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

In addition to government-wide statements, governments are required to prepare fund financial statements within which three categories of funds?

(Short Answer)

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Question 121

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

(Multiple Choice)

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Question 122

Which of the following is true regarding the Budgetary Comparison Schedule?

(Multiple Choice)

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Question 123

Prior-year data is required for government-wide financial statements.

(True/False)

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Question 124

A reconciliation from Enterprise funds statements to government-wide statements is not necessary because …

(Multiple Choice)

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Question 125

Which of the following is true about the combining financial statements?

(Multiple Choice)

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Question 126

Which of the following is true regarding GASB's definition of the financial reporting entity?

(Multiple Choice)

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Question 127

Prior-year data are required to be presented on government-wide statements

(True/False)

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Question 128

Governmental fund financial statements include columns for the General Fund and all other "major" governmental funds.

(True/False)

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Question 129

When preparing fund basis financial statements, any funds not reported separately are aggregated and reported in a single column under the label nonmajor funds.

(True/False)

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Question 130

Entities which are determined to be component units of state and local governmental units must be discretely presented in the financial statements.

(True/False)

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Question 131

Which of the following is not considered Required supplementary Information RSI?

(Multiple Choice)

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Question 132

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

(Multiple Choice)

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Question 133

Governmental-type fund financial statements include the Balance Sheet and the Statement of Revenues, Expenditures, Changes in Fund Balances, and a Statement of Cash Flows.

(True/False)

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Question 134

The fund balance reported in the Governmental Funds Balance Sheet must equal the total Net Position in the governmental activities column of the government-wide Statements of Net Position.

(True/False)

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Question 135

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

(Multiple Choice)

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Question 136

List the fund financial statements required by GASB for governmental type funds.

(Short Answer)

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Question 137

In addition to a Statement of Net Position, what statements are required in the government-wide Financial Statements?

(Multiple Choice)

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Question 138

The government-wide financial statements do not include a Statement of Cash Flows.

(True/False)

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Question 139

Notes to the financial statements must distinguish between the primary government and discretely presented component units.

(True/False)

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Question 140

Showing 121 - 140 of 145

In addition to government-wide statements, governments are required to prepare fund financial statements within which three categories of funds?

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

Which of the following is true regarding the Budgetary Comparison Schedule?

Prior-year data is required for government-wide financial statements.

A reconciliation from Enterprise funds statements to government-wide statements is not necessary because …

Which of the following is true about the combining financial statements?

Which of the following is true regarding GASB's definition of the financial reporting entity?

Prior-year data are required to be presented on government-wide statements

Governmental fund financial statements include columns for the General Fund and all other "major" governmental funds.

When preparing fund basis financial statements, any funds not reported separately are aggregated and reported in a single column under the label nonmajor funds.

Entities which are determined to be component units of state and local governmental units must be discretely presented in the financial statements.

Which of the following is not considered Required supplementary Information RSI?

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

Governmental-type fund financial statements include the Balance Sheet and the Statement of Revenues, Expenditures, Changes in Fund Balances, and a Statement of Cash Flows.

The fund balance reported in the Governmental Funds Balance Sheet must equal the total Net Position in the governmental activities column of the government-wide Statements of Net Position.

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

List the fund financial statements required by GASB for governmental type funds.

In addition to a Statement of Net Position, what statements are required in the government-wide Financial Statements?

The government-wide financial statements do not include a Statement of Cash Flows.

Notes to the financial statements must distinguish between the primary government and discretely presented component units.

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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