Term
| Which of the following is identified by the GASB as the cornerstone of all financial reporting in government. |
|
Definition
|
|
Term
| Which is not an objective of financial reporting by state and local governments. |
|
Definition
| To assist users in assessing the adequacy of systems and controls. |
|
|
Term
| One of the minimum requirement for general purpose external financial reporting is: |
|
Definition
|
|
Term
| Which would be include in a properly prepared comprehensive annual financial report, but no in the minimum requirements for general purpose financial reporting specified by GASB standards. |
|
Definition
| Combining and individual fund financial statements. |
|
|
Term
| A statistical section should be included in |
|
Definition
| a comprehensive annual financial report. |
|
|
Term
| Which would typically not be included in the introductory section of a CAFR? |
|
Definition
| Summary of the government's current financial position and results of financial activities. |
|
|
Term
| On what should the government-wide financial statements report? |
|
Definition
| Net position and results of financial operations of the government as a whole. |
|
|
Term
| On what should the governmental fund financial staatements report? |
|
Definition
|
|
Term
| Recognizing revenues when measurable and available for paying current obligations and expenditures when incurred describes which basis of accounting? |
|
Definition
|
|
Term
| Which is a difference between financial reporting for internal service and enterprise funds? |
|
Definition
| Internal service funds are generally reported in the governmental activities column of the government-wide financial statements. |
|
|
Term
| Which is not a characteristic of a fund as defined by GASB standards? |
|
Definition
| A segregated quantity of cash and other financial resources on deposit with a designated trustee. |
|
|
Term
| GASB is assigned responsibility for setting accounting and financial reporting standards for... |
|
Definition
| Stte and local government entities and governmentally-related units and agencies, such as utilities, authorities, hospitals, and colleges and universities. |
|
|
Term
| capital assets used by departments accounted for by the general fund of a governmental unit should be accounted for in... |
|
Definition
| The governmental activities journal |
|
|
Term
| Which best describes the recommended format for the government-wide statement of activities? |
|
Definition
| Expenses minus program revenues plus general revenues equal change in net position. |
|
|
Term
| Which are reported in the function/programs section of the statement of activities at the government-wide level where they reduce the net expense of each function or program or produce a net revenue. |
|
Definition
|
|
Term
| If supplies that were ordered by a department financed by the general fund are received at an actual price that is less than the estimate price on the purchase order, the department's available balance of appropriations for supplies will be... |
|
Definition
|
|
Term
| Under the dual-track accounting approach used in the text, which of the following transactions or events would be recorded in the general journal for governmental activities at the government-wide level? |
|
Definition
| Recording the annual budge, property tax levy, and payroll |
|
|
Term
| The city of Tipton received 100 acres of land located in the city limits as a gift from a local property owner for use as a city park. The debit for the entry to record this event in the general fund should be to... |
|
Definition
| No entry is required in the general fund |
|
|
Term
| Which is properly reported as an other financing source by the general fund? |
|
Definition
|
|
Term
| Accountability for capital assets used by departments accounted for by the governmental funds of a governmental unit should be established in... |
|
Definition
| The governmental activities accounts at the government-wide level |
|
|
Term
| For which would bond discount or premium be amortized? |
|
Definition
| Bonds issued: yes; Bonds held as investments: no |
|
|
Term
| Which of the following may properly be reported as a component of equity in the proprietary fund statement of net assets? |
|
Definition
|
|
Term
| What type of fund is recommended for municipal solid waste landfills? |
|
Definition
|
|
Term
| Fiduciary funds use a basis of accounting similar to which of the following funds? |
|
Definition
|
|
Term
| Which is the appropriate basis of accounting for an agency fund? |
|
Definition
|
|
Term
| An investment trust fund is used to report the net position available to the: |
|
Definition
| External participants only. |
|
|
Term
| Which of the statements concerning agency funds is true? |
|
Definition
| Agency funds are reported only on the statement of fiduciary net position. |
|
|
Term
| Which statement regarding the financial reporting of agency funds is not true? |
|
Definition
| Agency fund financial information is reported in a separate column of the government-wide statement of activities. |
|
|
Term
| Which statement concerning the reporting of expenses on the statement of activities is true? |
|
Definition
| Expenses are reported before program and general revenue |
|
|
Term
| On the statement of revenues, expenditures, and changes in fund balance for governmental funds, how are capital outlays reported? |
|
Definition
| As a separate line item in the expenditures section of the statement. |
|
|
Term
| In reconciling the net chance in fund balances to the change in net position of governmental activities, which would be added to the change in net position of governmental activities |
|
Definition
| Construction of capital assets |
|
|
Term
| The CAFR of a government should contain a statement of revenues, expenses, and changes in net position for: |
|
Definition
| Proprietary but not governmental funds |
|
|
Term
| GASB standards require that governmental fund financial statements include which of the following? |
|
Definition
|
|
Term
| Under GASB standards, if a government only has six governmental funds and two enterprise funds, how many basic financial statements would it prepare? |
|
Definition
|
|
Term
| Which is one of the most important reasons for evaluating a government's financial performance? |
|
Definition
| Have an early warning of impending financial difficulty for a diverse set of decision makers. |
|
|
Term
| A measure of whether the government lived within its means in the measurement year, was required to use prior ear resources to fund a portion of current year costs, or shifted the funding of some current year costs to future periods, is: |
|
Definition
| total revenues/total expenditures. |
|
|
Term
| After financial ratios are calculated, the results should be compared to any of the following except: |
|
Definition
| Budgeted information for the government for the upcoming year. |
|
|
Term
| Which ratio, would be most helpful in assessing the operating position of a governmental entity? |
|
Definition
| General fund balance/operating revenues |
|
|
