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Which of the following is false regarding government-wide financial statements

Which of the following is false regarding government-wide financial statements?

A)  Government-wide financial statements are prepared using the accrual method of accounting

B)  General capital assets are required to be reported on the government-wide balance sheet.

C)  Worksheet entries are required to change the enterprise fund financial statements to the accrual basis of accounting

D)  GASB requires a reconciliation from fund financial statements to government-wide financial statements

48.With respect to government-wide statement, which of the following statements is correct?

A)GASB requires a reconciliation from proprietary fund financial statements to the government-wide statements business-activities columns from modified accrual accounting to accrual accounting.

B)General capital assets should not be reported as assets in governmental funds but should be reported in the governmental activities column of the government-wide statement of net assets.

C)In addition to the fund basis statement, GASB Statement 34 requires government-wide statements that are prepared on the modified accrual basis using the economic resources measurement focus.

D)Fiduciary activities are reported in the government-wide statements in a separate column.

49.Which of the following funds would not be included in the government-wide financial statements

A)  Private Purpose Trust Fund.

B)  Capital Project Fund.

C)  Enterprise Fund.

D)  Permanent Fund.

50.Which of the following would be included in the Equity section of the Statement of Net Assets?

A)  Retained Earnings.

B)  Unassigned Fund Balance.

C)  Invested in capital assets, net of related debt.

D)  Nonspendable fund balance.

51.In addition to a Statement of Net Assets, which of the following are government-wide statements?

A)   Statement of Revenues, Expenses, and Changes in Fund Net Assets.

B)   Statement of Cash Flows.

C)   Neither A nor B.

D)   Both A and B.

52.Which of the following is not a reconciliation required by GASB?

A)  From governmental fund balance sheet to the Government-wide Statement of

Net Assets.

B)  From governmental fund Statement of Revenues, Expenditures, and Changes

in Fund Balances to the Government-wide Statement of Activities.

C)  From enterprise fund balance sheet to the Government-wide Statement of Net

D)  None of the above, all these reconciliations are required.

53.Which of the following is true regarding revenue recognition for sales taxes, when reporting in the government-wide statements?

A)Assets are recognized when the underlying exchange (retail sale) has occurred or when resources are received, whichever occurs first.

B)Revenues are recognized when the underlying exchange (retail sale) has occurred.

C)Both of the above are true.

D)Neither of the above is true.

54.Which of the following is true regarding revenue recognition for property taxes, when reporting in the government-wide statements?

A)Assets are recognized when an enforceable legal claim has arisen or when resources are received, whichever is first.

B)Revenues are recognized when measurable and available; that is, when collected during the current period or no more than 60 days after the end of the current period.

C)Both of the above are true.

D)Neither of the above is true.

55.When converting from fund basis reporting to government-wide reporting, which of the following would require an adjustment?

A)               Property taxes expected to be collected 61-90 days after the end of the fiscal year.

B)              A state grant received as reimbursement for a summer jobs program.

C)              Sales tax collected for sales from the current year.

D)              Receipt of advance funding on a grant.

56.Which of the following items are added to government-wide financial statements through worksheet journal entries?

A) General Capital Assets.

B) General Long Term Debt.

C) Internal Service Funds servicing governmental departments.

D) All of the above.

Jan 25 2020 View more View Less

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