Question 1

Which of the following is true regarding the government-wide Statement of Activities?

Accepted Answer

A)  Fiduciary activities are not reported. 
B)  Discretely presented component units are not reported. 
C)  Both of the above. 
D)  Neither of the above. 
A)  Fiduciary activities are not reported. 
B)  Discretely presented component units are not reported. 
C)  Both of the above. 
D)  Neither of the above.

Question 2

Internal Service Funds are most commonly incorporated into the governmental activities category of the government-wide statements.

Accepted Answer

A) True 
 B)False

Question 3

When converting to government-wide financial statements,the entry to record the amortization of the premium on a bond would:

Accepted Answer

A)  Debit the Premium on bonds payable and a credit premium expense 
B)  Debit the Premium on bonds payable and a credit interest expense 
C)  Debit the Bond Payable and a credit Premium on bonds payable 
D)  There is no entry. You do not amortize the premium. 
A)  Debit the Premium on bonds payable and a credit premium expense 
B)  Debit the Premium on bonds payable and a credit interest expense 
C)  Debit the Bond Payable and a credit Premium on bonds payable 
D)  There is no entry. You do not amortize the premium.

Which of the following is true regarding the government-wide Statement of Activities?

Internal Service Funds are most commonly incorporated into the governmental activities category of the government-wide statements.

When converting to government-wide financial statements,the entry to record the amortization of the premium on a bond would:

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

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Proprietary Funds

Fiduciary Trustfunds

Accounting for Special-Purpose Entities, Including Public Colleges and Universities

Accounting for Private Not-For-Profit Organizations

College and University Accounting Private Institutions

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters

Exam 8: Government-Wide Statements, Capital Assets, Long-Term Debt

Which of the following is true regarding the government-wide Statement of Activities?

Internal Service Funds are most commonly incorporated into the governmental activities category of the government-wide statements.

When converting to government-wide financial statements,the entry to record the amortization of the premium on a bond would:

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

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Proprietary Funds

Fiduciary Trustfunds

Accounting for Special-Purpose Entities, Including Public Colleges and Universities

Accounting for Private Not-For-Profit Organizations

College and University Accounting Private Institutions

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters