Government-wide financial statements present the government's financial position using the: Economic resources measurement focus and the accrual basis of accounting.

7. 2. A. Which of the following is a primary objective of financial reporting by state and local governments? To ensure the best experience, please update your browser.

Course Hero, Inc. Providing information via newsletters. Under GASB standards, where are nonmajor funds reported?

3. D. In the government-wide financial statements. Under GASB standards, nonmajor funds are reported A. *A.

D) In the government-wide financial statements. True 2-9 Only those governmental and proprietary funds that meet the GASB size criteria for major funds are reported in separate columns of the governmental and proprietary fund financial statements. D. In aggregate amounts in a single column in the fund financial statements. Course Hero is not sponsored or endorsed by any college or university. Which of the following factors would not indicate that a potential component unit (PCU) imposes a financial burden or provides a financial benefit to the primary government? Comprehensive annual financial report. In the management's discussion and analysis preceding the financial statements.

On the statement of revenues, expenditures, and changes in fund balance for governmental funds, how are capital outlays reported?

The primary government is entitled to its share of any dividends distributed by the PCU. In the management's discussion and analysis preceding the financial statements. Some governments provide to their citizens highly condensed financial information, budget summaries, and narrative descriptions. Pennsylvania State University • ACCTG 471, Northern Virginia Community College • ACC 219, University of Washington, Tacoma • ACCT 550, University of Washington, Tacoma • ACCT 502, Copyright © 2020. This report is called a(an). Fund balances for governmental funds should be segregated into reserved and unreserved categories. Which of the following would increase the governmental activities balance in Net Position—Net Investment in Capital Assets? The comprehensive annual financial report (CAFR) of a government should contain a statement of revenues, expenses, and changes in net position for : The members of the Museum Board of the City of Springfield are appointed by the City of Springfield City Council, which has agreed to finance any operating deficits of the museum. In a note disclosure following the financial statements. A positive unassigned fund balance can be found in which of the following funds? It looks like your browser needs an update.   Terms. In a note disclosure following the financial statements. Which of the following would not be included within the financial section of the CAFR? D. In aggregate amounts in a single column in the fund financial statements.

Which of the following kinds of information would not be provided by management's discussion and analysis (MD&A)? Both general purpose and special purpose governments could be considered examples of primary governments under GAAP. TACCT 550 Ch09 Quiz - Chapter 9 1 Some governments provide to their citizens highly condensed financial information budget summaries and narrative, 8 out of 9 people found this document helpful, 1. Which of the following require a statement of changes in net position?

Interest accrued on Property Taxes Receivable—Delinquent.

Expenses are reported before program and general revenues. 3. Primary government 7 Under GASB standards nonmajor funds are reported A In the from ACCT 550 at University of Washington, Tacoma Are important for budgetary and cash management purposes. Government-wide financial statements plus fund financial statements plus notes. Acquisition of a building to be used by the police department. In aggregate amounts in a single column in the fund financial statements. Which of the following circumstances would indicate that a potential component unit (PCU) should be included as part of the government financial reporting entity? Nonmajor funds should be reported in the aggregate in a separate column. Exchange or nonexchange transactions between a primary government and its component units. B) In aggregate amounts in a single column in the fund financial statements. This preview shows page 1 - 2 out of 3 pages. As a separate line item in the expenditures section of the statement. Basic City's library board is appointed by the city council which has agreed to subsidize the operating costs of the library at a material. Based on generally accepted accounting principles (GAAP) criteria for defining the reporting entity: As a separate line item in the expenditures section of the statement, Combining financial statements for nonmajor funds of a government should be included. Under GASB standards, where are nonmajor funds reported? Under GASB standards, where are nonmajor funds reported?

Which of the following items are typically reported differently between the governmental fund. Under GASB standards, where are nonmajor funds reported? 4. Internal service funds also should be reported in the aggregate in a separate column on the proprietary fund statements. Interfund transfers are reported in the statement of revenues, expenditures, and changes in fund balance when transfers occur among governmental funds. Statement of net position and statement of activities.

Under these conditions: The museum is a component unit of the city. Some governments provide to their citizens highly condensed financial information, budget, summaries, and narrative descriptions. At the end of the fiscal year, $3,000 of the funds had been spent. A forecast of revenues and expenditures for the next three fiscal years. C) In a note disclosure following the financial statements. C. In the management's discussion and analysis preceding the financial statements. Get step-by-step explanations, verified by experts. one of the methods recommended by the GASB for.

Which of the following is not a category found in the statistical section of the comprehensive annual financial report (CAFR)?

D. Disclosure in the notes to the financial statements. statements and the Governmental Activities column of the government-wide statements? In the government-wide financial statements. Under GASB standards, where are nonmajor funds reported? How should the remainder of the funds be reported? To provide information that can be used to assess a government's accountability.

C. In a note disclosure following the financial statements.

Which of the following are government-wide financial statements required by GASB standards? In addition, the city is paying debt service on general obligation bonds issued to construct the library. Which of the following statements concerning the reporting of expenses on the statement of activities is true? What constitutes the basic financial statements of a government?   Privacy The city council of Lake Jefferson passed a resolution to establish a small botanical garden in the city park. Under GASB standards, where are nonmajor funds reported? Generally Accepted Accounting Principles, International Financial Reporting Standards, Analysis of Governmental Financial Performance. B.

C. Presentation as required supplementary information. In the government-wide financial statements.

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