F10 - Government-wide Financial Statement

Question 1

Program revenues displayed on government-wide statement of activities includes?

Answer 1

SOC

S = Charges of service 
O = operating grants 
C = Capital grants

Question 2

In the Government-wide financial statement has 3 clasification in net asset that is:

Answer 2

1. Net Investment in capital asset
2. Resteicted
3. Unrestricted

Question 3

GASB 34 establishes financing reporting standards for government. Basis Financial statement and required supplementary information for general purpose governments should consiste

Answer 3

1. Management Discussion and Analysis MD&A
2. Basis Financial Statement
3. Required Supplemental information

Question 4

How can reconcile in fund balance statement to the Government-wide statement of activities?

BS = CAN SIT IS= CPAS RIDES

Answer 4

CAN CPAS RIDES
BS
\+ C = Capital assets
- A = Accumulated depreciation 
- N = Non-Current Liabilities = long term liability 
\+ S = Service Internal Services funds
    I = Interfund
    T = Transfers

IS
+ C = Capital outlay
+ P = Principal payments on non- current debt
- A = Assets disposals net book value
- S = Sources like other financing sources

\+ R = Revenue 
- I = Interest expense accrued 
- DE = Depreciation 
\+ S = Internal Services funds net revenue
    I = Interfund
    T = Transfer

Question 5

A Governmental comprehensive annual financial report includes 3 sections

Answer 5

1 Introductory

2 Financial (with Basis Financial Statement and required supplementary information as required be GASB # 34)

3 Statistical

Question 6

Which of the following is an acceptable method to present component unit in a combined financial statment?

Begin

Answer 6

Does it meet SELF - Separately elected, Legally separated, Fiscally independent

Yes = Primary government

No = Component unit

Then does
1 Primary government the SAME as Component unit?
2 Does component unit serve Primary Gov EXCLUSIVELY?
3 Does not qualify as a legal entity?

If YES Blended

IF NO Discrete

Question 7

Derivatives designated as a fair value hedge must meet:

Answer 7

1 Formal documentation of the hedging relationship between derivatives and hedge item

2 hedge must be expected to be highly effective in offsetting changes in the fair value of the hedge

3 hedge is specifically identified

4. Hedge item present exposure to change in fair value that could affect income.

Question 8

A government-wide statement of net position must include

Answer 8

A distinctions between government and businesses type activities, also components units

Question 9

What are the reports required for a basic financial statement AND supplementary information of a government entity

Answer 9

Government-wide financial statement
Fund financial statement
Notes to financial statement
Other schedule related to buget, pension, and infrastructure

Question 10

For Comprehensive Annual Financial Reports for:

Introductory (unaudited) should present?

Answer 10

1 Letter of transmittal
2 organizational chat
3 List of Principal officers

Question 11

For Comprehensive Annual Financial Reports for:

Basic Financial Statement and Required Supplementary Information (audited)should present?

Answer 11

1 Management's discussion and analysis 
2 Government-wide financial statement 
3 Fund financial statement 
4 Notes to the financial statement 
5 Requied supplementary information

Question 12

For Comprehensive Annual Financial Reports for:

Statistical Section (unaudited) should present?

Answer 12

1 Ten years of selection financial data
2 Ten years of economic data (millage, rates, appraised value)
3 Other data

Question 13

Government Cash Flow Statement is always Direct method (indirect is not permitted)
What is the breakdown of Governmental Cash Flow Statement?

Answer 13

1 Operating Activities
Cash received from sales of goods & services
Cash received from interfund reimbursement and exchanges including payment in lieu taxes.
Cash payment to suppliers or employees
Cash transaction that don’t meet the definition of other categories

2 Non financing Activities
Cash flow from issuing debt for noncapital purposes (including interest expense)
Cash received from grants or subsidies
Cash received from property taxes (not restricted for capital use)
Operating transfer

3 Financing and Capital Activities
Cash flow from issuing debt for capital purposes (including interest expense)
Cash received from capital grants
Cash received from contribution Activities associated with capital assets
Cash Activity related to special assessment associated with capital

4 Investing Activities
Cash paid or received associated with loans to other (including interest income)
Cash paid and received associated with equity transaction

Question 14

Required supplementary information

Answer 14

Is after the FS.
1 computation of variance between budget and actual is optional.
2 computation of Diff. Between the original and the final amended budget is optional.

3 Inflows and outflows and balances