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1. Which of the following adjustments would likely be made when moving from governmental funds financial statements to governmental-wide financial statement? a. Record an additional

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1. Which of the following adjustments would likely be made when moving from governmental funds financial statements to governmental-wide financial statement? a. Record an additional expense for compensated absences b. Record an additional expense related to salaries earned at year-end c. Both of the above d. Neither of the above 2. Which of the following adjustment is necessary to move from governmental fund financial statements to government-wide financial statements? a. Eliminate expenditures for debt principal b. Eliminate expenditures for capital outlay and add depreciation expense c. Both of the above d. Neither of the above 3. Which of the following is true regarding governmental-wide financial statement? a. Internal service funds are normally included with governmental-type activities. b. Component units and fiduciary funds are not included c. Both of the above d. Neither of the above 4. Which of the following is true regarding governement-wide financial statements? a. All capital assets, including infrastructure, are required to be reported. b. Internal service funds are not included c. Both of the above d. Neither of the above 5. Which of the following is true regarding government-wide financial statements? a. Internal service funds are not included with governmental-type activities. b. Component units and fiduciary funds are not included. c. Both of the above d. Neither of the above 6. Which of the following must exist in order for a government to use the modified approach for recording infrastructure? a. An up-to-date inventory of eligible infrastructure assets must be maintained. b. A condition assessment must be performed at least every three years. c. Both of the above d. Neither of the above 7. Which of the following would be considered a program revenue in the statement of activities for a governmental unit? a. A grant from the state restricted for an after-school child care program b. Hotel taxes restricted for tourist development c. Both of the above d. Neither of the above 8. Which of the following is true regarding the incorporation of internal service funds into government-wide financial statements? a. Internal service funds are not included in the governmental-wide financial statements. b. Internal service funds are incorporated into the business-type activities section of the government-wide financial statements. c. Both of the above d. Neither of the above 9. Which of the following is true the reconciliation from governmental fund changes in fund balances to governmental activities changes in net assets? a. Reconciliation is required to be presented either on the face of the fund financial statement or as a separate statement. b. The reconciliation converts from modified accrual to full accrual. c. Both of the above d. Neither of the above 10. Which of the following is true regarding government-wide financial statements? a. The government-wide statements include a statement of net assets, a statement of activities, and a statement of cash flows. b. The government-wide statements include a statement of net assets and a statement of activities, but not a statement of cash flows. c. The government-wide statements include a balance sheet, an income statement, and a statement of cash flows. d. None of the above

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