Expenses that are specifically identified with a program or function are reported in the government-wide statement of activities as: a. Specific expenses. b. Direct expenses. c. Incremental expenses. d. Program expenses
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Q: governmental funds
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- Which of the following is not a category of program revenue reported on the statement of activities at the government wide level? a. General program revenue b. Charge for services c. Operating grants and contribution d. Capital grants and contributionThe government-wide statement of activities includes which of the following characteristics (may be more than one): Net program expense is a measure of the extent to which a program is self-financing (versus needs subsidies from general revenue) Calculates net program revenue or expense by subtracting applicable revenues from expenses Internal balance is reported as a transfer between activitiesGovernment-wide financial statements make a distinction between program revenues and general revenues. How is that difference shown? Choose the correcta. Program revenues are offset against the expenses of a specific function; general revenues are assigned to governmental activities and business-type activities in general.b. General revenues are shown at the top of the statement of revenues and expenditures; program revenues are shown at the bottom.c. General revenues are labeled as operating revenues; program revenues are shown as miscellaneous income.d. General revenues are broken down by type; program revenues are reported as a single figure for the government.
- Which of the following funds provides goods and services only to other departments or agencies of the government on a cost-reimbursement basis? Group of answer choices a.) Internal service funds b.) Enterprise funds c.) Special revenue fundsGovernment-wide financial statements make a distinction between program revenues and general revenues. How is that difference shown? Program revenues are offset against the expenses of a specific function; general revenues are assigned to governmental activities and business-type activities in general. General revenues are shown at the top of the statement of revenues and expenditures; program revenues are shown at the bottom. General revenues are labeled as operating revenues; program revenues are shown as miscellaneous income. General revenues are broken down by type; program revenues are reported as a single figure for the government.Explain the adjustments necessary to convert to a government-wide statement of activities, assuming all expenditures are for capital assets and other finance sources are the result of issuance of general long-term obligations.
- In a governmental fund, which of the following is considered an expenditure? a. The purchase of a capital asset b. The consumption of supplies c. Salaries earned by employees d. All of the aboveOn what should the governmental fund financial statements report? Multiple Choice Cost of government services. Net position and results of financial operations of the government as a whole. Fiscal accountability. Operational accountability.custodial fund assets and liabilities are to be recognized: When the earnings process is complete and collection is reasonably assured At the time the government becomes responsible for assets. When they are available and measurable Only in the government wide financial statements.
- For governmental funds, what measuring emphasis is utilized in the fund financial statements, and what mechanism is used to establish the timing of income and expenditure recognition?In the statement of activities,a. all expenses are subtracted from all revenues to get net income.b. the net program expense (revenue) for major functions and programs of the primary government and its component units are presented before general revenues.c. tax revenues designed to benefit the whole government are considered program revenues.d. extraordinary items are those that are either unusual in nature or infrequent in occurrence.Discuss the purpose of the capital projects fund, debt service fund, and permanent fund. Describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments accounting standards?