4

Question 1

A sale leaseback is considered a failed one if:

Answer 1

It meets the Owns criteria for finance leases.

Question 2

How should the lesee récord the léase expense for an operating lease

Answer 2

Under the straight line basis

Question 3

At the inception of a financing lease, how should the guaranteed residual value be recorded?

Answer 3

Included in the PV of the future lease payments.

Question 4

Separate fund financial statements should be presented for gov and proprietary funds to

Answer 4

Report additional and detailed info about the primary gov.

Question 5

Sales revenue should on the IS:

Answer 5

Net of discounts

Question 6

A collection of a previously written off AR (under the allowance method) would :

Answer 6

Increase the allowance for uncollectible.

Question 7

Journal entry to record uncollectible accounts under the allowance method:

Answer 7

DR: Allowance for uncollectibles
CR: AR

Question 8

Governmental Funds Breakdown:

Answer 8

Mod accrual & current FS resources measurement focus ("GRASPP")
General Fund: 
Rev Fund
And
debt Service fund
capital Projects fund
Permanent fund

Question 9

Proprietary Funds Breakdown

Answer 9

Full accrual & economic resource measurement focus (“SE”)
internal Service funds
Enterprise funds

Question 10

Fiduciary (Trust) Funds Breakdown:

Answer 10

("CIPPOE")
Custodial funds
Investment trust fund
Private purpose trust funds
Pension and Other Employee benefit trust fund

Question 11

Stand alone business type activities are accounted for an enterprise fund and would include:

Answer 11

both basic FS’s and required supplementary information consistent with GASB #34.

Question 12

Government-wide financial statements focus on what type of accountability?

Answer 12

operational accountability of government.

Question 13

Basic FS’s include government -wide financial statements:

Answer 13

Fund financial statements and notes to the financial statements.

Question 14

GASB 34 Basic financial statements and required supplementary information for general purpose governments should consist of:

Answer 14

MD&A, basic FS’s, and required supplementary information

Question 15

The statistical tables sections of the annual financial report of a governmental unit is:

Answer 15

Not part of the basic financial statements

Question 16

Gov-wide FS’s include all gov-wide activities associated with operational accountability for all activities except:

Answer 16

Fiduciary activities

Question 17

The gov-wide financial statement focus is on:

Answer 17

Operational accountability

Question 18

What statements do the gov-wide financial statements use:

Answer 18

Statement of net position, and statement of activities using the economic resources measurement focus and accrual basis of accounting

Question 19

Blended presentation is used when:

Answer 19

Units are intertwined with the primary gov, in substance, they are the same as the primary gov.

Question 20

Discrete presentation is used when:

Answer 20

The criteria presentation are not met.

Question 21

Special purpose government (“SELF”)

Answer 21

Separately Elected, Legally separate, Fiscally independent

Question 22

The comprehensive annual financial report (CAFR) is divided into 3 sections, which are:

Answer 22

Introductory, Financial, and Statistical