Question 1

List the Government-wide financial statements required by GASB.

Accepted Answer

Government-wide financial stat

Question 2

Permanent funds are not presented as part of the government-wide statements.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following is true regarding fiduciary fund statements?

Accepted Answer

A)  Fiduciary fund statements include the Statement of Fiduciary Net Position and the Statement of Changes in Fiduciary Net Position. 
B)  Fiduciary fund statements are prepared using the current financial resources measurement focus and modified accrual basis of accounting. 
C)  Both of the above. 
D)  Neither of the above. 
A)  Fiduciary fund statements include the Statement of Fiduciary Net Position and the Statement of Changes in Fiduciary Net Position. 
B)  Fiduciary fund statements are prepared using the current financial resources measurement focus and modified accrual basis of accounting. 
C)  Both of the above. 
D)  Neither of the above.

Question 4

GASB establishes that the financial reporting entity is the primary government together with its component units. Define primary government and component unit.

Accepted Answer

A primary government is a state governme

Question 5

The following information is available for the preparation of the government-wide financial statements of the City of Aurora as of June 30, 2017:
   
Assume all long-term liabilities were incurred in the acquisition of capital assets.
Required: From the information given above, prepare, in good form, a Statement of Net Position for the City of Aurora as of June 30, 2017. Include the unrestricted net position, which is to be computed from the information presented above. Include a total column. Aurora has no component units.

Accepted Answer

The answer of The following information is available for the...

Question 6

List the five categories outlined in GASB to be included in the statistical section of the CAFR.

Accepted Answer

1. Financial trends informatio

Question 7

Which of the following is true regarding the governmental fund statements?

Accepted Answer

A)  The governmental fund statements include a Statement of Cash Flows prepared on the direct method. 
B)  The governmental fund statements are prepared using the economic financial resources measurement focus and modified accrual accounting. 
C)  Both A and B are true. 
D)  Neither A nor B is true. 
A)  The governmental fund statements include a Statement of Cash Flows prepared on the direct method. 
B)  The governmental fund statements are prepared using the economic financial resources measurement focus and modified accrual accounting. 
C)  Both A and B are true. 
D)  Neither A nor B is true.

Question 8

With respect to fund basis financial statements, a government may only designate a fund to be a major fund if it meets the size thresholds established by GASB.

Accepted Answer

A) True 
 B)False

Question 9

Governmental fund statements are prepared using:

Accepted Answer

A)  Economic resources measurement focus and modified accrual basis of accounting. 
B)  Current financial resources measurement focus and modified accrual basis of accounting. 
C)  Economic resources measurement focus and accrual basis of accounting. 
D)  Current financial resources measurement focus and accrual basis of accounting. 
A)  Economic resources measurement focus and modified accrual basis of accounting. 
B)  Current financial resources measurement focus and modified accrual basis of accounting. 
C)  Economic resources measurement focus and accrual basis of accounting. 
D)  Current financial resources measurement focus and accrual basis of accounting.

Question 10

Which of the following is considered Required supplementary Information RSI)?

Accepted Answer

A)  Management's Discussion and Analysis. 
B)  Budgetary Comparison Schedule. 
C)  Schedule of Risk Management Activities. 
D)  All of the above are considered RSI. 
A)  Management's Discussion and Analysis. 
B)  Budgetary Comparison Schedule. 
C)  Schedule of Risk Management Activities. 
D)  All of the above are considered RSI.

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

Government-wide statements are to be prepared using the economic resources measurement focus and accrual basis of accounting.

Accepted Answer

A) True 
 B)False

Question 13

The following information is available for the preparation of the government-wide financial statements for the Village of Twin Oaks for the year ended June 30, 2017:
   
Required: From the information given above, prepare, in good form, a Statement of Activities for the Village of Twin Oaks for the Year Ended June 30, 2017.

Accepted Answer

The answer of The following information is available for the...

Question 14

Which of the following items would likely appear in the reconciliation between the governmental fund financial statements and the governmental activities column in the government-wide financial statements?

Accepted Answer

A)  The inclusion of long-term liabilities in the government-wide financial statements and not in the governmental fund financial statements. 
B)  The inclusion of depreciation of capital assets in the governmental activities column of the government-wide financial statements and not in the governmental fund statements. 
C)  The additional accrual of some revenues and expenses in the government-wide financial statements that were not made in the governmental fund financial statements. 
D)  All of the above. 
A)  The inclusion of long-term liabilities in the government-wide financial statements and not in the governmental fund financial statements. 
B)  The inclusion of depreciation of capital assets in the governmental activities column of the government-wide financial statements and not in the governmental fund statements. 
C)  The additional accrual of some revenues and expenses in the government-wide financial statements that were not made in the governmental fund financial statements. 
D)  All of the above.

Question 15

The basic financial statements of a state or local governmental unit include the MD&A, government-wide statements, fund statements, and the notes.

Accepted Answer

A) True 
 B)False

Question 16

GASB requires which of the following if applicable to be included in the Notes to
Financial Statements?

Accepted Answer

A)  Outstanding encumbrances 
B)  The definition of cash and cash equivalents used in the statement of cash flows for proprietary funds. 
C)  Interfund receivables and payables. 
D)  All of the above. 
A)  Outstanding encumbrances 
B)  The definition of cash and cash equivalents used in the statement of cash flows for proprietary funds. 
C)  Interfund receivables and payables. 
D)  All of the above.

Question 17

A government may not selectively designate any fund to be a major fund even if reporting the fund separately would be useful.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is false regarding the financial reporting entity of a state or local government?

Accepted Answer

A)  Many component units are discretely presented, rather than blended. 
B)  Only a primary government is reported in the government-wide statements. 
C)  A school district can be a primary government. 
D)  Both B and C are false 
A)  Many component units are discretely presented, rather than blended. 
B)  Only a primary government is reported in the government-wide statements. 
C)  A school district can be a primary government. 
D)  Both B and C are false

Question 19

When preparing fund basis financial statements, any funds not reported separately are reported individually by function.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following is true regarding the financial reporting entity of a state or local government?

Accepted Answer

A)  Many component units are discretely presented, rather than blended. 
B)  Only a primary government is reported in the government-wide statements. 
C)  A school district could never be a primary government. 
D)  Both B and C are true 
A)  Many component units are discretely presented, rather than blended. 
B)  Only a primary government is reported in the government-wide statements. 
C)  A school district could never be a primary government. 
D)  Both B and C are true

List the Government-wide financial statements required by GASB.

Permanent funds are not presented as part of the government-wide statements.

Which of the following is true regarding fiduciary fund statements?

GASB establishes that the financial reporting entity is the primary government together with its component units. Define primary government and component unit.

List the five categories outlined in GASB to be included in the statistical section of the CAFR.

Which of the following is true regarding the governmental fund statements?

With respect to fund basis financial statements, a government may only designate a fund to be a major fund if it meets the size thresholds established by GASB.

Governmental fund statements are prepared using:

Which of the following is considered Required supplementary Information RSI)?

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

Government-wide statements are to be prepared using the economic resources measurement focus and accrual basis of accounting.

Which of the following items would likely appear in the reconciliation between the governmental fund financial statements and the governmental activities column in the government-wide financial statements?

The basic financial statements of a state or local governmental unit include the MD&A, government-wide statements, fund statements, and the notes.

GASB requires which of the following if applicable to be included in the Notes to Financial Statements?

A government may not selectively designate any fund to be a major fund even if reporting the fund separately would be useful.

Which of the following is false regarding the financial reporting entity of a state or local government?

When preparing fund basis financial statements, any funds not reported separately are reported individually by function.

Which of the following is true regarding the financial reporting entity of a state or local government?

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

Filters

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

List the Government-wide financial statements required by GASB.

Permanent funds are not presented as part of the government-wide statements.

Which of the following is true regarding fiduciary fund statements?

GASB establishes that the financial reporting entity is the primary government together with its component units. Define primary government and component unit.

List the five categories outlined in GASB to be included in the statistical section of the CAFR.

Which of the following is true regarding the governmental fund statements?

With respect to fund basis financial statements, a government may only designate a fund to be a major fund if it meets the size thresholds established by GASB.

Governmental fund statements are prepared using:

Which of the following is considered Required supplementary Information RSI)?

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

Government-wide statements are to be prepared using the economic resources measurement focus and accrual basis of accounting.

Which of the following items would likely appear in the reconciliation between the governmental fund financial statements and the governmental activities column in the government-wide financial statements?

The basic financial statements of a state or local governmental unit include the MD&A, government-wide statements, fund statements, and the notes.

GASB requires which of the following if applicable to be included in the Notes to Financial Statements?

A government may not selectively designate any fund to be a major fund even if reporting the fund separately would be useful.

Which of the following is false regarding the financial reporting entity of a state or local government?

When preparing fund basis financial statements, any funds not reported separately are reported individually by function.

Which of the following is true regarding the financial reporting entity of a state or local government?

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

Filters