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CPFO - Financial Test > Chapter 33-35 > Flashcards

Chapter 33-35 Flashcards

1
Q

Authoritative accounting and financial reporting standards:
A. Require a government to prepare a CAFR
B. Encourage a government to prepare a CAFR
C. Permit a government to prepare a CAFR

A

B

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2
Q

The guidelines on the content of a CAFR are established by:
A. Authoritative accounting standards
B. The GFOA Certificate of Achievement for Excellence in Financial Reporting Program
C. Both A and B

A

C

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3
Q

The letter of transmittal should not include which of the following?
A. Formal transmittal
B. Profile of the government
C. Information useful in assessing a government’s economic condition
D. Awards and acknowledgements
E. Analysis of the government-wide financial statements, including condensed financial statements
F. All of the above

A

E

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4
Q

A key objective of the CAFR is to provide users access to data for:
A. Each individual fund
B. Each discretely presented component unit
C. Comparative data for all major funds
D. A and B only

A

D

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5
Q

What is the appropriate place in a CAFR for management to offer a more subjective analysis of a government’s finances?
A. Letter of transmittal
B. MD&A
C. Neither A nor B
D. Either A or B

A

A

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6
Q

At a minimum, the independent auditor of a set of local government financial statements must offer an opinion on which of the following?
A. The government as a whole
B. Each of the activity columns in the government-wide financial statements
C. Each major fund
D. Required supplementary information
E. All of the above
F. Only A, B, and C

A

F

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7
Q

Information on which of the following funds could be found in the combining financial statements?
A. General fund
B. Major special revenue fund
C. Nonmajor special revenue fund
D. All of the above
E. Both A and B

A

C

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8
Q

Which of the following should always contain a reference to the notes to the financial statements?
A. Basic financial statements
B. Combining financial statements
C. Individual fund financial statements
D. All of the above
E. Both A and B

A

A

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9
Q

Which of the following would be found in the statistical section?
A. Demographic and economic information
B. Operating information
C. Information on financial trends
D. All of the above

A

D

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10
Q

Which of the following is an objective of GFOA’s Certificate of Achievement for Excellence in Financial Reporting program?
A. Encourage every government to publish a high quality CAFR
B. Assist governments to publish high quality CAFRs by providing educational materials, comments, and suggestions for improvement
C. Recognize governments and individuals that have met the challenge of producing a high quality CAFR
D. Assure users of financial statements that a government’s finances are essentially sound
E. All of the above
F. Only A, B, and C

A

F

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11
Q

For which of the following must a supplementary budgetary comparison be presented?
A. An enterprise fund with a legally adopted annual budget
B. A capital projects fund with a legally adopted project-length budget
C. A nonmajor special revenue fund with a legally adopted annual budget
D. All of the above
E. None of the above

A

C

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12
Q

Which of the following statements is true?
A. A supplementary budgetary comparison is always required for the general fund.
B. A supplementary budgetary comparison is sometimes required for the general fund
C. A supplementary budgetary comparison is never required for the general fund

A

B

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13
Q

Which of the following is required in connection with a supplementary budgetary comparison?
A. Original budget
B. Reconciliation of GAAP and the basis of budgeting (if different)
C. Actual expenditures on a GAAP basis
D. Both A and B
E. None of the above

A

E

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14
Q

Governments that provide a separately issued budgetary report to accommodate an extremely low legal level of budgetary control:
A. Must both refer to the separate budgetary report in the notes and include a budgetary comparison at the same level of detail as in the fund financial statements
B. Are exempted from having to provide supplementary budgetary information in the CAFR provided that the availability of the separate report is disclosed
C. Must both refer to the separate budgetary report in the notes and provide as detailed a budgetary comparison in the CAFR as is practicable

A

A

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15
Q

The main purpose of the statistical section of the CAFR is to provide information useful in assessing:
A. Fiscal sustainability
B. Financial position
C. Economic condition
D. Service efforts and accomplishments
E. All of the above

A

C

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16
Q

How many objectives is the statistical section of the CAFR designed to achieve?
A. Three
B. Five
C. Six
D. Ten

A

B

17
Q

Financial trend data are drawn from which of the following financial statements?
A. The government-wide financial statements
B. The governmental fund financial statements
C. The proprietary fund financial statements
D. The fiduciary fund financial statements
E. All of the above
F. Both A and B

A

F

18
Q

For which of the following must information be provided, at least in part, by function?
A. Charges for services
B. Operating grants and contributions
C. Capital grants and contributions
D. All of the above
E. None of the above

A

A

19
Q

At what level of detail must information be provided regarding fund balances?
A. For each governmental fund
B. For each major governmental fund/other governmental funds in the aggregate
C. For the general fund/major governmental funds in the aggregate/other governmental funds in the aggregate
D. For the general fund/other governmental funds in the aggregate

A

D

20
Q

Which of the following ratios must be presented for governmental funds?
A. Total debt service/noncapital expenditures
B. Total debt service/capital expenditures
C. Total debt service/total expenditures
D. Capital expenditures/total expenditures
E. None of the above

A

A

21
Q

Which of the following might be included in the revenue-capacity schedules?
A. Intergovernmental revenues
B. Shared revenues
C. Own-source revenues collected by another government
D. All of the above
E. None of the above

A

C

22
Q

If a government is presenting information on property taxes, it normally should disclose:
A. The estimated actual value of all property
B. The estimated actual value of taxable property
C. Either A or B
D. Neither A nor B

A

B

23
Q

Which of the following would not have to disclose revenue rates for overlapping governments?
A. States
B. Regional governments
C. Counties
D. All of the above
E. Both A and B

A

E

24
Q

How many years of information must be presented for principal payers or remitters?
A. One year
B. Two years
C. Ten years
D. None of the above

A

B

25
Q

Which of the following ratios must be presented for a government’s debt?
A. Total outstanding debt/personal income
B. Total outstanding debt per capita
C. General bond debt/estimated actual value of taxable property
D. General bonded debt per capita
E. All of the above
F. Both A and B

A

E

26
Q

Which of the following amounts should be subtracted to arrive at net bonded debt?
A. Amounts earmarked for the repayment of principal
B. Amounts restricted for the repayment of principal
C. Amounts earmarked for the repayment of interest
D. Amounts restricted for the repayment of interest
E. All of the above
F. Both A and B

A

B

27
Q

Which of the following does not have to disclose the debt of overlapping governments?
A. States
B. Regional governments
C. Counties
D. All of the above
E. Both A and B

A

D

28
Q

For how many years must data on direct and overlapping debt be presented?
A. One year
B. Two years
C. Ten years

A

A

29
Q

For how many years must the calculation of the legal debt margin be presented?
A. One year
B. Two years
C. Ten years

A

A

30
Q

Which ratio(s) must be presented in connection with the legal debt margin?
A. Legal debt margin/legal debt limit
B. Outstanding debt/legal debt limit
C. Both A and B
D. Either A or B

A

D

31
Q

Which of the following must be presented as demographic data for states and general purpose local governments?
A. Average age
B. Average years of schooling
C. Per capita personal income
D. All of the above
E. None of the above

A

C

32
Q

For how many years must information on a government’s principal employers be presented?
A. One year
B. Two years
C. Ten years

A

B

33
Q

Which of the following is an acceptable method of presenting information regarding the government’s own employees?
A. Headcount
B. Full-time equivalent employees
C. Employees at year-end
D. Average employees during the period
E. All of the above
F. Both B and D

A

E

34
Q

Data from discretely presented component units should:
A. Always be presented
B. Sometimes be presented
C. Never be presented

A

B

35
Q

Which of the following statements is true regarding operating indicators?
A. A government is never required to collect information for this purpose that it is not otherwise collecting.
B. No specific indicator is required for any given function/program or identifiable activity.
C. A government is never required to provide more than one indicator for any given function/program or identifiable activity.
D. All of the above
E. None of the above

A

D

CPFO - Financial Test (18 decks)

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