687826
Descripción
Test por turquoise_cat, actualizado hace más de 1 año
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Creado por turquoise_cat
hace más de 10 años
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Pregunta 1
Pregunta
Which of the following is not a category found in the statistical section of the comprehensive annual financial report (CAFR)?
Respuesta
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Expenditure trend information.
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Revenue capacity information.
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Demographic and economic information.
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Debt capacity information.
Pregunta 2
Pregunta
Which of the following kinds of information would not be provided by management's discussion and analysis (MD&A)?
Respuesta
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A narrative explanation of the contents of the CAFR.
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A description of the government's financial condition.
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A forecast of revenues and expenditures for the next three fiscal years.
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A discussion of economic factors and the budget and tax rates approved for the next year.
Pregunta 3
Pregunta
Which of the following is evidence of fiscal independence for the purpose of considering whether one legally separate organization is a component unit of another?
Respuesta
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The potential component unit is precluded from issuing long-term debt.
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The potential component unit raises taxes without the approval of the primary government.
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The budget of the potential component unit must be approved by the primary government.
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The potential component unit sets user charges with approval of the primary government.
Pregunta 4
Pregunta
Under GASB standards, if a government only has six governmental funds and two enterprise funds how many basic financial statements would it prepare?
Respuesta
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Five.
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Six.
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Seven.
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Nine.
Pregunta 5
Pregunta
Under GASB standards, where are nonmajor funds are reported?
Respuesta
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In the management's discussion and analysis preceding the financial statements.
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In aggregate amounts in a single column in the fund financial statements.
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In a note disclosure following the financial statements.
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In the government-wide financial statements.
Pregunta 6
Pregunta
The comprehensive annual financial report (CAFR) of a government should contain a statement of revenues, expenses, and changes in net position for
Respuesta
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Both proprietary and governmental funds.
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Governmental but not proprietary funds.
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Proprietary but not governmental funds.
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Both proprietary and fiduciary funds.
Pregunta 7
Pregunta
Some governments provide to their citizens highly condensed financial information, budget summaries, and narrative descriptions. This report is called a(an)
Respuesta
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Comprehensive annual financial report.
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Basic financial statements.
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Required supplementary information.
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Popular report.
Pregunta 8
Pregunta
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?
Respuesta
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The primary government is entitled to its share of any dividends distributed by the PCU.
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The primary government is obligated to provide financial support to the PCU.
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The primary government is obligated for the PCU's debt.
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The primary government is entitled to the PCU's resources.
Pregunta 9
Pregunta
Combining financial statements for nonmajor funds of a government should be included
Respuesta
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In the basic financial statements.
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In the notes to the financial statements.
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As a part of the financial section of the comprehensive annual financial report (CAFR).
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As part of the statistical section of the comprehensive annual financial report (CAFR).
Pregunta 10
Pregunta
Which of the following is a required program revenue category in the government-wide statement of activities?
Respuesta
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Special assessments.
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Operating grants and contributions.
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Sales taxes.
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Transfers.
Pregunta 11
Pregunta
If a component unit is, in substance, a part of the primary government, its financial data should be reported:
Respuesta
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In a separate column from that of the primary government.
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By discrete presentation.
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By blending.
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All of the statements are acceptable methods of display.
Pregunta 12
Pregunta
The primary criterion considered in determining whether a potential component unit should be reported as part of the governmental reporting entity is:
Respuesta
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Financial interdependence.
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Financial accountability.
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Political responsibility.
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Taxing authority.
Pregunta 13
Pregunta
Six of the nine members of the board of trustees of the Clinton Sewer District are appointed by the village council of Clinton and the council has the power to remove board members at its discretion. In addition, the village must approve any bond issues of the sewer district and is secondarily obligated to pay debt service on bonds recently issued by the district to construct a new sewage treatment plant, should sewage revenues be insufficient to make principal and interest payments. Based on the GAAP criteria for defining the reporting entity it would appear that:
Respuesta
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Financial data for the sewer district should be reported as part of the Village of Clinton reporting entity.
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The sewer district is financially dependent on the primary government.
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The village has the ability to impose its will on the sewer district.
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All of the statements are correct.
Pregunta 14
Pregunta
A majority of the members of the Jamestown library board are appointed by the city council of Jamestown, but the city council has no power to remove members for cause (removal requires a recall petition vote by voters of the Library District). The Library District is a separate legal entity. The library board has the power to levy its own property taxes and, with the approval of a majority of registered voters in the district, can issue tax-exempt bonds. Although the Library District must submit an informational copy of its annual budget to the city council, the council's approval is not required. The city has no obligation to subsidize the Library District's operations and has no obligation for its debt. The city has no claim on any financial resources of the Library District. Based on the GAAP criteria for defining the reporting entity it would appear that:
Respuesta
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The city council is able to impose its will on the Library District.
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The Library District is a component unit of the city reporting entity.
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The Library District is not a component unit of the city reporting entity.
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Both The city council is able to impose its will on the Library District and The Library District is a component unit of the city reporting entity are correct.
Pregunta 15
Pregunta
Which of the following is correct regarding interim financial reports?
Respuesta
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Interim reporting is highly recommended for sound financial administration.
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GASB standards require quarterly reports.
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The Securities and Exchange Commission requires state or local governments with outstanding public debt to provide quarterly financial reports to bondholders.
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Both GASB standards require quarterly reports and The Securities and Exchange Commission requires state or local governments with outstanding public debt to provide quarterly financial reports to bondholders are correct.
Pregunta 16
Pregunta
The three sections of a comprehensive annual financial report (CAFR) prepared in conformity with GASB standards are the:
Respuesta
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MD&A, basic financial statements, and notes to the financial statements.
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Introductory, financial, and statistical sections.
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MD&A, financial, and statistical sections.
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Audit, MD&A, and the financial section.
Pregunta 17
Pregunta
Under GASB standards, the financial section of a comprehensive annual financial report (CAFR) includes:
Respuesta
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Basic financial statements that include both government-wide and fund financial statements.
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Combining statements and individual fund statements.
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Required supplementary information.
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All of the statements are correct.
Pregunta 18
Pregunta
Which of the following items is recommended for inclusion in the introductory section of a CAFR?
Respuesta
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Management's discussion and analysis (MD&A).
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Audit report.
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Letter of Transmittal.
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All of these items are recommended for inclusion in the introductory section.
Pregunta 19
Pregunta
Under the GASB reporting model, which of the following is not a basic financial statement?
Respuesta
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Schedule of revenues, expenditures, and changes in fund balance—budget and actual.
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Statement of activities.
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Statement of revenues, expenses, and changes in fund net position—proprietary funds.
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Statement of changes in fiduciary net position.
Pregunta 20
Pregunta
Under the GASB reporting model, net position in the government-wide statement of net position should be divided into the categories of:
Respuesta
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Reserved, unrestricted—designated, unrestricted—undesignated.
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Net investment in capital assets, restricted, and unrestricted.
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Unrestricted, temporarily restricted, and permanently restricted.
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None of the answers are correct.
Pregunta 21
Pregunta
Which of the following is not a true statement regarding a management's discussion and analysis (MD&A) prepared by a state or local government?
Respuesta
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The MD&A should provide an overview of the government's financial activities and financial highlights.
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The MD&A should provide a narrative explanation of the contents of the CAFR.
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The MD&A should provide management's long-term forecast of the government's financial condition.
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The MD&A should describe the government's financial condition, financial trends of the government as a whole and of its major funds, budgetary highlights, and activities affecting capital assets and related debt.
Pregunta 22
Pregunta
Which of the following statements is true regarding the basic financial statements prepared for governmental funds in the GASBS reporting model?
Respuesta
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The governmental funds financial statements display totals for each fund type in separate columns.
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The governmental funds financial statements display financial information for each major governmental fund in separate columns and display the totals for all nonmajor governmental funds in a single column.
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The governmental fund financial statements are prepared using the accrual basis of accounting and the economic resources measurement focus.
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The governmental funds balance sheet reports general capital assets, net of depreciation, and general long-term liabilities.
Pregunta 23
Pregunta
Which of the following best represents the format for the government-wide statement of activities?
Respuesta
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Function/program expenses – program revenues = net (expenses) revenues –/+ general revenues = change in net position.
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Operating expenses – operating revenues +/- nonoperating revenues (expenses) = change in net position.
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Operating revenues – operating expenses +/- nonoperating revenues (expenses) = change in net position.
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Program revenues – function expenses + general revenues = net change in position.
Pregunta 24
Pregunta
Among other categories, the statistical section of a CAFR prepared in conformity with GASB standards should provide 10-year trend information relating to:
Respuesta
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Financial information.
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Revenue capacity.
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Debt capacity.
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All of the statements are correct.
Pregunta 25
Pregunta
In preparing financial information to be reported in the Governmental Activities column of the government-wide statement of activities, depreciation expense is usually reported as:
Respuesta
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Part of the various program expenses.
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A separate line-item below the program expenses.
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A separate line-item below general revenues in the lower part of the statement.
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All of the statements are permissible under GASB standards.
Pregunta 26
Pregunta
Which of the following would be added to total fund balances in the governmental funds balance sheet to reconcile the amount to reported total net position, governmental activities, on the government-wide statement of net position?
Respuesta
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Capital assets used in governmental activities.
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Long-term liabilities reported in governmental activities.
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Accumulated depreciation on capital assets used in governmental activities.
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Both Capital assets used in governmental activities and Accumulated depreciation on capital assets used in governmental activities would be added.
Pregunta 27
Pregunta
When reconciling the net change in fund balances on the statement of revenues, expenditures and changes in fund balances—governmental funds to the governmental activities change in net position on the government-wide statement of activities which of the following would be added?
Respuesta
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Depreciation expense for the year.
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The proceeds of new bond issuances.
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Repayment of long-term debt.
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Both Depreciation expense for the year and The proceeds of new bond issuances are correct statements.
Pregunta 28
Pregunta
A city has an ordinance passed by its city council indicating that resources received from a user charge can be used only for a specified purpose. Which of the following fund balance classifications would be used to report the resources related to the user charge?
Respuesta
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Restricted fund balance.
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Committed fund balance.
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Assigned fund balance.
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Unassigned fund balance.
Pregunta 29
Pregunta
Which of the following fund balance classifications would be used by the city's permanent fund to report its endowment resources on its balance sheet?
Respuesta
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Restricted fund balance.
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Committed fund balance.
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Assigned fund balance.
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Nonspendable fund balance.
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