Exam 9: Reporting Principles and Preparation of Fund Financial Statements

A municipality allows its employees to accumulate up to 45 days' vacation pay that may be "cashed in" by the employees on retirement.Many employees whose salaries are paid from General Fund appropriations avail themselves of this opportunity.Where does this liability appear on the governmental funds balance sheet when employees are not expected to retire in the near future?

(Multiple Choice)

4.9/5

(39)

Question 21

Which of the following best expresses the kind of information included in notes to the financial statements?

(Multiple Choice)

4.9/5

(35)

Question 22

Which basis of accounting must be used in presenting the "actual" column of the fund-level budgetary comparison schedules for the General Fund and major Special Revenue Funds?

(Multiple Choice)

4.8/5

(43)

Question 23

Which of the following is a true statement about a government financial reporting entity?

(Multiple Choice)

5.0/5

(39)

Question 24

A municipality incurs liabilities in its operations (such as vacation leave and expected claim settlements)that could be classified as "long-term" because cash payouts will not occur for more than one year.The liabilities result from both governmental and proprietary activities.Where are these long-term liabilities reported in the fund-level balance sheets?

(Multiple Choice)

4.8/5

(44)

Question 25

Which of the following sections is not found in proprietary fund operating statements?

(Multiple Choice)

4.9/5

(37)

Question 26

Which of the following statements is true regarding the inclusion of individual non-major funds in the fund-level financial statements?

(Multiple Choice)

4.9/5

(39)

Question 27

State whether each of the following is true or false regarding the financial reporting entity.Explain why the false statements are false.

The relationships between two primary governments and a third organization may be such that the third organization can be a component unit of both primary governments.

False

An example of a state's ability to impose its will on the operations of a legally separate toll road is its ability to approve the road's proposed increases in toll rates.

True

Only general-purpose governments,like states,cities,counties,towns,and villages can be primary governments.Special purpose governmental entities,like school districts and hospitals,can never be primary governments.

Correct Answer:

Verified

The relationships between two primary governments and a third organization may be such that the third organization can be a component unit of both primary governments.

An example of a state's ability to impose its will on the operations of a legally separate toll road is its ability to approve the road's proposed increases in toll rates.

(Matching)

4.9/5

(41)

Question 28

Which of the following account captions are you most likely to see on a governmental funds balance sheet?

(Multiple Choice)

4.9/5

(39)

Question 29

Which of the following financial statements or schedules is prepared for all fiduciary funds?

(Multiple Choice)

4.9/5

(40)

Question 30

A government's discussion of how it defined the reporting entity is presented in which of the following places within the Comprehensive Annual Financial Report?

(Multiple Choice)

4.7/5

(34)

Question 31

Which fund categories should be included in the fund-level financial statements?

(Multiple Choice)

4.9/5

(33)

Question 32

To what extent should economic factors be discussed in Management's Discussion and Analysis (MD&A)?

(Multiple Choice)

4.9/5

(46)

Question 33

Which information must be presented in budgetary comparison schedules?

(Multiple Choice)

4.8/5

(35)

Question 34

Which of the following interfund transactions does not affect fund balance?

(Multiple Choice)

4.8/5

(39)

Question 35

Which of the following account captions are you least likely to see on a governmental funds balance sheet?

(Multiple Choice)

4.8/5

(29)

Question 36

How are long-term loan receivables reported in the fund balance section of governmental funds balance sheets?

(Multiple Choice)

4.7/5

(46)

Question 37

The Basic Financial Statements,as defined for governments,do not include which of the following components?

(Multiple Choice)

4.9/5

(34)

Question 38

Which of the following best expresses the general rule regarding the reporting of operating revenues,nonoperating revenues,and special items in the proprietary funds statement of revenues,expenses,and changes in fund net position?

(Multiple Choice)

4.7/5

(36)

Question 39

Which financial statements are required to be prepared for governmental funds in the fund-level financial statements?

(Multiple Choice)

4.9/5

(36)

Question 40

Showing 21 - 40 of 43

Which of the following best expresses the kind of information included in notes to the financial statements?

Which basis of accounting must be used in presenting the "actual" column of the fund-level budgetary comparison schedules for the General Fund and major Special Revenue Funds?

Which of the following is a true statement about a government financial reporting entity?

Which of the following sections is not found in proprietary fund operating statements?

Which of the following statements is true regarding the inclusion of individual non-major funds in the fund-level financial statements?

Which of the following account captions are you most likely to see on a governmental funds balance sheet?

Which of the following financial statements or schedules is prepared for all fiduciary funds?

A government's discussion of how it defined the reporting entity is presented in which of the following places within the Comprehensive Annual Financial Report?

Which fund categories should be included in the fund-level financial statements?

To what extent should economic factors be discussed in Management's Discussion and Analysis (MD&A)?

Which information must be presented in budgetary comparison schedules?

Which of the following interfund transactions does not affect fund balance?

Which of the following account captions are you least likely to see on a governmental funds balance sheet?

How are long-term loan receivables reported in the fund balance section of governmental funds balance sheets?

The Basic Financial Statements,as defined for governments,do not include which of the following components?

Which of the following best expresses the general rule regarding the reporting of operating revenues,nonoperating revenues,and special items in the proprietary funds statement of revenues,expenses,and changes in fund net position?

Which financial statements are required to be prepared for governmental funds in the fund-level financial statements?

Governmental and Not-For-Profit

The Use of Funds in Governmental Accounting

Budgetary Considerations in Governmental Accounting

The Governmental Fund Accounting Cycle

The Governmental Fund Accounting Cycle

The Governmental Fund Accounting Cycle

The Governmental Accounting Cycle

The Governmental Fund Accounting Cycle--Fiduciary Funds

Government-Wide Financial Statements

Federal Government Accounting and Reporting

Accounting for Not-For-Profit Organizations

Accounting for Health Care Organizations

Analysis of Financial Statements and Financial Condition

Fundamentals of Accounting

Filters