Which of the following entities is least likely to be included as a blended component unit in a county government’s financial statements
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Which of the following entities is least likely to be included as a blended component unit in a county government’s financial statements?
| a. |
County library, funded by general obligation bonds |
|
| b. |
Tobacco settlement financing authority, whose board members are appointed by the county |
|
| c. |
County water authority, funded by debt secured by water revenues |
|
| d. |
County building authority, whose board members are appointed by the county |
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- Which of the following is not a power that a municipality must have to be considered fiscally independent of other governments? A.) To determine its budget B.) To levy taxes and set rates C.) To establish debt limitations D.) To issue bondsA city starts a public library that has separate incorporation and gets some of its money for operations from the state and some from private donations. Indicate whether each of the following independent statements is true or false and briefly explain each answer. If the city appoints 9 of the 10 directors, it must report the library as a component unit. If the library is a component unit and its financial results are shown as part of the governmental activities of the city, it is known as a blended component unit. If the library appoints its own board but the city must approve its budget, the library must be reported as a blended component unit.The City of Francois, Texas, has begun the process of producing its current comprehensive annual financial report (CAFR). Several organizations that operate within the city are related in some way to the primary government. The city’s accountant is attempting to determine how these organizations should be included in the reporting process.a. What is the major criterion for inclusion in a government’s CAFR?b. How does an activity or function qualify as a special purpose government?c. How is the legal separation of a special purpose government evaluated?d. How is the fiscal independence of a special purpose government evaluated?e. What is a component unit, and how is it normally reported on government-wide financial statements?f. How does a primary government prove that it can impose its will on a component unit?g. What is meant by the blending of a component unit?
- Which of the following is an example of activities that are likely to be accounted for in a government's general fund? a. sales taxes collected by a state on behalf of counties within the state b. donations that must be kept intact, but whose income must be used to beautify parks c. property taxes levied and collected. d. electricity utilities of government that are financed by user chargesThe basic financial statements of a state or local government include all of the following except: a. A MD&A. b. Government-wide financial statements. c. Fund financial statements. d. Notes to the financial statements.How has the dual system of financial statements impacted the financial reporting of state and local governments?
- Which of the following is true regarding financial reporting under GASB Statement No. 34?a. A comparison of budget and actual revenues and expenditures for the general fund is required as part of the basic financial statements.b. Infrastructure must be recorded and depreciated as part of the statement of activities in the basic financial statements.c. Public colleges and universities are to report in exactly the same manner as private colleges and universities.d. Special purpose governments that have only business-type activities are permitted to report only the financial statements required for enterprise funds.Which of the following has the least amount of official authority for the financial reporting of state and local governments? Choose the correct.a. GASB Technical Bulletins.b. GASB Statements of Governmental Accounting Standards.c. GASB Concepts Statements.d. GASB Implementation Guides.Taxes collected and held by Dunne County for a school district would be accounted for in which of the following funds? a. Trust b. Agency c. Special revenue d. Internal service
- Which of the following items is not recognized as revenue by a governmental unit? Group of answer choices a.) Sales tax proceeds b.) Bond proceeds c.) Property tax leviesdiscuss five ways used by the national government to demand budgetary accountability by the county government.Identify the types of financial statements issued annually by federal agencies. Compare and contrast them against the financial statements issued by a state government and a for-profit business. Discuss why there is a difference between the three.