To provide information that can be used to assess a government's accountability. *A. In addition, the city is paying debt service on general obligation bonds issued to construct the library. Comprehensive annual financial report. Which of the following circumstances would indicate that a potential component unit (PCU) should be included as part of the government financial reporting entity? The primary government is entitled to its share of any dividends distributed by the PCU. Which of the following kinds of information would not be provided by management's discussion and analysis (MD&A)? 5. Under GASB standards, nonmajor funds are reported A. Under GASB standards, where are nonmajor funds reported? Under GASB standards, where are nonmajor funds reported? In reconciling the net change in fund balances to the change in net position of governmental activities which of the following would be added to the change in net position of governmental activities? D. In the government-wide financial statements. Interest accrued on Property Taxes Receivable—Delinquent. In aggregate amounts in a single column in the fund financial statements. 6. B. How should the remainder of the funds be reported? 3. C. A forecast of revenues and expenditures for the next three fiscal years. Which of the following factors would not indicate that a potential component unit (PCU) imposes a financial burden or provides a financial benefit to the primary government? Primary government 7 Under GASB standards nonmajor funds are reported A In the from ACCT 550 at University of Washington, Tacoma B.   Terms. In the government-wide financial statements. This report is called a(an). 35. Which of the following would not be included as a reconciling item in reconciling the governmental fund statement of revenues, expenditures, and changes in fund balance to the government-wide statement of activities? Course Hero is not sponsored or endorsed by any college or university. Introducing Textbook Solutions. Interfund transfers are reported in the statement of revenues, expenditures, and changes in fund balance when transfers occur among governmental funds. Generally Accepted Accounting Principles, International Financial Reporting Standards, Analysis of Governmental Financial Performance. On the statement of revenues, expenditures, and changes in fund balance for governmental funds, how are capital outlays reported? As a part of the financial section of the comprehensive annual financial report (CAFR). Some governments provide to their citizens highly condensed financial information, budget, summaries, and narrative descriptions. Which of the following would not be included within the financial section of the CAFR? C) In a note disclosure following the financial statements. Statement of net position and statement of activities. For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! 7. This report is called a(an). Government-wide financial statements present the government's financial position using the: Economic resources measurement focus and the accrual basis of accounting. In aggregate amounts in a single column in the fund financial statements. 5. Nonmajor funds should be reported in the aggregate in a separate column. statements and the Governmental Activities column of the government-wide statements? The city council of Lake Jefferson passed a resolution to establish a small botanical garden in the city park. 4. Both general purpose and special purpose governments could be considered examples of primary governments under GAAP. Expenses are reported before program and general revenues. Which of the following are government-wide financial statements required by GASB standards? Officials of the primary government appoint a majority of the members of the PCU's governing board and the primary government is able to impose its will on the PCU. Which of the following would increase the governmental activities balance in Net Position—Net Investment in Capital Assets? D. In aggregate amounts in a single column in the fund financial statements. Under GASB standards, where are nonmajor funds reported? Providing information via newsletters. Which of the following require a statement of changes in net position? The council decided to put aside funds in the amount of $22,000 to build and establish the botanical garden. B. In the management's discussion and analysis preceding the financial statements. To ensure the best experience, please update your browser. A. What constitutes the basic financial statements of a government? 1. At the end of the fiscal year, $3,000 of the funds had been spent. B) In aggregate amounts in a single column in the fund financial statements. A forecast of revenues and expenditures for the next three fiscal years. GASB standards require that governmental fund financial statements include which of the following? Which of the following kinds of information would not be provided by MD&A? Are important for budgetary and cash management purposes. Recognition in the financial statements. communicating information to external users of government financial reports? In a note disclosure following the financial statements. Based on generally accepted accounting principles (GAAP) criteria for defining the reporting entity: As a separate line item in the expenditures section of the statement, Combining financial statements for nonmajor funds of a government should be included. Get step-by-step explanations, verified by experts. A) In the management's discussion and analysis preceding the financial statements. Course Hero, Inc. Combining financial statements for nonmajor funds of a government should be included: C. As a part of the financial section of the CAFR. It looks like your browser needs an update. As a separate line item in the expenditures section of the statement. In the management's discussion and analysis preceding the financial statements. In aggregate amounts in a single column in the fund financial statements. In the government-wide financial statements. Under these conditions: The museum is a component unit of the city. Acquisition of a building to be used by the police department. A. Internal service funds also should be reported in the aggregate in a separate column on the proprietary fund statements. C. Presentation as required supplementary information. Pennsylvania State University • ACCTG 471, Northern Virginia Community College • ACC 219, University of Washington, Tacoma • ACCT 550, University of Washington, Tacoma • ACCT 502, Copyright © 2020. In aggregate amounts in a single column in the fund financial statements. Under GASB standards, if a government only has six governmental funds and two enterprise funds how many basic financial statements would it prepare? Which of the following items are typically reported differently between the governmental fund. one of the methods recommended by the GASB for. Which of the following is generally considered an other comprehensive basis of accounting (OCBOA) acceptable for governments. 2. Which of the following is not a category found in the statistical section of the comprehensive annual financial report (CAFR)? Under GASB standards, where are nonmajor funds reported? The comprehensive annual financial report (CAFR) of a government should contain a statement of revenues, expenses, and changes in net position for : The members of the Museum Board of the City of Springfield are appointed by the City of Springfield City Council, which has agreed to finance any operating deficits of the museum. A positive unassigned fund balance can be found in which of the following funds? Under GASB standards, where are nonmajor funds reported? TACCT 550 Ch09 Quiz - Chapter 9 1 Some governments provide to their citizens highly condensed financial information budget summaries and narrative, 8 out of 9 people found this document helpful, 1. D. Disclosure in the notes to the financial statements. Under GASB standards, where are nonmajor funds reported? 3. C. In a note disclosure following the financial statements. C. In the management's discussion and analysis preceding the financial statements. D. In aggregate amounts in a single column in the fund financial statements. Fund balances for governmental funds should be segregated into reserved and unreserved categories. 34. Government-wide financial statements plus fund financial statements plus notes. Which of the following statements concerning interfund transfers is true? Which of the following would increase the governmental activities balance in Net Position—Net Investment in Capital Assets? Balsam City's library board is appointed by the city council, which has agreed to subsidize the operating costs of the library at a material amount to be determined each year. Under GASB standards, where are nonmajor funds reported? Some governments provide to their citizens highly condensed financial information, budget summaries, and narrative descriptions. In a note disclosure following the financial statements.