2 The maximum number of financial statements prepared by any of the three fund categories of government is three. True or False True False
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- Ch2 1 Activities a local government can engage in are classified as governmental, business-type, or fiduciary. True or False 2 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. True or FalseWhich statement is true regarding the ‘‘major’’ funds?a. The general fund is considered major if it is large enough.b. Other funds are considered major if both of the following conditions exist: (1) total assets of that individual governmental or enterprise fund constitute 20% of the governmental or enterprise categories, and (2) total assets are 10% of the total of the governmental and enterprise categories.c. A government cannot choose to reflect a fund as major even if it does not meet the criteria for major funds.d. All of the above are false.2 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. True or False
- Which of the following statements is true? Choose the correct.a. There are three different types of proprietary funds.b. There are three different types of fiduciary funds.c. There are five different types of fiduciary funds.d. There are five different types of governmental funds.(a) Describe the FOUR (4) key accounting concept for public sector financial reporting. (b) Financial reporting in the public sector involves reporting on the government’s financial position and its financial performance. Essentially, it concerns a process of communicating the financial information, whereby elected official make informed choices about how to use the government’s limited resources to best serve the interest of the public. Discuss FOUR (4) objectives of financial reporting. (c) All government revenues and monies received have to be accounted for into a fund known as the Consolidated Fund. Fund Accounting is a self-contained accounting entity with its own assets, liabilities, revenues, expenditures and fund balance. It is the financial accounting techniques adopted and reported in terms of funds in the operating statements and balance sheet of public sector organizations. There are three types of Consolidated Account in the fund. Discuss the…Which of the following statements is true? There are three different types of proprietary funds. There are three different types of fiduciary funds. There are five different types of fiduciary funds. There are five different types of governmental funds.
- 6) Which pronouncements have the highest level of authority for state and local governments? A) Financial Accounting Standards Board Statements B) GASB Statements C) Consensus Positions of GASB Emerging Issues Task Force D) GASB Technical Bulletins 7) The key focus of government fund accounting concerns A) capital expenditures. B) intergovernmental transfers from the general fund. C) income measurement. D) the current ability to provide and fund services and goods. 8) Governmental fund financial statements are prepared on the ________ basis of accounting. Proprietary fund financial statements are prepared on the ________ basis of accounting. A) modified accrual; modified accrual B) accrual; fund C) modified accrual; accrual D) blended; discrete 9) Governmental accounting differs from corporate financial accounting primarily because A) the size of the government and the various levels would make it unreasonable to use corporate GAAP. B) governments lack a profit motive and…6 Which of the following should not be reported on the balance sheet of the General Fund? Multiple Choice Equipment. Vouchers payable. Tax anticipation notes payable. Due from federal government.QUESTION 8 Match the following options - Debt Services - Permanent Fund - Current financial resources - Statement of net assets -Government-wide - Statement of net assets - Proprietary funds 1. Principal and interest payments on general long-term debt. 2. Gifts in which the principal must be invested and preserved but the investment earnings can be used for public purposes. 3. Modified Accrual Accounting 4. Economic Resources 5. Accrual Accounting
- Ch3 5 Which of the following items would not appear in a statement of revenues, expenditures, and changes in fund balances prepared for a governmental fund? Multiple Choice Depreciation expense. Interfund transfers in. Revenues from property taxes. Expenditures for employee salaries. 6. At the end of the fiscal year Encumbrances is closed to Budgetary Fund Balance with a credit. True or FalseWhich of the following funds of a governmental unit recognizes revenues in the accounting period only when they are both available and measurable? General Fund Enterprise Fund a. Yes No b. No Yes c. Yes Yes d. No NoCh2 7 A major governmental fund is one that has one or more elements (e.g., assets, liabilities, revenues, or expenditures) that is at least: Multiple Choice Five percent of the corresponding element(s) of total governmental funds and 10 percent of the corresponding element(s) of total governmental and enterprise funds combined. Ten percent of the corresponding element(s) of total governmental funds and 10 percent of the corresponding element(s) of total governmental and enterprise funds combined. Five percent of the corresponding element(s) of total governmental funds and five percent of the corresponding element(s) of total governmental and enterprise funds combined. Ten percent of the corresponding element(s) of total governmental funds and 5 percent of the corresponding element(s) of total governmental and enterprise funds combined. 8 The basis of accounting that should be used in preparing fund financial statements is:…