Question 1

With respect to public colleges and universities,expenses are reported by:

Accepted Answer

A)  Function. 
B)  Object classification. 
C)  Department. 
D)  Academic vs. non academic components. 
A)  Function. 
B)  Object classification. 
C)  Department. 
D)  Academic vs. non academic components.

Question 2

Assume a government is determined to be a special-purpose government engaged in business-type activities only.Which of the following financial statements would be required?

Accepted Answer

A)  Statement of Net Assets and Statement of Activities. 
B)  Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Net Assets, Statement of Cash Flows. 
C)  Statement of Net Assets, Statement of Activities, Statement of Cash Flows. 
D)  Balance Sheet, Statement of Revenues, Expenditures, and Changes in und Balances. 
A)  Statement of Net Assets and Statement of Activities. 
B)  Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Net Assets, Statement of Cash Flows. 
C)  Statement of Net Assets, Statement of Activities, Statement of Cash Flows. 
D)  Balance Sheet, Statement of Revenues, Expenditures, and Changes in und Balances.

Question 3

Assume a government is a special-purpose government engaged in only one governmental activity.Which financial statements would be required?

Accepted Answer

A)  Government-wide statements only. 
B)  Governmental fund statements only. 
C)  Statements combining the governmental funds and government-wide statements. 
D)  Either government-wide or governmental funds statements, issued separately. 
A)  Government-wide statements only. 
B)  Governmental fund statements only. 
C)  Statements combining the governmental funds and government-wide statements. 
D)  Either government-wide or governmental funds statements, issued separately.

Question 4

Which of the following is true regarding financial reporting of special-purpose entities?

Accepted Answer

A)  Special purpose entities might include park districts, school districts, and public colleges and universities. 
B)  Special-purpose entities, in some cases, have more limited reporting requirements than general-purpose entities. 
C)  Both of the above are true. 
D)  Neither of the above is true. 
A)  Special purpose entities might include park districts, school districts, and public colleges and universities. 
B)  Special-purpose entities, in some cases, have more limited reporting requirements than general-purpose entities. 
C)  Both of the above are true. 
D)  Neither of the above is true.

Question 5

A County could be either a general-purpose or a special purpose government.

Accepted Answer

A) True 
 B)False

Question 6

Answer the following related to accounting and financial reporting for public colleges and universities:
a.What choices exist for financial reporting by public colleges and universities,according to GASB Statement 35?
b.Indicate the contents required for a financial report for those public colleges and universities that choose to report as special-purpose entities engaged only in business-type activities.

Accepted Answer

a.GASB Statement 35 indicates that publi

Question 7

GASB categorizes general state appropriation as nonoperating revenue for public colleges and universities.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is not correct with respect to special purpose governments that are engaged in only one governmental-type activity?

Accepted Answer

A)  Special purpose governments that are engaged in only one governmental-type activity may combine fund and government-wide financial statements if it shows the reconciliation between the two on the face of the statements. 
B)  Special purpose governments that are engaged in only one governmental-type activity must include required supplementary information as part of its reporting requirement. 
C)  Special purpose governments that are engaged in only one governmental-type activity are required to include notes to the financial statements for the government-wide statements only. 
D)  Special purpose governments that are engaged in only one governmental-type activity must present required supplementary information as part of its reporting requirement. 
A)  Special purpose governments that are engaged in only one governmental-type activity may combine fund and government-wide financial statements if it shows the reconciliation between the two on the face of the statements. 
B)  Special purpose governments that are engaged in only one governmental-type activity must include required supplementary information as part of its reporting requirement. 
C)  Special purpose governments that are engaged in only one governmental-type activity are required to include notes to the financial statements for the government-wide statements only. 
D)  Special purpose governments that are engaged in only one governmental-type activity must present required supplementary information as part of its reporting requirement.

Question 9

A public college had tuition and fees of $21,000,000.Scholarships,for which no services were required,amounted to $2,500,000.Graduate assistantships,for which services were required,amounted to $1,600,000.The amount to be reported by the public college as net tuition and fees would be:

Accepted Answer

A)  $18,500,000. 
B)  $16,900,000. 
C)  $21,000,000. 
D)  $20,000,000. 
A)  $18,500,000. 
B)  $16,900,000. 
C)  $21,000,000. 
D)  $20,000,000.

Question 10

Governmental health care entities,public school systems,and museums are accounted for as special-purpose governments.

Accepted Answer

A) True 
 B)False

Question 11

A public college had tuition and fees for the year ended June 30,2012 in the amount of $45,000,000.Scholarships,for which no services were required,amounted to $2,300,000.Graduate assistantships,for which services were required,amounted to $2,500,000.The amount to be reported by the college for net tuition and fee revenue would be:

Accepted Answer

A)  $40,200,000. 
B)  $42,700,000. 
C)  $42,500,000. 
D)  $45,000,000. 
A)  $40,200,000. 
B)  $42,700,000. 
C)  $42,500,000. 
D)  $45,000,000.

Question 12

According to GASB Statement 34,governmental activities are generally financed through taxes,intergovernmental revenues and other nonexchange revenues.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following groups would probably not be considered a component unit of a special-purpose government,for the purposes of applying GASB Statement 39: Determining Whether Certain Organizations Are Component Units?

Accepted Answer

A)  A university foundation. 
B)  A hospital auxiliary. 
C)  A museum foundation. 
D)  A high school band booster club. 
A)  A university foundation. 
B)  A hospital auxiliary. 
C)  A museum foundation. 
D)  A high school band booster club.

Question 14

Indicate the financial reporting rules for each of the following special-purpose entities (which category of special-purpose entity),and indicate the financial statements that would be required:
a.A township that assesses property for taxation,provides road maintenance,and provides welfare assistance.
b.A fire protection district that engages in protection of property in unincorporated areas from fires.
c.An independent tollway authority,not the component unit of any other government.
d.An independent statewide pension plan.
e.A public college.

Accepted Answer

a.This township would be a special-purpo

Question 15

General-purpose governments are those that offer more than one type of basic governmental service,while special-purpose entities generally provide a limited,or single,set of programs or services.

Accepted Answer

A) True 
 B)False

Question 16

Public institutions of higher education are required to produce a Statement of Cash flows in addition to a Statement of Net Assets and a Statement of Revenues,Expenses,and Changes in Net Assets.

Accepted Answer

A) True 
 B)False

Question 17

Public colleges and universities that choose to report as special-purpose entities engaged only in business-type activities would have which of the following financial statements?

Accepted Answer

A)  Statement of Net Assets, Statement of Activities. 
B)  Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Net Assets. 
C)  Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Net Assets, Statement of Cash Flows. 
D)  None of the above. 
A)  Statement of Net Assets, Statement of Activities. 
B)  Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Net Assets. 
C)  Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Net Assets, Statement of Cash Flows. 
D)  None of the above.

Question 18

Special-purpose governments generally provide a single or limited set of governmental services or programs.

Accepted Answer

A) True 
 B)False

Question 19

Revenue for reimbursement grants may be recognized before expenditures take place as long as the grant has been awarded.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following is true regarding the Statement of Cash Flows for a public college?

Accepted Answer

A)  The indirect method must be used. 
B)  The statement is in the same format required for state and local governmental enterprise funds. 
C)  Both of the above are true. 
D)  Neither of the above is true. 
A)  The indirect method must be used. 
B)  The statement is in the same format required for state and local governmental enterprise funds. 
C)  Both of the above are true. 
D)  Neither of the above is true.

With respect to public colleges and universities,expenses are reported by:

Assume a government is determined to be a special-purpose government engaged in business-type activities only.Which of the following financial statements would be required?

Assume a government is a special-purpose government engaged in only one governmental activity.Which financial statements would be required?

Which of the following is true regarding financial reporting of special-purpose entities?

A County could be either a general-purpose or a special purpose government.

GASB categorizes general state appropriation as nonoperating revenue for public colleges and universities.

Which of the following is not correct with respect to special purpose governments that are engaged in only one governmental-type activity?

A public college had tuition and fees of $21,000,000.Scholarships,for which no services were required,amounted to $2,500,000.Graduate assistantships,for which services were required,amounted to $1,600,000.The amount to be reported by the public college as net tuition and fees would be:

Governmental health care entities,public school systems,and museums are accounted for as special-purpose governments.

According to GASB Statement 34,governmental activities are generally financed through taxes,intergovernmental revenues and other nonexchange revenues.

Which of the following groups would probably not be considered a component unit of a special-purpose government,for the purposes of applying GASB Statement 39: Determining Whether Certain Organizations Are Component Units?

General-purpose governments are those that offer more than one type of basic governmental service,while special-purpose entities generally provide a limited,or single,set of programs or services.

Public institutions of higher education are required to produce a Statement of Cash flows in addition to a Statement of Net Assets and a Statement of Revenues,Expenses,and Changes in Net Assets.

Public colleges and universities that choose to report as special-purpose entities engaged only in business-type activities would have which of the following financial statements?

Special-purpose governments generally provide a single or limited set of governmental services or programs.

Revenue for reimbursement grants may be recognized before expenditures take place as long as the grant has been awarded.

Which of the following is true regarding the Statement of Cash Flows for a public college?

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

Government-Wide Statements, capital Assets, long-Term Debt

Accounting for Private Not-For-Profit Organizations

College and University Accounting

Accounting for Hospitals and Other Health Care Providers

Auditing, tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters

Exam 9: Advanced Topics for State and Local Governments

With respect to public colleges and universities,expenses are reported by:

Assume a government is determined to be a special-purpose government engaged in business-type activities only.Which of the following financial statements would be required?

Assume a government is a special-purpose government engaged in only one governmental activity.Which financial statements would be required?

Which of the following is true regarding financial reporting of special-purpose entities?

A County could be either a general-purpose or a special purpose government.

GASB categorizes general state appropriation as nonoperating revenue for public colleges and universities.

Which of the following is not correct with respect to special purpose governments that are engaged in only one governmental-type activity?

A public college had tuition and fees of $21,000,000.Scholarships,for which no services were required,amounted to $2,500,000.Graduate assistantships,for which services were required,amounted to $1,600,000.The amount to be reported by the public college as net tuition and fees would be:

Governmental health care entities,public school systems,and museums are accounted for as special-purpose governments.

According to GASB Statement 34,governmental activities are generally financed through taxes,intergovernmental revenues and other nonexchange revenues.

Which of the following groups would probably not be considered a component unit of a special-purpose government,for the purposes of applying GASB Statement 39: Determining Whether Certain Organizations Are Component Units?

General-purpose governments are those that offer more than one type of basic governmental service,while special-purpose entities generally provide a limited,or single,set of programs or services.

Public institutions of higher education are required to produce a Statement of Cash flows in addition to a Statement of Net Assets and a Statement of Revenues,Expenses,and Changes in Net Assets.

Public colleges and universities that choose to report as special-purpose entities engaged only in business-type activities would have which of the following financial statements?

Special-purpose governments generally provide a single or limited set of governmental services or programs.

Revenue for reimbursement grants may be recognized before expenditures take place as long as the grant has been awarded.

Which of the following is true regarding the Statement of Cash Flows for a public college?

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

Government-Wide Statements, capital Assets, long-Term Debt

Accounting for Private Not-For-Profit Organizations

College and University Accounting

Accounting for Hospitals and Other Health Care Providers

Auditing, tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters