Question 1

Which of the following statements is true of a Special-purpose government?

Accepted Answer

A)  Special-purpose governments that are engaged in more than one governmental-type activities can combine the fund and government-wide financial statements. 
B)  Special-purpose governments engaged in only one governmental-type activity only have to prepare fund-basis financial statements. 
C)  GASB Statement 35 indicates that public higher education institutions may choose to report as business-type activities. 
D)  GASB Statement 39: Determining Whether Certain Organizations Are Component Units applies only to public educational institutions. 
A)  Special-purpose governments that are engaged in more than one governmental-type activities can combine the fund and government-wide financial statements. 
B)  Special-purpose governments engaged in only one governmental-type activity only have to prepare fund-basis financial statements. 
C)  GASB Statement 35 indicates that public higher education institutions may choose to report as business-type activities. 
D)  GASB Statement 39: Determining Whether Certain Organizations Are Component Units applies only to public educational institutions.

Question 2

Public higher education institutions that report as special-purpose entities engaged in business-type activities only are still required to prepare a Management's Discussion and Analysis.

Accepted Answer

A) True 
 B)False

Question 3

Special-purpose governments that are engaged in both governmental and business-type activities are required to use the full reporting model including MD&A,government-wide and fund-basis statements,notes to the financial statements and RSI.

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

A)  Special-purpose entities that are engaged only in one governmental activity may combine government-wide and governmental fund statements. 
B)  Special-purpose entities that are engaged in fiduciary activities only may prepare the statements required for fiduciary funds only (Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets) plus any RSI schedules required. 
C)  Both of the above. 
D)  Neither of the above. 
A)  Special-purpose entities that are engaged only in one governmental activity may combine government-wide and governmental fund statements. 
B)  Special-purpose entities that are engaged in fiduciary activities only may prepare the statements required for fiduciary funds only (Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets) plus any RSI schedules required. 
C)  Both of the above. 
D)  Neither of the above.

Which of the following statements is true of a Special-purpose government?

Public higher education institutions that report as special-purpose entities engaged in business-type activities only are still required to prepare a Management's Discussion and Analysis.

Special-purpose governments that are engaged in both governmental and business-type activities are required to use the full reporting model including MD&A,government-wide and fund-basis statements,notes to the financial statements and RSI.

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

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

Which of the following statements is true of a Special-purpose government?

Public higher education institutions that report as special-purpose entities engaged in business-type activities only are still required to prepare a Management's Discussion and Analysis.

Special-purpose governments that are engaged in both governmental and business-type activities are required to use the full reporting model including MD&A,government-wide and fund-basis statements,notes to the financial statements and RSI.

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

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