31 Jan Neither the government-wide
Question 1
(CO A) Per the GASB, which of the following is the cornerstone of governmental financial reporting?
Reliability
Accountability
Transparency
Interperiod equity
Question 2
(CO B) A minimum requirement for external governmental reporting is
transmittal letter.
statistical information.
management discussion & analysis.
individual fund statement combinations.
Question 3
(CO B) A core governmental activity is
finance and budget.
central purchasing.
employee pension fund.
culture and recreation.
Question 4
(CO C) Which of the following must be accounted for using the modified accrual basis of accounting?
Governmental and internal service funds
Governmental and fiduciary funds
Governmental funds
Proprietary and fiduciary funds
Question 5
(CO D) All of the following are program revenues reported on the government-wide statement of activities except
operating grants and contributions.
general program revenues.
service charges.
capital grants and contributions.
Question 6
(CO D) Which of the following reports both current and noncurrent assets and liabilities?
Only the government-wide statement of net position
Both the general fund balance sheet and the government-wide statement of net position
Neither the government-wide statement of net position nor the general fund balance sheet
Only the general fund balance sheet
Question 8
(CO C) Explain what the five governmental funds, two proprietary funds, and four fiduciary funds have in common with the funds in the same category. Why are the funds within each of the categories different from the funds in the other two categories?
Question 9
(CO B) When would a component entity of a government be blended into the financial statements of the government and not shown as a discretely presented column on the financial statements?
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