On the governmental funds balance sheet, deferred inflows may report

Select one:

a. unamortized asset retirement costs.

b. capital assets, net of depreciation.

c. bond refunding losses.

d. tax revenues expected to be collected after 60 days.

A citys general fund bought equipment for $100,000. The equipment was estimated to have a 5-year life, straight-line, no salvage value. Two years later, it sold the equipment for $70,000. In a reconciliation of change in fund balances of governmental funds to change in net position of governmental activities, what adjustment is needed in the year of the sale?

Select one:

a. subtract $60,000

b. add $40,000

c. subtract $20,000

d. add $60,000

At the beginning of the current fiscal year, the county government signs a 2-year lease, with $80,000 paid at signing, and $80,000 due at the end of the fiscal year. The lease has an implicit interest rate of 3.5%, the present value of the lease payments is $157,670, and the leased equipment has an estimated life equal to the life of the lease, no residual value. The lease is reported in the general fund. What amount is reported as expenditures for this lease in the fiscal year governmental funds statement of revenues, expenditures and changes in fund balances?

Select one:

a. $160,000

b. $157,670

c. $ 81,165

d. $317,670

Use the numbers from the following financial statements required in a county governments ACFR to identify where the specific account is reported:

1)	Government-wide statement: Statement of net position
2)	Government-wide statement: Statement of activities
3)	Fund statement: Balance sheetGovernmental funds
4)	Fund statement: Statement of revenues, expenditures and changes in fund balancesGovernmental funds
5)	Fund statement: Statement of net positionProprietary funds
6)	Fund statement: Statement of revenues, expenses and changes in net positionProprietary funds
7)	Fund statement: Statement of fiduciary net position
8)	Fund statement: Statement of changes in fiduciary net position

On which financial statement(s) are the proceeds from disposal of capital assets of proprietary funds reported?

Select one:

a. 6

b. none

c. 2

d. 2 and 6

A countys general fund budgetary comparison schedule shows the actual change in fund balances as $(4,000,000). Unbudgeted activities reduced fund balances by $1,500,000, GAAP basis revenue accruals were $8,000,000, and GAAP basis expenditure accruals were $5,000,000. On the general fund statement of revenues, expenditures, and changes in fund balances, what is the change in fund balances?

Select one:

a. $(5,500,000)

b. $(1,000,000)

c. $(4,000,000)

d. $(2,500,000)

At the beginning of fiscal 2024, a county government acquires equipment for $4,000,000. The equipment has an estimated life of 5 years, and straight-line depreciation is used, with no residual value, if appropriate. At the end of fiscal 2025 (two years later), the government disposes of the equipment for $1,800,000. If the equipment is reported in the general fund, how does it appear in the fiscal 2024 ACFR?

Select one:

a. $4,000,000 expenditure in the governmental funds operating statement and $3,200,000 capital asset in the government-wide statement of net position.

b. $3,200,000 capital asset in the governmental funds balance sheet and the government-wide statement of net position.

c. $4,000,000 other financing use in the governmental funds operating statement and $3,200,000 capital asset in the government-wide statement of net position.

d. $4,000,000 expenditure in the governmental funds operating statement and the government-wide statement of activities.

Increases in a governments pension and OPEB liability that are due to benefits earned in the current year are reported in

Select one:

a. Pension and OPEB expense on the government-wide statement of activities.

b. Pension and OPEB liability on the pension and OPEB trust funds statement of net position.

c. Deferred inflows on the government-wide statement of net position.

d. Deferred outflows of resources on the government-wide statement of net position.

A county owns many roads, bridges, and other infrastructure. If this infrastructure is well maintained, the government may report depreciation on the infrastructure

Select one:

a. at an amount equal to the years maintenance costs on the governmental funds operating statement.

b. at an amount equal to the years maintenance costs on the government-wide statement of activities.

c. using the straight-line method on the government-wide statement of activities.

d. using the straight-line method on the governmental funds operating statement.