Question 1

Which of the following is included in Required supplementary Information RSI?

Accepted Answer

A)  Management's Discussion and Analysis MD&A. 
B)  Budgetary Comparison Schedule. 
C)  The Schedule of Funding Progress and Schedule of Employer Contributions when the government reports a pension trust fund. 
D)  All of the above. 
A)  Management's Discussion and Analysis MD&A. 
B)  Budgetary Comparison Schedule. 
C)  The Schedule of Funding Progress and Schedule of Employer Contributions when the government reports a pension trust fund. 
D)  All of the above.

Question 2

GASB provides guidance for determining when a primary government should include a legally separate organization in its financial report. Outline the criteria for inclusion.

Accepted Answer

First, the relationship with the related

Question 3

The statistical section of the CAFR contains the combining schedules of non-major funds.

Accepted Answer

A) True 
 B)False

Question 4

What are the five categories of fund balance on a Governmental Funds Balance Sheet?

Accepted Answer

Non-spendable
Restricted
Committed
Assig

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

Where in the CAFR would one find the long-term liability for revenue bonds paid from the revenues of an enterprise fund?

Accepted Answer

A)  The proprietary funds Statement of Net Position only. 
B)  The government-wide Statement of Net Position and the proprietary funds Statement of Net Position. 
C)  The government-wide Statement of Net Position and the RSI Schedule of Bonds Payable. 
D)  The government-wide Statement of Net Position only. 
A)  The proprietary funds Statement of Net Position only. 
B)  The government-wide Statement of Net Position and the proprietary funds Statement of Net Position. 
C)  The government-wide Statement of Net Position and the RSI Schedule of Bonds Payable. 
D)  The government-wide Statement of Net Position only.

Question 7

Identify three items often found in Required supplementary Information.

Accepted Answer

Any three of the following:
1. Managemen

Question 8

The total fund balances presented in Governmental Funds Statements are different from the total Net Position on the government-wide Statement of Net Position. Which of the following is not a reason for this difference?

Accepted Answer

A)  The two statements have different bases of accounting 
B)  Capital assets used in government operations are not financial resources and therefore are not reported in the funds 
C)  Some liabilities are not due and payable in the current period and are not reported in fund liabilities 
D)  Accrued Wages Payable at year end are reported on the statement of Net Position but are not reported in the fund statements 
A)  The two statements have different bases of accounting 
B)  Capital assets used in government operations are not financial resources and therefore are not reported in the funds 
C)  Some liabilities are not due and payable in the current period and are not reported in fund liabilities 
D)  Accrued Wages Payable at year end are reported on the statement of Net Position but are not reported in the fund statements

Question 9

Direct expenses are required to be reported by function in Government-wide statements. Which of the following would not be an appropriate category?

Accepted Answer

A)  Community development 
B)  Capital outlay 
C)  Parks and recreation 
D)  Health and welfare 
A)  Community development 
B)  Capital outlay 
C)  Parks and recreation 
D)  Health and welfare

Question 10

Which of the following is true regarding component units?

Accepted Answer

A)  Component units may be reported discretely in the government-wide statements or may be blended as a fund in the fund financial statements and thus also included in the government-wide financial statements. 
B)  Component units could include towns, school districts, counties, and municipalities. 
C)  Both of the above. 
D)  Neither of the above. 
A)  Component units may be reported discretely in the government-wide statements or may be blended as a fund in the fund financial statements and thus also included in the government-wide financial statements. 
B)  Component units could include towns, school districts, counties, and municipalities. 
C)  Both of the above. 
D)  Neither of the above.

Question 11

Which of the following is true regarding the proprietary funds statements?

Accepted Answer

A)  Major enterprise and internal service funds are reported in separate columns; a column is presented for all non-major enterprise and internal service funds combined), and a total column is presented. 
B)  Financial statements include a Statement of Net Position, Statement of Revenues, Expenses, and Changes in Fund Net Position, and Statement of Cash Flows. 
C)  Both of the above. 
D)  Neither of the above. 
A)  Major enterprise and internal service funds are reported in separate columns; a column is presented for all non-major enterprise and internal service funds combined), and a total column is presented. 
B)  Financial statements include a Statement of Net Position, Statement of Revenues, Expenses, and Changes in Fund Net Position, and Statement of Cash Flows. 
C)  Both of the above. 
D)  Neither of the above.

Question 12

Which of the following is true regarding Management's Discussion and Analysis MD&A?

Accepted Answer

A)  MD&A is not considered part of Required supplementary Information RSI. 
B)  MD&A takes the place of footnotes. 
C)  MD&A should present an analysis of significant variations between the original and final budget. 
D)  All of the above are true. 
A)  MD&A is not considered part of Required supplementary Information RSI. 
B)  MD&A takes the place of footnotes. 
C)  MD&A should present an analysis of significant variations between the original and final budget. 
D)  All of the above are true.

Question 13

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

Accepted Answer

A)  Prior year data must be presented. 
B)  A Statement of Cash Flows is not required for Government-wide statements. 
C)  Depreciation may only be reported as a charge in total to the general government. 
D)  Fiduciary activities are only reported if they qualify as a major fund. 
A)  Prior year data must be presented. 
B)  A Statement of Cash Flows is not required for Government-wide statements. 
C)  Depreciation may only be reported as a charge in total to the general government. 
D)  Fiduciary activities are only reported if they qualify as a major fund.

Question 14

Which of the following is true regarding fiduciary fund financial statements?

Accepted Answer

A)  Fiduciary fund financial statements include the Statement of Fiduciary Net Position, the Statement of Changes in Fiduciary Net Position, and the Statement of Cash Flows prepared using the direct method. 
B)  Fiduciary fund financial statements are prepared on the current financial resources measurement focus and modified accrual accounting. 
C)  Both A and B are true. 
D)  Neither A nor B is true. 
A)  Fiduciary fund financial statements include the Statement of Fiduciary Net Position, the Statement of Changes in Fiduciary Net Position, and the Statement of Cash Flows prepared using the direct method. 
B)  Fiduciary fund financial statements are prepared on the current financial resources measurement focus and modified accrual accounting. 
C)  Both A and B are true. 
D)  Neither A nor B is true.

Question 15

The following General Fund information is available for the preparation of the financial statements for the City of Pine Cove for the year ended December 31, 2017.
 $\begin{array}{lr}
\text{Revenue}\
\text { Property taxes } & \$ 26,400,000 \
\text { Sales taxes } & 10,150,000 \
\text { Fines and forfeits } & 1,320,000 \
\text { Licenses and permits } & 2,160,000 \
\text { Intergovernmental } & 890,000 \
\text { Investment earnings } & 660,000\
\text {Expenditures: }\
\text {Current: }\
\text { General government } & 8,200,000 \
\text { Public safety } & 21,000,000 \
\text { Public works } & 6,300,000 \
\text { Health and sanitation } & 1,200,00 \
\text { Culture and recreation } & 12,160,00\
\text{Other}\
\text { Encumbrances } & 100,000 \
\text { Appropriations } & 40,000,000 \
\text { Estimated Revenues } & 42,000,000 \
\text { Transfer to debt service fund } & 1,130,00 \
\text { Special item-proceeds from sale of land } & 760,000 \
\text { Fund balance, January 1, 2017 } & 7,600,000
\end{array}$ 
Required: From the information given above, prepare, in good form, a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances for the City of Pine Cove for the Year Ended December 31, 2017.

Accepted Answer

The answer of The following General Fund information is available...

Question 16

Which of the following is true regarding the government-wide Statement of Net Position?

Accepted Answer

A)  Discretely presented component units are included in a separate column or columns. 
B)  Net Position is displayed in three categories: net investment in capital assets, reserved, and unreserved. 
C)  Both of the above. 
D)  Neither of the above. 
A)  Discretely presented component units are included in a separate column or columns. 
B)  Net Position is displayed in three categories: net investment in capital assets, reserved, and unreserved. 
C)  Both of the above. 
D)  Neither of the above.

Question 17

The Governmental Accounting Standards Board considers the financial reporting entity to include the primary government, but not its component units.

Accepted Answer

A) True 
 B)False

Question 18

Prior-year data may be presented but are not required on government-wide statements

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A)  The government-wide financial statements are not required to present prior-year data. 
B)  The government-wide financial statements include a Statement of Net Position and a Statement of Activities, but not a Statement of Cash Flows. 
C)  The government-wide financial statements include capital assets, including infrastructure, and reflect depreciation, except for infrastructure using the modified approach. 
D)  All of the above are true. 
A)  The government-wide financial statements are not required to present prior-year data. 
B)  The government-wide financial statements include a Statement of Net Position and a Statement of Activities, but not a Statement of Cash Flows. 
C)  The government-wide financial statements include capital assets, including infrastructure, and reflect depreciation, except for infrastructure using the modified approach. 
D)  All of the above are true.

Question 20

GASB requires governments to prepare cash flows from operating activities using the indirect method for a proprietary fund.

Accepted Answer

A) True 
 B)False

Which of the following is included in Required supplementary Information RSI?

GASB provides guidance for determining when a primary government should include a legally separate organization in its financial report. Outline the criteria for inclusion.

The statistical section of the CAFR contains the combining schedules of non-major funds.

What are the five categories of fund balance on a Governmental Funds Balance Sheet?

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

Where in the CAFR would one find the long-term liability for revenue bonds paid from the revenues of an enterprise fund?

Identify three items often found in Required supplementary Information.

The total fund balances presented in Governmental Funds Statements are different from the total Net Position on the government-wide Statement of Net Position. Which of the following is not a reason for this difference?

Direct expenses are required to be reported by function in Government-wide statements. Which of the following would not be an appropriate category?

Which of the following is true regarding component units?

Which of the following is true regarding the proprietary funds statements?

Which of the following is true regarding Management's Discussion and Analysis MD&A?

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

Which of the following is true regarding fiduciary fund financial statements?

Which of the following is true regarding the government-wide Statement of Net Position?

The Governmental Accounting Standards Board considers the financial reporting entity to include the primary government, but not its component units.

Prior-year data may be presented but are not required on government-wide statements

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

GASB requires governments to prepare cash flows from operating activities using the indirect method for a proprietary fund.

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

Which of the following is included in Required supplementary Information RSI?

GASB provides guidance for determining when a primary government should include a legally separate organization in its financial report. Outline the criteria for inclusion.

The statistical section of the CAFR contains the combining schedules of non-major funds.

What are the five categories of fund balance on a Governmental Funds Balance Sheet?

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

Where in the CAFR would one find the long-term liability for revenue bonds paid from the revenues of an enterprise fund?

Identify three items often found in Required supplementary Information.

The total fund balances presented in Governmental Funds Statements are different from the total Net Position on the government-wide Statement of Net Position. Which of the following is not a reason for this difference?

Direct expenses are required to be reported by function in Government-wide statements. Which of the following would not be an appropriate category?

Which of the following is true regarding component units?

Which of the following is true regarding the proprietary funds statements?

Which of the following is true regarding Management's Discussion and Analysis MD&A?

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

Which of the following is true regarding fiduciary fund financial statements?

Which of the following is true regarding the government-wide Statement of Net Position?

The Governmental Accounting Standards Board considers the financial reporting entity to include the primary government, but not its component units.

Prior-year data may be presented but are not required on government-wide statements

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

GASB requires governments to prepare cash flows from operating activities using the indirect method for a proprietary fund.

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