatment of purchase premiums arising on an acquisition of a business according to PSA, IFRS, and ASPE.

(Essay)

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Question 12

A public sector entity's future revenue requirements are not constrained by obligations associated with past decisions and events.

(True/False)

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Question 13

What are the qualitative characteristics of public sector financial reports?

(Essay)

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Question 14

What does the net debt indicate on a government's statement of financial position?

(Multiple Choice)

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Question 15

What is a portfolio investment with concessionary terms?

(Essay)

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Question 16

What do the total tangible capital assets indicate on a government's statement of financial position?

(Multiple Choice)

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Question 17

A government business enterprise's net income or loss is reported on the government's statement of operations.

(True/False)

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Question 18

Under the PSA reporting framework, __________________ is a measure that demonstrates whether the asset position of the public sector entity has been maintained.

(Multiple Choice)

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Question 19

A government partnership is a contractual arrangement between the government and a party or parties outside of the government reporting entity that has all of the following characteristics EXCEPT:

(Multiple Choice)

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Question 20

Showing 1 - 20 of 58

A government partnership is a contractual arrangement between the government and a party or parties outside of the government reporting entity whereby the partners cooperate toward achieving significant clearly defined common goals.

Which of the following reflects how gains and losses arising from foreign currency translation reflect PSA?

Why is the net debt indicator relevant to reporting on the results of organizations within the government reporting entity?

Which of the following is NOT one of the four primary elements of the public sector financial reporting framework?

In general, there are three types of government organizations. Identify and describe these three types and the accounting standards that are followed by each type of entity.

When a government reports on a GBE, it does so applying the cost method.

The federal government provided $300,000 to a university to develop and operate an English as a Second Language program. Which of the following statements about the above government transfer is TRUE?

Remeasurement gains and losses can arise when there are ___________________ associated with financial instruments or the translation of amounts denominated in a foreign currency.

Which of the following statements regarding a public sector entity's net debt is FALSE?

The measure of net debt is an indicator of a public sector entity's financial position.

Compare the accounting treatment of purchase premiums arising on an acquisition of a business according to PSA, IFRS, and ASPE.

A public sector entity's future revenue requirements are not constrained by obligations associated with past decisions and events.

What are the qualitative characteristics of public sector financial reports?

What does the net debt indicate on a government's statement of financial position?

What is a portfolio investment with concessionary terms?

What do the total tangible capital assets indicate on a government's statement of financial position?

A government business enterprise's net income or loss is reported on the government's statement of operations.

Under the PSA reporting framework, __________________ is a measure that demonstrates whether the asset position of the public sector entity has been maintained.

A government partnership is a contractual arrangement between the government and a party or parties outside of the government reporting entity that has all of the following characteristics EXCEPT:

Accounting for Investments

Business Combinations

Consolidation: Wholly Owned Subsidiaries

Consolidations: Intragroup Transactions

Consolidation: Non-Controlling Interest

Accounting for Investments in Associates and Joint Ventures

Accounting for Foreign Currency

Accounting for Foreign Investments

Reporting for Not-For-Profit Organizations

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