1. Which of the following would not be an adjustment for long-term debt when preparing government-wide financial statements?

Recording the cash received from a debt issue.

Changing ExpendituresBonds Principle to a reduction of Bonds Payable.

Changing Other Financing SourcesProceeds of Bonds to an increase in Bonds Payable.

Amortizing bond premiums.

2. Which of the following is not a category of fund balance?

Committed

Assigned

Unrestricted

Unassigned

3. Which of the following statements is not required for pension trust funds?

Statement of Fiduciary Net Position.

None of the choices; all three statements should be prepared for pension trust funds.

Statement of Changes in Fiduciary Net Position.

Statement of Fiduciary Cash Flows.

4. Which of the following is true regarding custodial funds?

Custodial funds are often used to account for outside investments made by county governments for other governments.

Both of the choices are true.

Custodial funds report assets and liabilities, net position, revenues and expenditures.

Neither of the choices is true.