Which of the following is not a GASB's required statement for proprietary funds? A.) Statement of net position B.) Statement of revenues, expenses, and changes in fund net position C.) Statement of cash flows D.) Statement of changes in fund net position
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Which of the following is not a GASB's required statement for proprietary funds?
A.) Statement of net position
B.) Statement of revenues, expenses, and changes in fund net position
C.) Statement of
D.) Statement of changes in fund net position
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- Proprietary fund financial statements are prepared based on which one of the following basis of accounting? a. Cash basis of accounting b. None of the options c. Modified accrual basis of accounting d. Accrual basis of accountingFiduciary fund financial statements are prepared based on which one of the following basis of accounting? a. None of the options b. Modified accrual basis of accounting c. Cash basis of accounting d. Accrual basis of accountingWhich of the following statements is correct concerning a governmental entity’s combined statement of cash flows?a. Cash flows from capital financing activities are reported separately from cash flows from non-capital-related financing activities.b. The statement format is the same as that of a business enterprise’s statement of cash flows.c. Cash flows from operating activities may be reported using the indirect method.d. The statement format includes columns for the general, governmental, and proprietary fund types.
- Which of the following properly portrays the components of net position for proprietary funds? Multiple Choice Contributed capital, Net investment in capital assets, Reserved, Unreserved. Net investment in capital assets, Restricted, Unrestricted. Designated, Undesignated, Restricted, Unrestricted. Net investment in capital assets, Reserved, Unreserved.In funds flow statement, funds from operations is [A] application of fund [B] source of cash [C] application of cash [D] source of fundIn funds flow statement, outflow of funds on account of operations is [A] application of fund [B] source of cash [C] application of cash [D] source of fund
- Which fund category accounts on a modified accrual basis? What are the revenue and expense recognition requirements for the modified accrual basis of accounting?Prepare a Balance Sheet for the governemental Funds assumiong all unexpended spendable net resources in the capital projects fund are classified as restricted and in the debt service fund are classified as assigned.Does the modified accrual accounting method apply to this kind of fund? What are the requirements for recognizing sales and expenses under the modified accrual accounting method?
- The modified accrual foundation of accounting is used by which fund category? Under the modified accrual basis of accounting, what are the revenue and expenditures recognition rules?Governmental-type funds report on financial assets, capital assets, and near-term liabilities. True FalseThe financial statements of an Enterprise fund are prepared using the Full Accrual Modified Accrual Economic Resources Current Financial Resources Basis Basis Measurement Focus Measurement Focus A.) No Yes Yes No B.) Yes No No Yes C.) No Yes No Yes D.) Yes No Yes No