Question 1

Explain the importance of evaluating governmental financial performance.

Accepted Answer

The answer of Explain the importance of evaluating governmental financial...

Question 2

Environmental factors facing a government have little impact on a city's fiscal policy.

Accepted Answer

A) True 
 B)False

Question 3

Which ratio or concept describes the extent to which the government has lived within its means for the year?

Accepted Answer

A)  Debt to assets. 
B)  Interperiod equity. 
C)  Current ratio. 
D)  Revenue dispersion. 
A)  Debt to assets. 
B)  Interperiod equity. 
C)  Current ratio. 
D)  Revenue dispersion.

Question 4

The term financial position is closely related to the term liquidity while financial condition is much broader in scope,including not only financial position but also consideration of long-term solvency.

Accepted Answer

A) True 
 B)False

Question 5

Identify the following factors that affect financial condition as environmental factors (E)or financial factors (F).

Accepted Answer

The answer of Identify the following factors that affect financial...

Question 6

How do credit analysts assist decision makers in evaluating the credit worthiness of a state or local government?

Accepted Answer

The answer of How do credit analysts assist decision makers...

Question 7

Political culture,one of the environmental factors affecting financial condition,includes such factors as form of government and the entity's economic,political,and social history.

Accepted Answer

A) True 
 B)False

Question 8

Describe some ratios that can be calculated using the basic financial statements that will help a decision maker assess the financial position of the government.

Accepted Answer

The answer of Describe some ratios that can be calculated...

Question 9

A tax watchdog group is an example of an intermediary that represents citizen interests.

Accepted Answer

A) True 
 B)False

Question 10

Internal managers and credit analysts evaluate financial condition of a government in the same way.

Accepted Answer

A) True 
 B)False

Question 11

Management practices and legislative policies are very relevant in the evaluation of a government's financial performance.

Accepted Answer

A) True 
 B)False

Question 12

Political culture,such as attitudes towards taxes,is an example in the ICMA's Financial Trend Monitoring Systems of:

Accepted Answer

A)  Environmental factors. 
B)  Organizational factors. 
C)  Financial factors. 
D)  Management practices and legislative policies. 
A)  Environmental factors. 
B)  Organizational factors. 
C)  Financial factors. 
D)  Management practices and legislative policies.

Question 13

Which of the following ratios would be most helpful in assessing the operating position of a governmental entity?

Accepted Answer

A)  Net tax-supported long-term debt/population. 
B)  Own source revenues/total revenues. 
C)  Debt service expenditures/total expenditures. 
D)  General fund balance/operating revenues. 
A)  Net tax-supported long-term debt/population. 
B)  Own source revenues/total revenues. 
C)  Debt service expenditures/total expenditures. 
D)  General fund balance/operating revenues.

Question 14

Which of the following financial concepts has been defined by the GASB as "the probability that a government will meet both its financial obligations to creditors,consumers,employees,taxpayers,suppliers,constituents,and others as they become due and its service obligation to constituents,both currently and in the future?"

Accepted Answer

A)  Financial condition. 
B)  Financial position. 
C)  Financial leverage. 
D)  Liquidity. 
A)  Financial condition. 
B)  Financial position. 
C)  Financial leverage. 
D)  Liquidity.

Question 15

How do the objectives of evaluating financial condition differ between internal managers and credit analysts? How are their objectives similar?

Accepted Answer

The answer of How do the objectives of evaluating financial...

Question 16

After financial ratios are calculated,the results should be compared to any of the following except

Accepted Answer

A)  The same indicator from prior years. 
B)  Budgeted information for the government for the upcoming year. 
C)  Comparable government ratios calculated from the Government Finance Officers Association's Financial Indicators Database. 
D)  Any credit market or other red flag indicators. 
A)  The same indicator from prior years. 
B)  Budgeted information for the government for the upcoming year. 
C)  Comparable government ratios calculated from the Government Finance Officers Association's Financial Indicators Database. 
D)  Any credit market or other red flag indicators.

Question 17

Which of the following statements about credit analysts' models is true?

Accepted Answer

A)  Credit analysts focus primarily on demographic statistics and management's long-term investment strategies. 
B)  Credit analysts have access to the same set of information that internal managers use. 
C)  Credit analysts are concerned with assessing a government's ability to pay interest and principal on debt when due. 
D)  Credit analysts rarely use comprehensive annual financial reports. 
A)  Credit analysts focus primarily on demographic statistics and management's long-term investment strategies. 
B)  Credit analysts have access to the same set of information that internal managers use. 
C)  Credit analysts are concerned with assessing a government's ability to pay interest and principal on debt when due. 
D)  Credit analysts rarely use comprehensive annual financial reports.

Question 18

Which of the following is a measure of the extent to which the government's business-type activities are self-supporting?

Accepted Answer

A)  Unrestricted net position/total revenues. 
B)  Business-type activities revenues/business-type activities expenses. 
C)  Total net position (governmental activities and business-type activities)less total net position at the beginning of the year. 
D)  Total revenues/total expenses. 
A)  Unrestricted net position/total revenues. 
B)  Business-type activities revenues/business-type activities expenses. 
C)  Total net position (governmental activities and business-type activities)less total net position at the beginning of the year. 
D)  Total revenues/total expenses.

Question 19

Describe how financial performance is related to the operating performance of a governmental entity.

Accepted Answer

Financial performance and operating perf

Question 20

Distinguish and describe key financial performance concepts,such as financial position,financial condition,and economic condition.

Accepted Answer

The answer of Distinguish and describe key financial performance concepts,such...

Explain the importance of evaluating governmental financial performance.

Environmental factors facing a government have little impact on a city's fiscal policy.

Which ratio or concept describes the extent to which the government has lived within its means for the year?

The term financial position is closely related to the term liquidity while financial condition is much broader in scope,including not only financial position but also consideration of long-term solvency.

Identify the following factors that affect financial condition as environmental factors (E)or financial factors (F).

How do credit analysts assist decision makers in evaluating the credit worthiness of a state or local government?

Political culture,one of the environmental factors affecting financial condition,includes such factors as form of government and the entity's economic,political,and social history.

Describe some ratios that can be calculated using the basic financial statements that will help a decision maker assess the financial position of the government.

A tax watchdog group is an example of an intermediary that represents citizen interests.

Internal managers and credit analysts evaluate financial condition of a government in the same way.

Management practices and legislative policies are very relevant in the evaluation of a government's financial performance.

Political culture,such as attitudes towards taxes,is an example in the ICMA's Financial Trend Monitoring Systems of:

Which of the following ratios would be most helpful in assessing the operating position of a governmental entity?

How do the objectives of evaluating financial condition differ between internal managers and credit analysts? How are their objectives similar?

After financial ratios are calculated,the results should be compared to any of the following except

Which of the following statements about credit analysts' models is true?

Which of the following is a measure of the extent to which the government's business-type activities are self-supporting?

Describe how financial performance is related to the operating performance of a governmental entity.

Distinguish and describe key financial performance concepts,such as financial position,financial condition,and economic condition.

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Entities

Principles of Accounting and Financial Reporting for State and Local Governments

Governmental Operating Statement Accounts; Budgetary Accounting

Accounting for Governmental Operating Activities-Illustrative Transactions and Financial Statements

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-Type Activities of State and Local Governments

Accounting for Fiduciary Activities-Agency and Trust Funds

Financial Reporting of State and Local Governments

Auditing of Governmental and Not-For-Profit Organizations

Budgeting and Performance Measurement

Accounting for Not-For-Profit Organizations

Not-For-Profit Organizations-Regulatory, Taxation, and Performance Issues

Accounting for Colleges and Universities

Accounting for Health Care Organizations

Accounting and Reporting for the Federal Government

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Exam 10: Analysis of Governmental Financial Performance

Explain the importance of evaluating governmental financial performance.

Environmental factors facing a government have little impact on a city's fiscal policy.

Which ratio or concept describes the extent to which the government has lived within its means for the year?

The term financial position is closely related to the term liquidity while financial condition is much broader in scope,including not only financial position but also consideration of long-term solvency.

Identify the following factors that affect financial condition as environmental factors (E)or financial factors (F).

How do credit analysts assist decision makers in evaluating the credit worthiness of a state or local government?

Political culture,one of the environmental factors affecting financial condition,includes such factors as form of government and the entity's economic,political,and social history.

Describe some ratios that can be calculated using the basic financial statements that will help a decision maker assess the financial position of the government.

A tax watchdog group is an example of an intermediary that represents citizen interests.

Internal managers and credit analysts evaluate financial condition of a government in the same way.

Management practices and legislative policies are very relevant in the evaluation of a government's financial performance.

Political culture,such as attitudes towards taxes,is an example in the ICMA's Financial Trend Monitoring Systems of:

Which of the following ratios would be most helpful in assessing the operating position of a governmental entity?

How do the objectives of evaluating financial condition differ between internal managers and credit analysts? How are their objectives similar?

After financial ratios are calculated,the results should be compared to any of the following except

Which of the following statements about credit analysts' models is true?

Which of the following is a measure of the extent to which the government's business-type activities are self-supporting?

Describe how financial performance is related to the operating performance of a governmental entity.

Distinguish and describe key financial performance concepts,such as financial position,financial condition,and economic condition.

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Entities

Principles of Accounting and Financial Reporting for State and Local Governments

Governmental Operating Statement Accounts; Budgetary Accounting

Accounting for Governmental Operating Activities-Illustrative Transactions and Financial Statements

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-Type Activities of State and Local Governments

Accounting for Fiduciary Activities-Agency and Trust Funds

Financial Reporting of State and Local Governments

Auditing of Governmental and Not-For-Profit Organizations

Budgeting and Performance Measurement

Accounting for Not-For-Profit Organizations

Not-For-Profit Organizations-Regulatory, Taxation, and Performance Issues

Accounting for Colleges and Universities

Accounting for Health Care Organizations

Accounting and Reporting for the Federal Government

Filters