Day 8 - Government-Wide FS

Question 1

Stmt of Net Position is divided into three components: “RUN”

Answer 1

Restricted - externally imposed
Unrestricted - everything else
Net Investment in Capital Assets - All capital assets, Less: A/D, Less: outstanding bonds, mortgages, and notes

MCQ-04286

Question 2

What is the measurement focus and basis of accounting for Government-Wide FS?

Answer 2

Economic Resources & Accrual Acctg

MCQ-05924

Question 3

Polk County’s solid waste landfill operation is accounted for in a governmental fund. Polk used cash to purchase equipment that is included in the estimated current cost of closure and post-closure care of this operation. How would the purchase affect the asset amount and liability amount on the government-wide FS?

Answer 3

No effect on Assets

Decrease the Liability amount

Equipment purchased that was previously included in the estimated current cost of closure should NOT be reported as Capital Assets and SHOULD REDUCE the Accrued Liability

MCQ-01024

Question 4

The portion of special assessment debt maturing in five years, to be repaid from general resources of the government, should be reported in the:

Answer 4

Government-Wide Stmt of Net Position

MCQ-01171

Question 5

What types of transactions from funds are classified as Governmental and Business-type activities?

Answer 5

Governmental = GRaSPP and Internal Service Funds

Business-Type = Enterprise Funds

MCQ-05764

Question 6

Which basis of accounting is required for a city’s government-wide FS?

Answer 6

Accrual

MCQ-08580

Question 7

In preparing Government-Wide FS, interfund receivables and payables between governmental and enterprise funds should be:

Answer 7

Reported as Internal Balances

Interfund Receivables and Payables that occur between funds should be reported as internal balances and aligned so that they sum to zero on the FS

MCQ-01158

Question 8

Chase City uses an Internal Service Fund for its central motor pool. The assets and liabilities that are not eliminated should be reported in the Government-Wide Stmt of Net Position as:

Answer 8

Governmental Activities

MCQ-01021

Question 9

If the government obtains property due to forfeiture of nonpayment of property taxes, how should the property be capitalized?

Answer 9

It is capitalized at the Lower of Cost or FMV

MCQ-01010

Question 10

NYC entered into a lease agreement representing a contract that transfers ownership for equipment during the year. How should the asset obtained through the lease be reported on NYC’s Government-Wide Stmt of Net Position?

Answer 10

General Capital Asset

MCQ-06918

Question 11

A local government should report expenses by which of the following in its Government-Wide Stmt of Activities?

Answer 11

by Function on the full accrual basis representing the expenses directly associated with each Function or Program listed

MCQ-15855

Question 12

NYC reports compensated absences liability, the salary rate used to calculate the liability should be the rate in effect:

Answer 12

at the BS date

MCQ-01070

Question 13

NYC levies a tax on its citizens for improvements to roads. How should NYC report the tax in its Stmt of Activities?

Answer 13

By type of tax in General Revenues

MCQ-09021

Question 14

Program Revenue Category Types: “SOC”

Answer 14

Charges for Services
Operating Grants & Contributions
Capital Grants and Contributions

MCQ-09021