Question
1. Under GASB rules, a special revenue fund must be reported as major if A. Its total expenditures are at least 10% of the total
1. Under GASB rules, a special revenue fund must be reported as major if
A. Its total expenditures are at least 10% of the total expenditures of all governmental funds and at least 5% of the total expenditures of governmental and internal service funds combined. | ||
B. Its total assets are at least 5% of the total assets of all governmental funds and at least 10% of the total assets of all governmental and internal service funds combined. | ||
C. Its total liabilities are at least 5% of the total liabilities of all governmental funds and at least 10% of the total liabilities of governmental and internal service funds combined. | ||
D. Its total revenues are at least 10% of the total revenues all governmental funds and at least 5% of the total revenues of all governmental and enterprise funds combined. |
2. In preparing Case Citys reconciliation of the statement of revenues, expenditures, and changes in fund balances to the government-wide statement of activities, which of the following items should be subtracted from changes in fund balances?
A. Capital asset purchases. | ||
B. Internal service fund increase in net position | ||
C. Payment of long-term debt principal | ||
D. Book value of capital assets sold during the year |
3. In the governmental activities column of the government-wide financial statements, information related to which funds are normally presented?
A. Governmental funds only | ||
B. Governmental funds and internal service funds only | ||
C. Enterprise funds only | ||
D. Enterprise funds and internal service funds only |
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