8/21/16

Question 1

What are the statement of activities of the government-wide financial statements designed primarily to provide information to asses?

Answer 1

Operational accountability.

Question 2

What does the Comprehensive Annual Financial Report (CAFR) consist of?

Answer 2

Introductory Section, Basic Financials & Required Supplementary Information, & Statistical Section.

Question 3

The city of Accountability will report its net position in its government-wide financial statements classified in up to three categories:

Answer 3

1. net investment in capital assets
2. restricted for debt service
3. unrestricted

Question 4

Under the modified approach to capitalizing infrastructure, governments apply the following principles to recording current year additions:

Answer 4

Infrastructure expenditures are reported as expenses except for outlays that result in additions or improvements, which would be capitalized.

Question 5

Activities are required to be reported as an enterprise fund if they meet one of what three criteria?

Answer 5

1. The activity is financed with debt that is secured solely by a pledge of net revenue from fees and charges.
2. Laws and regulations require that the cost of providing services be recovered through fees.
3. The pricing policies of the activity establish fees and charges designed to recover its costs.