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Exam 3: Government Financial Reporting

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Question 1

Multiple Choice

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Which of the following would NOT be found in the Statement of Net Assets of Teton City?

A) Cash.
B) Capital assets.
C) Receivable from special revenue fund.
D) Inventories.

Correct Answer

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C

Question 2

Multiple Choice

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__________ is the responsibility of governments to justify that their actions in the current period have complied with public decisions concerning the raising and spending of public moneys in the short term.

A) Fund accountability.
B) Fiscal accountability.
C) Operational accountability.
D) Government accountability.

Correct Answer

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Question 3

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A governmental funds balance sheet does not include capital or other noncurrent assets.

In the fund financial statements, the statements for the fiduciary funds should be prepared using

In addition to government-wide statements, GASB Statement No.34 requires fund financial statements be included in the government's basic set of financial statements.The basic fund financial statements that should be included for proprietary funds are

In addition to preparing fund financial statements, governments should also prepare consolidated financial statements to provide information on the financial position and operating results of the government as a single economic entity.

How many government-wide statements is a municipality required to prepare?

Fund balance is equal to fund assets plus fund liabilities.

The focus of the Statement of Activities of the city of West Hills is on which of the following?

To prepare their government-wide statements, governments must adjust the governmental fund statements from the full accrual basis to the modified accrual basis.

The format that may now be used for the government-wide statement of net assets is "assets plus liabilities equals net assets."

Which of the following would NOT be found in the business-type activity column of the government-wide Statement of Net Assets of the City of Smithville?

The government-wide statement of activities bears little resemblance to the income statement of a business.

In the fund financial statements, the statements for the governmental funds should be prepared using

Per Statement No.34, the GASB requires that governments present their budget versus actual comparisons on a __________ and include a schedule that reconciles the actual amounts per the budgetary comparison with the GAAP amounts per the financial statements.

In the fund financial statements, the statements for the proprietary funds should be prepared using

__________ is governments' responsibility to report the extent to which they have met their operating objectives efficiently and effectively, using all resources available for that purpose, and whether they can continue to meet their objectives for the foreseeable future.

Fiduciary activities should be reported in fund statements, but should be excluded from the government-wide statements.

The Basic Financial Statements of a city do not include which of the following?

In addition to government-wide statements, GASB Statement No.34 requires fund financial statements be included in the government's basic set of financial statements.The basic fund financial statements that should be included for governmental funds are