Are important for budgetary and cash management purposes. Acquisition of a building to be used by the police department. statements and the Governmental Activities column of the government-wide statements? Under GASB standards, where are nonmajor funds reported? Fund balances for governmental funds should be segregated into reserved and unreserved categories. Both general purpose and special purpose governments could be considered examples of primary governments under GAAP. To provide information that can be used to assess a government's accountability. How should the remainder of the funds be reported? Under GASB standards, nonmajor funds are reported A. Which of the following would increase the governmental activities balance in Net Position—Net Investment in Capital Assets? Which of the following would increase the governmental activities balance in Net Position—Net Investment in Capital Assets? Basic City's library board is appointed by the city council which has agreed to subsidize the operating costs of the library at a material. Under GASB standards, where are nonmajor funds reported? Comprehensive annual financial report. For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! Course Hero is not sponsored or endorsed by any college or university. Under GASB standards, where are nonmajor funds reported? Some governments provide to their citizens highly condensed financial information, budget, summaries, and narrative descriptions. In the management's discussion and analysis preceding the financial statements. B) In aggregate amounts in a single column in the fund financial statements. As a separate line item in the expenditures section of the statement. B. Which of the following would not be included as a reconciling item in reconciling the governmental fund statement of revenues, expenditures, and changes in fund balance to the government-wide statement of activities? Balsam City's library board is appointed by the city council, which has agreed to subsidize the operating costs of the library at a material amount to be determined each year. 2. Interfund transfers are reported in the statement of revenues, expenditures, and changes in fund balance when transfers occur among governmental funds. Based on generally accepted accounting principles (GAAP) criteria for defining the reporting entity: As a separate line item in the expenditures section of the statement, Combining financial statements for nonmajor funds of a government should be included. Which of the following statements concerning the reporting of expenses on the statement of activities is true? 3. The comprehensive annual financial report (CAFR) of a governmental reporting entity should contain a statement of cash flows for: Which of the following terms would be used when describing a primary government? Interest accrued on Property Taxes Receivable—Delinquent. 1. This report is called a(an). Which of the following would not be included within the financial section of the CAFR? C. In a note disclosure following the financial statements. Pennsylvania State University • ACCTG 471, Northern Virginia Community College • ACC 219, University of Washington, Tacoma • ACCT 550, University of Washington, Tacoma • ACCT 502, Copyright © 2020. Which of the following kinds of information would not be provided by MD&A? Government-wide financial statements plus fund financial statements plus notes. It looks like your browser needs an update. This preview shows page 1 - 2 out of 3 pages. C. A forecast of revenues and expenditures for the next three fiscal years. Providing information via newsletters. Expenses are reported before program and general revenues. Privacy C. In the management's discussion and analysis preceding the financial statements. The city council of Lake Jefferson passed a resolution to establish a small botanical garden in the city park. The primary government is entitled to its share of any dividends distributed by the PCU. Combining financial statements for nonmajor funds of a government should be included: C. As a part of the financial section of the CAFR. In the management's discussion and analysis preceding the financial statements. In a note disclosure following the financial statements. 5. This report is called a(an). In the government-wide financial statements. Government-wide financial statements present the government's financial position using the: Economic resources measurement focus and the accrual basis of accounting. Generally Accepted Accounting Principles, International Financial Reporting Standards, Analysis of Governmental Financial Performance. Which of the following is generally considered an other comprehensive basis of accounting (OCBOA) acceptable for governments. B. 3. 4. In aggregate amounts in a single column in the fund financial statements. C. Presentation as required supplementary information. Internal service funds also should be reported in the aggregate in a separate column on the proprietary fund statements. D. In the government-wide financial statements. Under GASB standards, where are nonmajor funds reported? The comprehensive annual financial report (CAFR) of a government should contain a statement of revenues, expenses, and changes in net position for : The members of the Museum Board of the City of Springfield are appointed by the City of Springfield City Council, which has agreed to finance any operating deficits of the museum. C) In a note disclosure following the financial statements. D. In aggregate amounts in a single column in the fund financial statements. At the end of the fiscal year, $3,000 of the funds had been spent. *A. Which of the following is not a category found in the statistical section of the comprehensive annual financial report (CAFR)? Introducing Textbook Solutions. Under GASB standards, if a government only has six governmental funds and two enterprise funds how many basic financial statements would it prepare? GASB standards require that governmental fund financial statements include which of the following? Oh no! In addition, the city is paying debt service on general obligation bonds issued to construct the library. Under GASB standards, where are nonmajor funds reported? Some governments provide to their citizens highly condensed financial information, budget summaries, and narrative descriptions. D. In aggregate amounts in a single column in the fund financial statements. A. In the government-wide financial statements. Which of the following require a statement of changes in net position? On the statement of revenues, expenditures, and changes in fund balance for governmental funds, how are capital outlays reported? The library is a component unit Balsam City's library board is appointed by the city council, which has agreed to subsidize the operating costs of the library at a material amount to be determined each year. D) In the government-wide financial statements. 35. Nonmajor funds should be reported in the aggregate in a separate column. Primary government 7 Under GASB standards nonmajor funds are reported A In the from ACCT 550 at University of Washington, Tacoma B. 34. D. Disclosure in the notes to the financial statements. Which of the following statements concerning interfund transfers is true? 5. Which of the following is a primary objective of financial reporting by state and local governments? A forecast of revenues and expenditures for the next three fiscal years. In aggregate amounts in a single column in the fund financial statements. In aggregate amounts in a single column in the fund financial statements. 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? A) In the management's discussion and analysis preceding the financial statements. Which of the following are government-wide financial statements required by GASB standards? Statement of net position and statement of activities. A. Recognition in the financial statements. Which of the following circumstances would indicate that a potential component unit (PCU) should be included as part of the government financial reporting entity? Which of the following items are typically reported differently between the governmental fund. In a note disclosure following the financial statements. To ensure the best experience, please update your browser. Under GASB standards, where are nonmajor funds reported? Under these conditions: The museum is a component unit of the city. A positive unassigned fund balance can be found in which of the following funds?
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