Exam 11: Public Sector Financial Reporting

Which of the following would be a reconciling item on the statement of change in net debt?

What does the net debt indicate on a government's statement of financial position?

Which financial statements are recommended by the PSAB for presentation by governments?

To enhance users' abilities to evaluate a government's financial results,budget numbers are included on some of the financial statements.Which statements would include the budget numbers?

What do the total tangible capital assets indicate on a government's statement of financial position?

What reporting basis should Wind Power Plus,a government business enterprise,use?

Tangible capital assets owned by governments are viewed differently than tangible capital assets owned by business enterprises.Explain this difference and describe how tangible capital assets are reported for governments.

Which of the following statements about the valuation of Crown property on the statement of financial position is true?

On what statement does the amortization of tangible capital assets appear as a reconciling item?

Which of the following is not a suggested objective for financial statements for public sector entities?

Based on the organizations' objectives,which of the following government organizations can choose to report under the CICA PSA Handbook or IFRS?

Which of the following is not a typical characteristic of a non-business organization?

Describe the major differences that exist in the purpose of accounting and reporting and in the types of reports of a large city when compared to a large public company.

One of the objectives of government reporting is to allow users the ability to assess the government's finances.A statement of financial position is prepared and the government's "net debt" is presented on this statement.Describe what is meant by "net debt" and why this is an important indicator of the government's financial position.How does net debt impact the government's accumulated deficit or surplus.

Which of the following accounting methods would discourage government managers to manipulate cash payments to suppliers in order to "manage" the reported surplus or deficit?

PSAB defines a government organization as one that is "controlled by the government".Explain what is meant by "control" and how this is assessed for governments.Explain how controlled entities are reported.

Which of the following are combined to produce the accumulated deficit or surplus on a government's statement of financial position?

Clearly distinguish between a government business organization and a non-business government organization.

In general,there are three types of government organizations.Identify and describe these three types and the accounting standards that are followed by each type of entity.

According to the recommendations of the Public Sector Accounting Board,which of the following organizations should be consolidated with a provincial government's financial statements?