Question 1

Which of the following statements regarding employer reporting of pension trust funds is not correct?

Accepted Answer

A)  Contributions by the governmental funds are recorded as expenditures in the General Fund. 
B)  The net pension liabilities are reported in the government-wide statements. 
C)  The net pension liabilities of proprietary fund employees are reported in the proprietary fund-basis statements 
D)  Governmental funds report net pension liabilities of governmental fund employees as a fund liability. 
A)  Contributions by the governmental funds are recorded as expenditures in the General Fund. 
B)  The net pension liabilities are reported in the government-wide statements. 
C)  The net pension liabilities of proprietary fund employees are reported in the proprietary fund-basis statements 
D)  Governmental funds report net pension liabilities of governmental fund employees as a fund liability.

Question 2

A County could be either a general-purpose or a special purpose government.

Accepted Answer

A) True 
 B)False

Question 3

Special-purpose governments that are engaged in only one governmental-type activity are permitted to combine the fund and government-wide financial statements

Accepted Answer

A) True 
 B)False

Question 4

A special-purpose government engaged in business-type activities financed in whole or part by fees charged to external parties are usually reported in fiduciary funds.

Accepted Answer

A) True 
 B)False

Question 5

Special-purpose governments that are engaged in more than one governmental activity are permitted to combine the fund and government-wide financial statements.

Accepted Answer

A) True 
 B)False

Question 6

When governments construct projects that are financed with special assessment debt guaranteed by the government, those projects would be accounted for in the General Fund or a capital projects fund.

Accepted Answer

A) True 
 B)False

Question 7

Governmental health care entities, public school systems, and museums are commonly accounted for as special-purpose governments.

Accepted Answer

A) True 
 B)False

Question 8

When accounting for pension benefits, the net pension obligation for employees of proprietary activities is:

Accepted Answer

A)  Reported in the government-wide statements. 
B)  Reported in the proprietary fund-basis statements. 
C)  Both A and B. 
D)  Neither A nor B. 
A)  Reported in the government-wide statements. 
B)  Reported in the proprietary fund-basis statements. 
C)  Both A and B. 
D)  Neither A nor B.

Question 9

According to GASB "General-purpose governments are thought to be those that offer more than one type of basic governmental service".

Accepted Answer

A) True 
 B)False

Question 10

Assume a government makes a change of assumption that results in an increase in its estimate of the net pension liability. This will be recorded in the government-wide statements as an increase in the net pension liability and an increase in deferred outflows of resources.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following is an example of a special-purpose government?

Accepted Answer

A)  Park district 
B)  Village government 
C)  Community college 
D)  City government 
A)  Park district 
B)  Village government 
C)  Community college 
D)  City government

Question 12

Which of the following is true regarding financial reporting of special-purpose entities?

Accepted Answer

A)  might include park districts, school districts, and public colleges and universities. 
B)  Special-purpose entities, in some cases, have more limited reporting requirements than general-purpose entities. 
C)  Both of the above are true. 
D)  Neither of the above is true. 
A)  might include park districts, school districts, and public colleges and universities. 
B)  Special-purpose entities, in some cases, have more limited reporting requirements than general-purpose entities. 
C)  Both of the above are true. 
D)  Neither of the above is true.

Question 13

Capital assets acquired through special assessment debt guaranteed by the government are reported in the government-wide statements.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is not an example of a special-purpose government?

Accepted Answer

A)  Village government 
B)  Tollway authority 
C)  Library district 
D)  Fire protection districts 
A)  Village government 
B)  Tollway authority 
C)  Library district 
D)  Fire protection districts

Question 15

General-purpose governments are those that offer more than one type of basic governmental service, while special-purpose entities generally provide a limited, or single, set of programs or services.

Accepted Answer

A) True 
 B)False

Question 16

Special assessment taxes may be levied to finance construction projects or to provide current services.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is true regarding the financial statements for special-purpose entities?

Accepted Answer

A)  Special-purpose entities that are engaged only in one governmental activity may combine government-wide and governmental fund statements. 
B)  Special-purpose entities that are engaged in fiduciary activities only prepare the statements required for fiduciary funds Statement of Fiduciary Net Position, Statement of Changes in Fiduciary Net Position). 
C)  Both of the above. 
D)  Neither of the above. 
A)  Special-purpose entities that are engaged only in one governmental activity may combine government-wide and governmental fund statements. 
B)  Special-purpose entities that are engaged in fiduciary activities only prepare the statements required for fiduciary funds Statement of Fiduciary Net Position, Statement of Changes in Fiduciary Net Position). 
C)  Both of the above. 
D)  Neither of the above.

Question 18

Governments with defined benefit pension plans will report a net pension liability in the government-wide Statement of Net Position if the amount the government anticipates paying to employees in the future is greater than the net fiduciary position of the pension trust fund.

Accepted Answer

A) True 
 B)False

Question 19

Identifying the appropriate fund to account for construction-type .

Accepted Answer

GASB standards mandate that a government

Which of the following statements regarding employer reporting of pension trust funds is not correct?

A County could be either a general-purpose or a special purpose government.

Special-purpose governments that are engaged in only one governmental-type activity are permitted to combine the fund and government-wide financial statements

A special-purpose government engaged in business-type activities financed in whole or part by fees charged to external parties are usually reported in fiduciary funds.

Special-purpose governments that are engaged in more than one governmental activity are permitted to combine the fund and government-wide financial statements.

When governments construct projects that are financed with special assessment debt guaranteed by the government, those projects would be accounted for in the General Fund or a capital projects fund.

Governmental health care entities, public school systems, and museums are commonly accounted for as special-purpose governments.

When accounting for pension benefits, the net pension obligation for employees of proprietary activities is:

According to GASB "General-purpose governments are thought to be those that offer more than one type of basic governmental service".

Assume a government makes a change of assumption that results in an increase in its estimate of the net pension liability. This will be recorded in the government-wide statements as an increase in the net pension liability and an increase in deferred outflows of resources.

Which of the following is an example of a special-purpose government?

Which of the following is true regarding financial reporting of special-purpose entities?

Capital assets acquired through special assessment debt guaranteed by the government are reported in the government-wide statements.

Which of the following is not an example of a special-purpose government?

General-purpose governments are those that offer more than one type of basic governmental service, while special-purpose entities generally provide a limited, or single, set of programs or services.

Special assessment taxes may be levied to finance construction projects or to provide current services.

Which of the following is true regarding the financial statements for special-purpose entities?

Governments with defined benefit pension plans will report a net pension liability in the government-wide Statement of Net Position if the amount the government anticipates paying to employees in the future is greater than the net fiduciary position of the pension trust fund.

Identifying the appropriate fund to account for construction-type .

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Proprietary Funds

Fiduciary Funds, Interfund Transactions

Government-Wide Statements: Capital Assets; Long-Term Debt

Accounting for Private Not-For-Profit Organizations

College and University Accounting

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters

Exam 9: Advanced Topics for State and Local Governments

Which of the following statements regarding employer reporting of pension trust funds is not correct?

A County could be either a general-purpose or a special purpose government.

Special-purpose governments that are engaged in only one governmental-type activity are permitted to combine the fund and government-wide financial statements

A special-purpose government engaged in business-type activities financed in whole or part by fees charged to external parties are usually reported in fiduciary funds.

Special-purpose governments that are engaged in more than one governmental activity are permitted to combine the fund and government-wide financial statements.

When governments construct projects that are financed with special assessment debt guaranteed by the government, those projects would be accounted for in the General Fund or a capital projects fund.

Governmental health care entities, public school systems, and museums are commonly accounted for as special-purpose governments.

When accounting for pension benefits, the net pension obligation for employees of proprietary activities is:

According to GASB "General-purpose governments are thought to be those that offer more than one type of basic governmental service".

Assume a government makes a change of assumption that results in an increase in its estimate of the net pension liability. This will be recorded in the government-wide statements as an increase in the net pension liability and an increase in deferred outflows of resources.

Which of the following is an example of a special-purpose government?

Which of the following is true regarding financial reporting of special-purpose entities?

Capital assets acquired through special assessment debt guaranteed by the government are reported in the government-wide statements.

Which of the following is not an example of a special-purpose government?

General-purpose governments are those that offer more than one type of basic governmental service, while special-purpose entities generally provide a limited, or single, set of programs or services.

Special assessment taxes may be levied to finance construction projects or to provide current services.

Which of the following is true regarding the financial statements for special-purpose entities?

Governments with defined benefit pension plans will report a net pension liability in the government-wide Statement of Net Position if the amount the government anticipates paying to employees in the future is greater than the net fiduciary position of the pension trust fund.

Identifying the appropriate fund to account for construction-type .

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Proprietary Funds

Fiduciary Funds, Interfund Transactions

Government-Wide Statements: Capital Assets; Long-Term Debt

Accounting for Private Not-For-Profit Organizations

College and University Accounting

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters