Exam 10: Reporting for Public Sector Entities

A government business enterprise sells goods and services to individuals and organizations within the government reporting entity as its principal activity.

(True/False)

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Question 41

______________ is present when knowledgeable and independent observers would concur with how a transaction or event is represented in the financial statements.

(Multiple Choice)

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Question 42

A provincial government provides a grant to one of its cities to support a summer festival. The provincial government can recognize this transfer when it has been fully authorized. When is the transfer considered fully authorized?

(Multiple Choice)

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Question 43

Which of the following is NOT a suggested objective for financial statements for public sector entities?

(Multiple Choice)

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Question 44

Representational faithfulness requires that the transactions and events reported on be presented in a manner that is in agreement with the underlying facts and circumstances.

(True/False)

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Question 45

Which of the following statements relating to non-exchange transactions is FALSE?

(Multiple Choice)

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Question 46

What does the carrying value of tangible capital assets represent to government?

(Multiple Choice)

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Question 47

___________________requires that the transactions and events reported on be presented in a manner that is in agreement with the underlying facts and circumstances.

(Multiple Choice)

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Question 48

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

(Multiple Choice)

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Question 49

Which of the following reflects how a non-controllinged interest is presented according to IFRS?

(Multiple Choice)

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Question 50

Under the modified equity method, financial position and operating results of investments are presented as if they are using the equity method.

(True/False)

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Question 51

Which of the following statements regarding governments is FALSE?

(Multiple Choice)

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Question 52

Which of the following is a non-financial asset?

(Multiple Choice)

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Question 53

______________ means the information given is free from a bias that would lead users towards making decisions influenced by the way the information is measured or presented.

(Multiple Choice)

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Question 54

The application of conservatism means that judgments needed when uncertainty exists should not be made in a manner that affects the neutrality of the information presented.

(True/False)

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Question 55

Which of the following is a financial asset?

(Multiple Choice)

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Question 56

For public policy reasons, governments will on occasion invest in outside entities. When the investment represents less than a control position, it is a(n)________________ (unless there is shared control that constitutes a government partnership).

(Multiple Choice)

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Question 57

For an organization to be classified as a government business enterprise, all of the following must apply EXCEPT:

(Multiple Choice)

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Question 58

Showing 41 - 58 of 58

A government business enterprise sells goods and services to individuals and organizations within the government reporting entity as its principal activity.

______________ is present when knowledgeable and independent observers would concur with how a transaction or event is represented in the financial statements.

A provincial government provides a grant to one of its cities to support a summer festival. The provincial government can recognize this transfer when it has been fully authorized. When is the transfer considered fully authorized?

Which of the following is NOT a suggested objective for financial statements for public sector entities?

Representational faithfulness requires that the transactions and events reported on be presented in a manner that is in agreement with the underlying facts and circumstances.

Which of the following statements relating to non-exchange transactions is FALSE?

What does the carrying value of tangible capital assets represent to government?

___________________requires that the transactions and events reported on be presented in a manner that is in agreement with the underlying facts and circumstances.

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

Which of the following reflects how a non-controllinged interest is presented according to IFRS?

Under the modified equity method, financial position and operating results of investments are presented as if they are using the equity method.

Which of the following statements regarding governments is FALSE?

Which of the following is a non-financial asset?

______________ means the information given is free from a bias that would lead users towards making decisions influenced by the way the information is measured or presented.

The application of conservatism means that judgments needed when uncertainty exists should not be made in a manner that affects the neutrality of the information presented.

Which of the following is a financial asset?

For public policy reasons, governments will on occasion invest in outside entities. When the investment represents less than a control position, it is a(n)________________ (unless there is shared control that constitutes a government partnership).

For an organization to be classified as a government business enterprise, all of the following must apply 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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