Exam 2: Overview of Financial Reporting for State and Local Governments

Depreciation on capital assets is included as an expense in the Statement of Activities in the government-wide financial statements

The Financial Accounting Standards Board (FASB) is the standard setting organization for which of the following reporting organizations?

Which of the following organizations has authority to establish accounting and financial reporting standards for the federal government?

The fund statements for governmental funds are presented using the

What are the five environmental factors relating to how governments are different from commercial businesses as described by GASB in a white paper published entitled: Why Governmental Accounting and Financial Reporting Is - and Should Be - Different:

Governmental funds do not include:

The Governmental Accounting Standards Board sets financial reporting standards for all units of government: federal, state and local.

Which of the following are the governmental funds?

The government-wide statements and the fund statements for proprietary funds and fiduciary funds use the economic resources measurement focus and the accrual basis of accounting.

A permanent fund classified under governmental funds.....

The Federal Accounting Standards Advisory Board and the Governmental Accounting Standards Board are parallel bodies under the oversight of the Financial Accounting Foundation.

Which of the following is not true regarding GASB Concepts Statement No. 2, Service Efforts and Accomplishments Reporting:

Which of the following is an objective of federal financial reporting?

Under GASB Statement 34, accrual accounting is used for:

Internal Service funds are treated as governmental funds when the only "buyer" is a governmental unit.

Which of the following funds is NOT a Fiduciary Fund?

Identify the three basic fund categories, the funds that make up each of them and the category's basis of accounting.

Under the modified accrual basis of accounting, revenues should be recognized when they are:

The GASB recently published a white paper which identifies five environmental differences between governments and for-profit enterprises.

What type of fund is used when resources are provided mainly through business like transactions to parties external to the government?