Governmental Accounting (Part B)

Question 1

Operational accountability is achieved through the ____________ financial statements

Answer 1

government-wide

Question 2

Fiscal accountability is achieved through the __________ financial statements

Answer 2

fund

Question 3

The integrated approach requires a __________ of the fund financial statements to the gov-wide financial statements to link the accountability objectives of the two levels of reporting

Answer 3

reconciliation

Question 4

The management’s discussion and analysis comes _____ the F/S and is ______

Answer 4

before; required

Question 5

MD&A is a ________ analysis

Answer 5

narrative

Question 6

The gov-wide financial statements include the statement of ____ ________ and statement of _______

Answer 6

net position; activities

Question 7

The fund financial statements show major funds _________ and the nonmajor funds are shown in ______

Answer 7

individually; total

Question 8

The notes to the financial statements are included in the _______ financial statements section

Answer 8

basic

Question 9

Required supplementary information is _____ the F/S

Answer 9

after

Question 10

Other supplementary information is __________

Answer 10

optional

Question 11

A statistical section is __________

Answer 11

optional

Question 12

State governments, general purpose local governments, special purpose local governments that have a separately elected governing body, is legally separable, and is fiscally independent are:

Answer 12

primary government entities

Question 13

A unit of the primary government that is usually an organization for which the elected officials of the primary government are financially accountable

Answer 13

component unit

Question 14

A component unit will use the blended presentation when the board of the component is substantively the ______ as that of the primary gov, or the component unit services the primary gov ______ or almost, or the component unit is not a _______ legal entity

Answer 14

same; exclusively; separate

Question 15

______ presentation is used when the criteria for blended presentation is not met (most common)

Answer 15

discrete

Question 16

Private foundations associate with state universities and private foundations association with public health care facilities are not-for-profits that are reported as a _____ ______ of government

Answer 16

component unit

Question 17

The benefit standard, access standard, and significance standard are the criteria for _______ presentation

Answer 17

discrete

Question 18

An analysis of significant variances is included in:

Answer 18

MD&A

Question 19

_______ funds are excluded from gov-wide financial statements

Answer 19

Fiduciary

Question 20

Assets - liabilities =

Answer 20

net position

Question 21

3 components of net position:

Answer 21

RUN

restricted, unrestricted, net investment

Question 22

Infrastructure assets should be recoded as _____ _____ assets

Answer 22

general capital

Question 23

All assets meeting capitalization requirements should be recorded and _______.

Answer 23

depreciated

Question 24

Infrastructure assets that are part of a network or subsystem of a network are __________ to be depreciated

Answer 24

not required

Question 25

Going from the required approach to the modified approach or vice versa is a change in _______

Answer 25

estimate

Question 26

Govs should capitalize works of art, historical treasures, and similar assets at their _______ ___ or ______ _______ at the date of donation

Answer 26

historical cost; fair value

Question 27

Collections held for public exhibition rather than financial gain, protected collections, and collections subject to an organizational policy that requires the proceeds from sales of collection items to be used to acquire other items for collections may not be _________

Answer 27

capitalized

Question 28

The statement of activities shows revenues and expenses for _______ activities, _________ activities, and ________ ______

Answer 28

governmental, business-type, component units

Question 29

Program revenue category types include: ________ for services, ______ grants and contributions, and ________ grants and contributions

Answer 29

charges, operating, capital

Question 30

Internal transactions should be _________

Answer 30

eliminated

Question 31

Internal service fund activity (S) should generally be reported in the ____________ activities column

Answer 31

governmental (GRaSPP)

Question 32

Two rules that must be met to qualify as a major fund for presentation purposes;

Answer 32

10% rule (indiv. GRaSPP funds compared to total GRaSPP funds/same with enterprise funds) and 5% rule (indiv. GRaSPP funds compared to the total of all gov funds & enterprise funds/same with enterprise funds)

Question 33

The statement of cash flows for proprietary funds requires the ______ method

Answer 33

direct

Question 34

Budgetary comparison schedules must show the ______ budget, the ______ amended budget, and _____ amounts

Answer 34

original; final; actual

Question 35

Computation of variances between budget and actual and computation of difference between original and final amended budget are ____________

Answer 35

optional

Question 36

Combining statements for nonmajor funds is ________

Answer 36

optional

Question 37

Represents the flow of resources between funds and between the primary government and its component units

Answer 37

interfund activity

Question 38

Interfund activities between the primary government and its fiduciary funds are the only interfund activities to be ________

Answer 38

reported

Question 39

Under the _______ approach, infrastructure expenditures are reported as expenses except for outlays that result in additions or improvements, which would be capitalized.

Answer 39

modified