Question 1

What three criteria must be met to identify a governmental unit as a primary government?

Accepted Answer

To be considered a primary government,th

Question 2

Jones College,a public institution of higher education,must prepare financial statements

Accepted Answer

A) As if the college was an enterprise fund. 
B) Following the same rules as state and local governments. 
C) According to GAAP. 
D) As if the college was a fiduciary fund. 
E) In the same manner as private colleges and universities. 
A) As if the college was an enterprise fund. 
B) Following the same rules as state and local governments. 
C) According to GAAP. 
D) As if the college was a fiduciary fund. 
E) In the same manner as private colleges and universities.

Question 3

What information is required in the introductory section of a state or local government's CAFR?

Accepted Answer

A letter of transmittal from a

Question 4

Which information must be disclosed regarding tax abatement agreements?
i.The purpose of the tax abatement program.
ii.The dollar amount of abatement and the names of recipients.
iii.The type of tax being abated.

Accepted Answer

A) i and iii. 
B) i only. 
C) ii only. 
D) iii only. 
E) i,ii,and iii. 
A) i and iii. 
B) i only. 
C) ii only. 
D) iii only. 
E) i,ii,and iii.

Question 5

The City of Nextville operates a motor pool serving all city-owned vehicles.The motor pool bought a new garage by paying $29,000 in cash and signing a note with the local bank for $280,000.Subsequently,the motor pool performed work for the police department at a cost of $17,000,which had not yet been collected.Depreciation on the garage amounted to $20,000.The first $12,000 payment made on the note included $4,800 in interest.
Required:
Prepare the journal entries for these transactions that are necessary to prepare government-wide financial statements.

Accepted Answer

Entries for governme

Question 6

A method of accounting for infrastructure assets that allows the expensing of all maintenance costs each year instead of computing depreciation is called

Accepted Answer

A) Government-wide depreciation. 
B) Proprietary depreciation. 
C) GASB depreciation. 
D) Modified approach. 
E) Alternative depreciation. 
A) Government-wide depreciation. 
B) Proprietary depreciation. 
C) GASB depreciation. 
D) Modified approach. 
E) Alternative depreciation.

Question 7

What is meant by the term fiscally independent?

Accepted Answer

Fiscally independent means that the lead

What three criteria must be met to identify a governmental unit as a primary government?

Jones College,a public institution of higher education,must prepare financial statements

What information is required in the introductory section of a state or local government's CAFR?

Which information must be disclosed regarding tax abatement agreements? i.The purpose of the tax abatement program. ii.The dollar amount of abatement and the names of recipients. iii.The type of tax being abated.

A method of accounting for infrastructure assets that allows the expensing of all maintenance costs each year instead of computing depreciation is called

What is meant by the term fiscally independent?

The Equity Method of Accounting for Investments

Consolidation of Financial Information

Consolidations - Subsequent to the Date of Acquisition

Consolidated Financial Statements and Outside Ownership

Consolidated Financial Statements Intra-Entity Asset Transactions

Variable Interest Entities, Intra-Entity Debt, Consolidated Cash Flows, and Other Issues

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial

Partnerships: Formation and Operation

Partnerships: Termination and Liquidation

Accounting for State and Local Governments, part I

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Exam 12: Accounting for State and Local Governments, part II

What three criteria must be met to identify a governmental unit as a primary government?

Jones College,a public institution of higher education,must prepare financial statements

What information is required in the introductory section of a state or local government's CAFR?

Which information must be disclosed regarding tax abatement agreements? i.The purpose of the tax abatement program. ii.The dollar amount of abatement and the names of recipients. iii.The type of tax being abated.

A method of accounting for infrastructure assets that allows the expensing of all maintenance costs each year instead of computing depreciation is called

What is meant by the term fiscally independent?

The Equity Method of Accounting for Investments

Consolidation of Financial Information

Consolidations - Subsequent to the Date of Acquisition

Consolidated Financial Statements and Outside Ownership

Consolidated Financial Statements Intra-Entity Asset Transactions

Variable Interest Entities, Intra-Entity Debt, Consolidated Cash Flows, and Other Issues

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial

Partnerships: Formation and Operation

Partnerships: Termination and Liquidation

Accounting for State and Local Governments, part I

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