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Under the requirements for a Statement of Cash Flow, what sections must be included in the statement? 1) Operating cash flows 2) Cash Flows from noncapital financing 3) Capital and related financing cash flows 4) Investing cash flows


A) 1, 2, 4, and interfund transfers in
B) 1, 2, 3, 4
C) 2, 3, 4, and cash receipts from taxes
D) 1, 2, 3, and cash receipts from taxes

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Key characteristics of the statement of net assets include all of the following except:


A) general long-term liabilities at face value only
B) all capital assets
C) depreciation on capital assets except for certain infrastructure exceptions
D) interfund payables and receivables between governmental funds are eliminated

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The Single Audit Act requires that a governmental unit have a single audit if they


A) receive any Federal Funds even on a pass-through basis.
B) are not in compliance with the Federal grant conditions.
C) receive more than $300,000 in Federal funds annually.
D) only receive one Federal grant.

Correct Answer

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The GASB Statement No. 34 reporting model includes, but is not limited to which of the following reports?


A) Government-wide financial statements
B) a management discussion and analysis section
C) funds based financial statements
D) all of the above

Correct Answer

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GASB Statement No. 34 requires a separate set of financial statements for each of the three categories of funds. Prepare an analysis of the basic types of fund categories, what the measurement focus is and the basis of accounting, and which basic financial statements are needed.

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The purpose of the Management Discussion and Analysis section is


A) to give a concise overview and analysis of the financial statements
B) to provide detailed cost information relating to providing services to citizens
C) pension cost calculations for the governmental unit
D) detailed information about short term spending and fiscal compliance

Correct Answer

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The City of Terrytown reports the following information: The City of Terrytown reports the following information: There are no business type activities for this city or other component units. Taxes raised for general revenues equal $200,000 and taxes raised for debt service equal $25,000. Other general revenues were generated through fines, fees, and permits that total $100,000. The city also sold a plot of land for a gain of $10,000. The beginning of the year net assets totaled $155,000. Required: Prepare a statement of activities schedule for the city. There are no business type activities for this city or other component units. Taxes raised for general revenues equal $200,000 and taxes raised for debt service equal $25,000. Other general revenues were generated through fines, fees, and permits that total $100,000. The city also sold a plot of land for a gain of $10,000. The beginning of the year net assets totaled $155,000. Required: Prepare a statement of activities schedule for the city.

Correct Answer

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Governmental entities are required to present fund financial statements for the governmental funds based on the modified accrual basis of accounting and government-wide financial statements where all funds, included the governmental funds, are presented using the accrual basis of accounting. Explain the required reconciliations and describe the major reconciling items.

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The first reconciliation is that of the ...

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Briefly discuss the minimum requirements of the Management Discussion and Analysis section in the comprehensive annual financial report.

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The management's discussion and analysis...

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