Question 1

List and describe the three major sections of the Comprehensive Annual Financial Report and indicate briefly what is in each.

Accepted Answer

The three major sections are introductory, financial and statistical. The introductory section includes a letter of transmittal, organization chart, and list of principal officials. The financial section includes the auditor's report, MD&A, the basic financial statements including the footnotes, other RSI, combining statements for non-major funds not reported separately in the basic financial statements, and schedules. The statistical section includes certain statistical tables indicating financial trends, revenue and debt capacity, demographic and economic information and operating information. Data is generally presented for the past 10 years.
Explanation: The three major sections are introductory, financial and statistical. The introductory section includes a letter of transmittal, organization chart, and list of principal officials. The financial section includes the auditor's report, MD&A, the basic financial statements including the footnotes, other RSI, combining statements for non-major funds not reported separately in the basic financial statements, and schedules. The statistical section includes certain statistical tables indicating financial trends, revenue and debt capacity, demographic and economic information and operating information. Data is generally presented for the past 10 years.

Question 2

In addition to the government-wide statements, governments are required to prepare fund financial statements for governmental, proprietary and fiduciary funds.

Accepted Answer

A) True 
 B)False  True

Question 3

Management's Discussion and Analysis MD&A in The Comprehensive Annual Financial Report CAFR is part of the Financial Section.

Accepted Answer

A) True 
 B)False  True

Question 4

Internal service funds typically are not included in the governmental activities column on the government-wide statements.

Accepted Answer

A) True 
 B)False

Question 5

With respect to fund basis financial statements, governmental funds are considered to be a major fund when total assets, liabilities, revenues and expenditures combined are at least 10% of the total for the governmental funds category.

Accepted Answer

A) True 
 B)False

Question 6

Which Statement is presented using the accrual basis of accounting?

Accepted Answer

A)  Governmental Fund Balance Sheet 
B)  Government-Wide Statement of Activities 
C)  Statement of Revenues, Expenditure and changes in Fund Balances 
D)  A and C 
A)  Governmental Fund Balance Sheet 
B)  Government-Wide Statement of Activities 
C)  Statement of Revenues, Expenditure and changes in Fund Balances 
D)  A and C

Question 7

A Comprehensive Annual Financial Report CAFRwould include an introductory section, management's discussion and analysis, basic financial statements, required supplementary information other than MD&A, combining and individual fund statements, narrative explanations, and statistical section.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is true regarding financial reporting of governmental funds?

Accepted Answer

A)  The Fund Balance of governmental funds reports fund balance as reserved and unreserved. 
B)  Governmental funds include the General Fund, special revenue funds, capital projects funds, debt service funds, and permanent funds. 
C)  Both A and B are true. 
D)  Neither A nor B is true. 
A)  The Fund Balance of governmental funds reports fund balance as reserved and unreserved. 
B)  Governmental funds include the General Fund, special revenue funds, capital projects funds, debt service funds, and permanent funds. 
C)  Both A and B are true. 
D)  Neither A nor B is true.

Question 9

Which part of the financial section of the CAFR is considered "Required supplementary Information?"

Accepted Answer

A)  Auditor's Report 
B)  Management's Discussion and Analysis 
C)  Government-Wide Financial Statements 
D)  Fund Financial Statements 
A)  Auditor's Report 
B)  Management's Discussion and Analysis 
C)  Government-Wide Financial Statements 
D)  Fund Financial Statements

Question 10

Proprietary funds are required to prepare a Statement of Cash Flows from operating activities using the direct method.

Accepted Answer

A) True 
 B)False

Question 11

The three major sections of a CAFR are the Introductory, Financial, and Statistical sections.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is true regarding the Comprehensive Annual Financial Report CAFR?

Accepted Answer

A)  The CAFR has three main sections: introductory, financial, and statistical. 
B)  Required supplementary Information includes a Budgetary Comparison Schedule for the General Fund and all major special revenue funds that have a legally adopted annual budget unless a statement is prepared. 
C)  Both of the above. 
D)  Neither of the above. 
A)  The CAFR has three main sections: introductory, financial, and statistical. 
B)  Required supplementary Information includes a Budgetary Comparison Schedule for the General Fund and all major special revenue funds that have a legally adopted annual budget unless a statement is prepared. 
C)  Both of the above. 
D)  Neither of the above.

Question 13

Which of the following is true regarding the composition of the Comprehensive Annual Financial Report CAFR?

Accepted Answer

A)  The CAFR is to include both blended and discretely presented component units. 
B)  The CAFR is required in order to be in conformity with Generally Accepted Accounting Principles GAAP. 
C)  The CAFR contains four major sections: introductory, financial, supplementary, and statistical. 
D)  All of the above are true. 
A)  The CAFR is to include both blended and discretely presented component units. 
B)  The CAFR is required in order to be in conformity with Generally Accepted Accounting Principles GAAP. 
C)  The CAFR contains four major sections: introductory, financial, supplementary, and statistical. 
D)  All of the above are true.

Question 14

Governments who prepare government-wide statements are not required to prepare separate fund-level financial statements within the three categories of funds: governmental, proprietary, and fiduciary.

Accepted Answer

A) True 
 B)False

Question 15

With respect to Government-wide financial statements, which of the following is not required by GASB?

Accepted Answer

A)  Statement of Cash Flow 
B)  Statement of Net Position 
C)  Statement of Activities 
D)  All of the above are required by GASB 
A)  Statement of Cash Flow 
B)  Statement of Net Position 
C)  Statement of Activities 
D)  All of the above are required by GASB

Question 16

Governmental-type funds label the excess of assets over liabilities on the balance sheet as:

Accepted Answer

A)  Net Position 
B)  Net Fund Balance and Liabilities 
C)  Fund Balance 
D)  Assets Net of Liabilities 
A)  Net Position 
B)  Net Fund Balance and Liabilities 
C)  Fund Balance 
D)  Assets Net of Liabilities

Question 17

Which of the following is true regarding the government-wide financial statements?

Accepted Answer

A)  The government-wide financial statements include the Statement of Net Position and the Statement of Activities. 
B)  The government-wide financial statements are prepared using the current financial resources measurement focus and the modified accrual basis of accounting. 
C)  Both of the above. 
D)  Neither of the above. 
A)  The government-wide financial statements include the Statement of Net Position and the Statement of Activities. 
B)  The government-wide financial statements are prepared using the current financial resources measurement focus and the modified accrual basis of accounting. 
C)  Both of the above. 
D)  Neither of the above.

Question 18

Governmental fund statements are prepared using the economic financial resources measurement focus and modified accrual basis of accounting.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following is notone of the major sections of the Comprehensive Annual Financial Report CAFR?

Accepted Answer

A)  Budgetary 
B)  Financial 
C)  Introductory 
D)  Statistical 
A)  Budgetary 
B)  Financial 
C)  Introductory 
D)  Statistical

Question 20

The General Fund is always a major fund for purposes of financial reporting.

Accepted Answer

A) True 
 B)False

List and describe the three major sections of the Comprehensive Annual Financial Report and indicate briefly what is in each.

In addition to the government-wide statements, governments are required to prepare fund financial statements for governmental, proprietary and fiduciary funds.

Management's Discussion and Analysis MD&A in The Comprehensive Annual Financial Report CAFR is part of the Financial Section.

Internal service funds typically are not included in the governmental activities column on the government-wide statements.

With respect to fund basis financial statements, governmental funds are considered to be a major fund when total assets, liabilities, revenues and expenditures combined are at least 10% of the total for the governmental funds category.

Which Statement is presented using the accrual basis of accounting?

A Comprehensive Annual Financial Report CAFRwould include an introductory section, management's discussion and analysis, basic financial statements, required supplementary information other than MD&A, combining and individual fund statements, narrative explanations, and statistical section.

Which of the following is true regarding financial reporting of governmental funds?

Which part of the financial section of the CAFR is considered "Required supplementary Information?"

Proprietary funds are required to prepare a Statement of Cash Flows from operating activities using the direct method.

The three major sections of a CAFR are the Introductory, Financial, and Statistical sections.

Which of the following is true regarding the Comprehensive Annual Financial Report CAFR?

Which of the following is true regarding the composition of the Comprehensive Annual Financial Report CAFR?

Governments who prepare government-wide statements are not required to prepare separate fund-level financial statements within the three categories of funds: governmental, proprietary, and fiduciary.

With respect to Government-wide financial statements, which of the following is not required by GASB?

Governmental-type funds label the excess of assets over liabilities on the balance sheet as:

Which of the following is true regarding the government-wide financial statements?

Governmental fund statements are prepared using the economic financial resources measurement focus and modified accrual basis of accounting.

Which of the following is notone of the major sections of the Comprehensive Annual Financial Report CAFR?

The General Fund is always a major fund for purposes of financial reporting.

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

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

Advanced Topics for State and Local Governments

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

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Exam 2: Overview of Financial Reporting for State and Local Governments

List and describe the three major sections of the Comprehensive Annual Financial Report and indicate briefly what is in each.

In addition to the government-wide statements, governments are required to prepare fund financial statements for governmental, proprietary and fiduciary funds.

Management's Discussion and Analysis MD&A in The Comprehensive Annual Financial Report CAFR is part of the Financial Section.

Internal service funds typically are not included in the governmental activities column on the government-wide statements.

With respect to fund basis financial statements, governmental funds are considered to be a major fund when total assets, liabilities, revenues and expenditures combined are at least 10% of the total for the governmental funds category.

Which Statement is presented using the accrual basis of accounting?

A Comprehensive Annual Financial Report CAFRwould include an introductory section, management's discussion and analysis, basic financial statements, required supplementary information other than MD&A, combining and individual fund statements, narrative explanations, and statistical section.

Which of the following is true regarding financial reporting of governmental funds?

Which part of the financial section of the CAFR is considered "Required supplementary Information?"

Proprietary funds are required to prepare a Statement of Cash Flows from operating activities using the direct method.

The three major sections of a CAFR are the Introductory, Financial, and Statistical sections.

Which of the following is true regarding the Comprehensive Annual Financial Report CAFR?

Which of the following is true regarding the composition of the Comprehensive Annual Financial Report CAFR?

Governments who prepare government-wide statements are not required to prepare separate fund-level financial statements within the three categories of funds: governmental, proprietary, and fiduciary.

With respect to Government-wide financial statements, which of the following is not required by GASB?

Governmental-type funds label the excess of assets over liabilities on the balance sheet as:

Which of the following is true regarding the government-wide financial statements?

Governmental fund statements are prepared using the economic financial resources measurement focus and modified accrual basis of accounting.

Which of the following is notone of the major sections of the Comprehensive Annual Financial Report CAFR?

The General Fund is always a major fund for purposes of financial reporting.

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

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

Advanced Topics for State and Local Governments

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

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