B) In aggregate amounts in a single column in the fund financial statements. 6. What constitutes the basic financial statements of a government? In the management's discussion and analysis preceding the financial statements. one of the methods recommended by the GASB for. Under GASB standards, where are nonmajor funds reported? In a note disclosure following the financial statements. A positive unassigned fund balance can be found in which of the following funds? In the government-wide financial statements. Under GASB standards, where are nonmajor funds reported? A. The city council of Lake Jefferson passed a resolution to establish a small botanical garden in the city park. Internal service funds also should be reported in the aggregate in a separate column on the proprietary fund statements. A forecast of revenues and expenditures for the next three fiscal years. Oh no! Under GASB standards, where are nonmajor funds reported? D. In aggregate amounts in a single column in the fund financial statements. GASB standards require that governmental fund financial statements include which of the following? To provide information that can be used to assess a government's accountability. It looks like your browser needs an update. C. A forecast of revenues and expenditures for the next three fiscal years. Are important for budgetary and cash management purposes. Both general purpose and special purpose governments could be considered examples of primary governments under GAAP. In aggregate amounts in a single column in the fund financial statements. 3. Which of the following are government-wide financial statements required by GASB standards? 1. 2. B.   Terms. This preview shows page 1 - 2 out of 3 pages. 4. B. *A. 5. Which of the following kinds of information would not be provided by MD&A? Providing information via newsletters. Which of the following require a statement of changes in net position? A. 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. The council decided to put aside funds in the amount of $22,000 to build and establish the botanical garden. This report is called a(an). C. In a note disclosure following the financial statements. A) In the management's discussion and analysis preceding the financial statements. Which of the following is generally considered an other comprehensive basis of accounting (OCBOA) acceptable for governments. Government-wide financial statements present the government's financial position using the: Economic resources measurement focus and the accrual basis of accounting. To ensure the best experience, please update your browser. 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? communicating information to external users of government financial reports? Interest accrued on Property Taxes Receivable—Delinquent. 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. In aggregate amounts in a single column in the fund financial statements. Under these conditions: The museum is a component unit of the city. Which of the following kinds of information would not be provided by management's discussion and analysis (MD&A)? The primary government is entitled to its share of any dividends distributed by the PCU. Under GASB standards, where are nonmajor funds 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. Expenses are reported before program and general revenues. 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. D. In the government-wide financial statements. Comprehensive annual financial report. In the government-wide financial statements. Exchange or nonexchange transactions between a primary government and its component units. Combining financial statements for nonmajor funds of a government should be included: C. As a part of the financial section of the CAFR. D. In aggregate amounts in a single column in the fund financial statements. 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? 35. Get step-by-step explanations, verified by experts. Which of the following would increase the governmental activities balance in Net Position—Net Investment in Capital Assets?   Privacy Which of the following items are typically reported differently between the governmental fund. Course Hero is not sponsored or endorsed by any college or university. Generally Accepted Accounting Principles, International Financial Reporting Standards, Analysis of Governmental Financial Performance. In aggregate amounts in a single column in the fund financial statements. Some governments provide to their citizens highly condensed financial information, budget, summaries, and narrative descriptions. At the end of the fiscal year, $3,000 of the funds had been spent. 3. 5. C. In the management's discussion and analysis preceding the financial statements. Fund balances for governmental funds should be segregated into reserved and unreserved categories. Nonmajor funds should be reported in the aggregate in a separate column. 34. C. Presentation as required supplementary information. As a part of the financial section of the comprehensive annual financial report (CAFR). Primary government 7 Under GASB standards nonmajor funds are reported A In the from ACCT 550 at University of Washington, Tacoma As a separate line item in the expenditures section of the statement. Some governments provide to their citizens highly condensed financial information, budget summaries, and narrative descriptions. Which of the following would increase the governmental activities balance in Net Position—Net Investment in Capital Assets? In aggregate amounts in a single column in the fund financial statements. True 2-9 Only those governmental and proprietary funds that meet the GASB size criteria for major funds are reported in separate columns of the governmental and proprietary fund financial statements. D. Disclosure in the notes to the financial statements. Under GASB standards, nonmajor funds are reported A. D) In the government-wide 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 would not be included within the financial section of the CAFR? On the statement of revenues, expenditures, and changes in fund balance for governmental funds, how are capital outlays reported? Interfund transfers are reported in the statement of revenues, expenditures, and changes in fund balance when transfers occur among governmental funds. In addition, the city is paying debt service on general obligation bonds issued to construct the library. Which of the following statements concerning the reporting of expenses on the statement of activities is true? C) In a note disclosure following the financial statements. This report is called a(an). Under GASB standards, where are nonmajor funds reported? Course Hero, Inc. 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? 7. statements and the Governmental Activities column of the government-wide 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? Government-wide financial statements plus fund financial statements plus notes. Which of the following statements concerning interfund transfers is true? TACCT 550 Ch09 Quiz - Chapter 9 1 Some governments provide to their citizens highly condensed financial information budget summaries and narrative, 8 out of 9 people found this document helpful, 1. Officials of the primary government appoint a majority of the members of the PCU's governing board and the primary government is able to impose its will on the PCU. Which of the following is not a category found in the statistical section of the comprehensive annual financial report (CAFR)? Under GASB standards, where are nonmajor funds reported? Acquisition of a building to be used by the police department. Which of the following is a primary objective of financial reporting by state and local governments? B. Recognition in the financial statements. Introducing Textbook Solutions. For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! Statement of net position and statement of activities. Under GASB standards, if a government only has six governmental funds and two enterprise funds how many basic financial statements would it prepare? How should the remainder of the funds be reported? In a note disclosure following the financial statements. 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. In reconciling the net change in fund balances to the change in net position of governmental activities which of the following would be added to the change in net position of governmental activities? In the management's discussion and analysis preceding the financial statements.

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