A state or local government must present which financial statements for proprietary funds?
I. A statement of activities
II. A statement in net assets or balance sheet format
III. A statement of cash flows
a) I only
b) I and III only
c) II and III only
d) I,II, and III
Answer: C
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Governmental Accounting
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- A public school district should recognize revenue from property taxes levied for its debt service fund when
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- Which of the following funds of a governmental unit recognizes revenues in the accounting period in which they become available and measureable I. General Fund II. Enterprise fund
- Which of the following fund types used by a government most likely would have a fund balance designated as nonspendable because of an increase in an inventory of supplies?
- Liabilities of a defined benefit pension plan for benefits and refunds are reported in a state or local government's fiduciary fund financial statements using the I. Economic Resources Measurement focus II. Current financial resources measurement focus III. Accrual Basis IV. Modified accrual basis
- Proprietary fund financial statements are prepared using the I. Economic Resources Measurement focus II. Current financial resources measurement focus III. Accrual Basis IV. Modified accrual basis
- Government wide financial statements are prepared using the I. Economic Resources Measurement focus II. Current Financial Resources Measurements Focus III. Accrual Basis IV. Modified accrual basis
- Governmental expenditures for insurance extending over more than one accounting period
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- In which of the following fund types of a city government are revues and expenditures recognized on the same basis of accounting as the general fund?
- How should a city's general fund report the acquisition of a new police car in its governmental fund statement of revenues, expenditures, and changes in fund balances?
- Brandon County's general fund had the following transactions during the year Transfers to a debt service fund $100,000 Payment to a pension trust fun $500,000 Purchase of equipment $300,000 What amount should Brandon County report for the general fund as other financing uses in its governmental funds statement of revenues expenditures, and changes in fund balances?
- A statement of revenues, expenditures, and changes in fund balances must be reported for governmental funds. In that statements,
- A fund must be reported as major if
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- Dale City is accumulating financial resources that are legally restricted to payments of general long-term debt principal and interest maturing in future years. At December 31 of the current year, $5,000,000 has been accumulated for principal payments, and $300,000 has been accumulated for interest payments, These restricted funds should be accounted for in the
- Wood City, which is legally obligated to maintain a debt service fund, issued the following general obligation bonds on July 1:
- Tott City's serial bonds are serviced through a debt service fund with cash provided by the general fund, In the financial statements of the governmental funds, how are cash receipts and cash payments reported?
- Which financial statement must be presented for governmental funds?
- If a city government is the primary reporting entity, which of the following is an acceptable method to present component unites in its combined financial statements?
- Which of the following statements are required to be presented for special purpose governments engaged only in business type activities (such as utilities)?
- How should state appropriations to a state university choosing to report as engaged only in business-type activities be reported in its statement of revenues, expenses and changes in net position
- Users of a government's financial statements should be able to distinguish between the primary government and its component units. Furthermore, an overview of the discretely presented component units should be provided. Accordingly,
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