F8 - Governmental - Deferred Outflows and Inflows of Resources

Question 1

Format for presentation of the statement of financial position for a FIDUCIARY fund:

Answer 1

Assets and Deferred outflows of resources minus liabilities and deferred inflows of resources = net position.

Question 2

Assets associated with unavailable revenues should be recorded by crediting:

Answer 2

A deferred inflow of resources.

Question 3

Format for presentation of the statement of financial position of a GOVERNMENTAL fund:

Answer 3

Assets and deferred outflows of resources = liabilities and deferred inflows of resources plus fund balance.

Question 4

In order to qualify for hedge accounting treatment, a derivative must be:

Answer 4

Effective

Question 5

Any payments received before eligibility requirements have been met must be matched by a:

Answer 5

Liability (or, if only time requirements have not been met, a deferred inflow of resources.)