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financial accounting and reporting

Questions and Answers of Financial Accounting And Reporting

Explain what items are reported in the statement of changes in fiduciary net position for trust funds.
What financial information should be reported for a pension (and other employee benefit) trust fund?
Separate sets of fund financial statements are prepared for which fund category?1. Fiduciary.2. Governmental.3. Proprietary.4. All the above.
In the fund financial statements, a government should include a separate column for each of these except 1. Each major enterprise fund.2. Each major internal service fund.3. Each major capital
Which funds must always be reported in a separate column in the fund financial statements?1. Capital projects fund.2. Debt service fund.3. General fund.4. Enterprise fund.
Which is not correct?1. Major fund reporting is required for all proprietary funds.2. The general fund is always major.3. Major fund reporting is required for all governmental funds.4. A government
Which column would not appear in a proprietary fund financial statement?1. Each major enterprise fund.2. Total for all enterprise funds.3. The internal service fund type.4. Total for all proprietary
Which fund financial statements are required for governmental funds?1. Balance sheet.2. Statement of revenues, expenditures, and changes in fund balances.3. Budgetary comparison statement for all
Which set of fund financial statements would normally contain a reconciliation of the fund financial statement information to the government-wide financial statements?1. Governmental.2.
Which fund type would report additions and deductions in the fund financial statements?1. Enterprise funds.2. Internal service funds.3. Permanent funds.4. Pension (and other employee benefit) trust
Which is not a cash flow category used by an enterprise fund in the statement of cash flows?1. Financing activities.2. Capital and related financing activities.3. Operating activities.4. Noncapital
Explain when a fund must be reported in a separate column in the fund financial statements.
What statements are included in the fund financial statements?
How would the following items be reported in the statement of cash flows for a proprietary fund? Operating activities (OA), noncapital financing activities (NC), capital and related financing
For a special-purpose government to be considered a primary government, which criterion must be met?1. Be fiscally independent.2. Be a legally separate entity.3. Members of the governing board are
Which is not a test to determine if a special-purpose government is a component unit?1. A voting majority of its governing body is appointed by a primary government.2. It is fiscally dependent on a
In a case where the majority of the board is appointed by the primary government, which additional criterion must be met for an entity to be classified as a component unit?1. The primary government
A tax-exempt organization would be considered a component unit if it meets which criterion?1. The primary government can impose its will.2. There is a financial benefit relationship with the primary
How are component units presented in the financial statements of a primary government?1. Reported only in the notes to the financial statements.2. Blended in the financial statements.3. Discretely
Which criterion must be met for a component unit to be “blended” in the financial statements?1. The component unit’s total debt is expected to be paid entirely or almost entirely with resources
Financial information for blended component units would be reported in which financial statements?1. The fund financial statements.2. The government-wide financial statements.3. Both (a) and (b).4.
Which is accurate regarding joint ventures?1. They should be reported as component units.2. They should not be discussed in the notes to the financial statements.3. They should be disclosed in the
Explain the difference between reporting component units as blended or discretely presented.
How should a government present information about each major discretely presented component unit?
The following are examples of related organizations to a county government. Determine if the entities should be included in the financial statements of the county. If so, how should they be reported?
1. Which is not required to be reported in the statement of net position?1. Governmental activities.2. Business-type activities.3. Component units.4. Total for reporting entity.
Which component of net position would not be reported in a statement of net position?1. Unrestricted net position.2. Designated net position.3. Net investment in capital assets.4. Restricted net
In the statement of activities, depreciation expense is reported for 1. Governmental activities.2. Business-type activities.3. Component units.4. All the above.
Which item cannot be classified as program revenue?1. Contributions.2. Taxes restricted for a specific purpose.3. Operating grants.4. Capital grants.
Which item would appear on the reconciliation of the governmental fund balance sheet to net position?1. Capital assets.2. Internal service funds.3. Long-term liabilities.4. All the above.
Which item would not appear on the reconciliation of the governmental funds statement of revenues, expenditures, and changes in fund balances to the changes in net position?1. Depreciation.2.
Which item would be subtracted on the reconciliation of governmental funds statement of revenues, expenditures, and changes in fund balances to the changes in net position?1. Depreciation.2. Capital
Explain how internal service funds’ (included as part of governmental activities) revenues and expenses should be reported in the statement of activities.
What are program revenues and how are they reported in the statement of activities?
Prepare a reconciliation of governmental funds statement of revenues, expenditures, and changes in fund balances to the change in net position in the statement of activities. Net increase in all
Choose the correct statement concerning a government.1. A government can issue only a CAFR.2. A government can issue its basic financial statements, MD&A, and other RSI without its CAFR.3. Both (a)
Which is not part of the introductory section of a CAFR?1. Transmittal letter.2. Organizational chart.3. RSI.4. Table of contents.
Which is part of the financial section of a CAFR?1. Transmittal letter.2. Auditor’s report.3. Computation of overlapping debt.4. Demographic statistics.
Which is not part of the statistical section of a CAFR?1. List of principal officials.2. Debt capacity information.3. Demographic and economic information.4. Financial trends information.
Combining financial statements are required in the CAFR when there is more than one fund of which type or category of funds?1. Nonmajor governmental funds.2. Internal service funds.3. Private-purpose
Explain the difference between the minimum requirements for general-purpose external financial reporting and the CAFR. Must a government issue both?
What should be the focus of the MD&A? Is comparative information required in the MD&A?
Explain how information about individual funds is presented in the financial reports of a government.
Which special-purpose governments’ financial reports must include MD&A?1. Governments engaged only in governmental activities.2. Governments engaged only in business-type activities.3. Governments
Which special-purpose governments’ financial reports must include a statement of cash flows?1. Governments engaged only in governmental activities.2. Governments engaged only in business-type
What are the reporting requirements for a special-purpose government engaged only in governmental activities?
Explain the reporting requirements of a governmental authority engaged only in business-type activities.
Which is a characteristic that distinguishes government from business enterprises?1. Organizational purposes.2. Sources of revenues.3. Role of the budget.4. All the above.
Which is not a financial reporting objective of state and local government?1. Comparing actual results to budget.2. Assessing cash flows.3. Assessing results of operations.4. Assisting in the
Who is a primary user of government financial reports?1. The citizenry.2. Legislative and oversight bodies.3. Investors and creditors.4. All the above.
What is a key accounting difference for state and local governments?1. Budget reporting.2. MFBOA.3. Fund accounting.4. All the above.
Which characteristic used to determine whether an organization is a government can be rebutted with compelling, relevant evidence?1. The majority of governing board members are appointed by
Which organization currently sets the primary accounting standards for state and local governments?1. FASB.2. GASB.3. AICPA.4. NCGA.
In the left column are four sources of GAAP for state and local governments. Draw a line from the respective source of GAAP to the appropriate category of GAAP to which it belongs in the right
What is a characteristic of a fund?1.Fiscal entity.2.Accounting entity.3.Contains self-balancing set of accounts.4.All the above.
What is a fund category used by governments?1.Expendable funds.2.Current funds.3.Plant funds.4.Proprietary funds.
Which is a governmental fund?1.Private-purpose trust fund.2.Enterprise fund.3.Permanent fund.4.Internal service fund.
Which is a proprietary fund?1.Debt service fund.2.Special revenue fund.3.Permanent fund.4.Enterprise fund.
A statement of revenues, expenditures, and changes in fund balance is required for which?1.A proprietary fund.2.An internal service fund.3.The general fund.4.All the above.
A government-wide financial statement includes which?1.Statement of revenues and expenses.2.Statement of activities.3.Statement of cash flows.4.Statement of changes in net position.
Which is not a fund financial statement?1. Statement of revenues, expenditures, and changes in fund balance.2.Statement of cash flows.3.Statement of activities.4.Statement of changes in fiduciary net
Which fund would report a statement of cash flows?1.Enterprise fund.2.Private-purpose trust fund.3.Special revenue fund.4.All the above.
A government decides to open a new park and to charge a fee to cover a portion of the cost. Discuss the possible fund types in which this activity may be reported.
For each of the following individual funds, indicate in the blank space the fund type (for example, a capital projects fund) in which it typically belongs:______ Water and sewer utility fund.______
For each of the following individual funds, to which fund category does it belong: governmental (G), proprietary (P), or fiduciary (F)?______ Enterprise fund.______ Permanent fund.______ Debt service
What is the legally adopted budget for expenditures called?1.Estimated expenditures.2.Appropriations.3.Allotments.4.Encumbrances.
A flexible budget would be typically used for which fund?1.General fund.2.Enterprise fund.3.Special revenue fund.4.All the above.
In recording the adoption of a budget for a general fund, a debit amount is recorded to budgetary fund balance. What does this entry indicate?1.Estimated revenues exceed
What should the entry to record adoption of a general fund budget include?1.A debit to estimated revenues.2.A credit to estimated revenues.3.A debit to appropriations.4.Both (b) and (c).
Entries to the appropriation account would be made when 1.The expenditure budget is revised.2.The budget is recorded.3.The budget is closed.4.All the above.
To record an encumbrance, which account is debited?1.Expenditures.2.Appropriations.3.Encumbrances.4.Reserve for encumbrances.
A budgetary comparison schedule is required for which?1.All governmental funds with annual enacted budgets.2.The general fund.3.Each major special revenue fund with an annual enacted budget.4.Both
A general fund ordered supplies with an expected cost of$3,000. This amount is encumbered. The supplies are received with an invoice of $3,100. The entries to record the receipt of the supplies
A budgetary comparison schedule should be reported as part of which?1.Fund financial statements.2.Notes to the financial statements.3.RSI.4.Either (a) or (c).
Explain the difference between an expenditure and an encumbrance.
Where in the financial statements may the budgetary comparison schedules be presented? Explain the impact that placement will have on the audit.
A city approves an expenditure budget in the amount of$25,000. The city encumbers two items. The first item is an order for supplies in the amount of $6,000; the second item is an order for parts in
Explain how negative goodwill may arise and its accounting treatment.LO21-3
Explain how the fair value is calculated for:• tangible fixed assets ^• inventories• monetary assets.LO21-3
Explain why only the net assets of the subsidiary and not those of the parent are adjusted to fair value at the date of acquisition for the purpose of consolidated accounts.LO21-3
Coil SA/NV is a company incorporated under the laws of Belgium. Its accounts are IAS compliant. It states in its 1999 accounts (in accordance with IAS 27, para. 13):Principles of consolidation The
The following is an extract from the Accounting Policy in the 1999 Annual Repoi t of Schmalbach-Lubeca AG:Capital consolidation of the subsidiaries included in the financial statements is carried out
Explain why the minority interest is calculated as at the year-end whilst goodwill is calculated at the date of acquisition.LO22-5
Explain why pre-acquisition profits of a subsidiary are treated differently from post-acquisition profits.LO22-5
Explain the effect of a provision for unrealised profit on a minority interest:(a) where the sale was made by the parent to the subsidiary; and(b) where the sale was made by the subsidiary to the
Explain why the dividends deducted from the net profit of the group in the income statement are only those of the parent company.LO23-4
Explain how unrealised profits arise from transactions between companies in a group and why it is important to remove them.LO23-4
Explain why it is necessary to apportion a subsidiary’s profit or loss if acquired part-way through a financial yearLO23-4
Explain why dividends paid by a subsidiary to a parent company are eliminated on consolidation.LO23-4
Give five examples of inter-company income and expense transactions that will need to be eliminated on consolidation and explain why each is necessary.LO23-4
Why are associated companies accounted for under the equity method rather than consolidated?LO24-6
How does the treatment of inter-company unrealised profit differ between subsidiaries and associated companies?LO24-6
IAS 28, para. 17, states:The recognition of income on the basis of distributions received may not be an adequate measure of the income earned by an investor on an investment in an associate.Explain
Discuss the desirability or otherwise of isolating profits or losses caused by exchange differences from other profit or losses in financial statements.LO25-1
How can different relationships between a parent operation and its controlled foreign operation affect the treatment of exchange profits or losses in the consolidated financial statements? Why should
How does the treatment of changes in foreign exchange rates relate to the prudence and accruals concepts? LO25-1
Explain: (i) basic earnings per share; (ii) diluted earnings per share; (iii) potential ordinary shares; and (iv) limitation of EPS as a performance measure.LO26-7
Why are issues at full market value treated differently from rights issues?LO26-7
In the 1999 Annual Report and Accounts of Associated British Ports Holdings p Ic, the directors report earnings per share - basic, and earnings per share -underlying, as follows:The directors state
When disclosing EPS, how should a company deal with the issue of a separate class of equity shares which do not rank for any dividend in the current accounting period, but will do so in the

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