Which of the following is not a reconciliation required by GASB in a CAFR?.
Which type of pension plan most commonly results in an unfunded actuarial liability?
73. Agency Funds are not included in the Government-wide Financial Statements because:
74. With respect to government-wide statement, which of the following statements is correct?
75. Which of the following funds would not be included in the government-wide financial statements
76. Which of the following would be included in the Equity section of the Statement of Net Assets (or Net
Position)?
77. In addition to a Statement of Net Assets (or Net Position), which of the following are government-wide
statements?
78. Which of the following is not a reconciliation required by GASB in a CAFR?
79. Which of the following is true regarding revenue recognition for property taxes, when reporting in the
government-wide statements?
80. When converting from fund basis reporting to government-wide reporting, which of the following would
require an adjustment?
81. Governmental fund-basis statements are prepared using the ________, and must be converted to the
________ to be incorporated in the government-wide statements.
82. When preparing government-wide financial statements, the modified accrual basis governmental funds are
adjusted for all of the following events except?
84. Which of the following statements is not correct with respect to the preparation of government-wide
statements?
85. A local government purchased a building and recorded the event by debiting Expenditures – Capital Outlay
and crediting Cash. What would be the worksheet entry to prepare the government-wide statements?
86. A local government recorded the sale of a capital asset at a gain by recording a debit to cash and credit to
proceeds of sale of capital asset. What is the worksheet entry when preparing the government-wide statements?
87. A local government recorded the sale of a capital asset at a gain by recording a debit to cash and credit to
proceeds of sale of capital asset. What is the worksheet entry when preparing the government-wide statements?
A. Debit to Proceeds of sale of capital asset and credit to Gain on sale of capital asset
B. Debit to Cash and credit to capital asset (net) and credit to Gain on sale of capital asset
C. Debit to Proceeds of sale of capital asset and credit to capital asset (net) and Gain on sale of capital asset
D. None of the above
88. A governmental fund Statement of Revenues, Expenditures, and Changes in Fund Balances reported
expenditures of $30 million, including capital outlay expenditures of $5 million. Capital assets for that
government cost $90 million, including land of $10 million. Depreciable assets are amortized over 20 years, on
average. The reconciliation from governmental changes in fund balances to governmental activities changes in
would reflect a(an):
89. The City of Charlotte reported property tax revenues in 2014 in the amount of $10 million. The deferred
property taxes reported in the General Fund’s balance sheet was $300,000 on December 31, 2013 and was
$375,000 on December 31, 2014. During 2014, $9,000,000 was collected. What amount should the city report
for Property Tax Revenue in its year ended December 31, 2014 government-wide Statement of Activities?
90. Which of the following is true regarding the government-wide statements?
91. Which of the following is true regarding the reporting of general capital assets by state and local
governments?
92. A government recorded transfers out of the General Fund to the debt service fund in the amount of $300,000
and to the enterprise fund in the amount of $600,000. The amount that would be shown as a transfer in the
governmental activities column of the Statement of Activities would be:
93. Which of the following is an example of a special-purpose government?
94. Special-purpose governments that are engaged in both governmental and business-type activities or in more
than one governmental activity are required to include all of the following in its financial statements except?
95. 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?
96. Assume a government is a special-purpose government engaged in only one governmental activity. Which
financial statements would be required?
97. With respect to public colleges engaged in business-type activities, which of the following is not correct?
98. Depending upon the circumstances, in practice public colleges and report as special purpose entities
engaged in:
99. Depending upon the circumstances, in practice public colleges and report as special purpose entities
engaged in:
100. Which of the following is true with respect to public four-year higher education institutions (public
colleges)?
101. Public colleges and universities may choose to report as:
102. A public college had tuition and fees of $21,000,000. Scholarships, for which no services were required,
amounted to $1,600,000. Graduate assistantships, for which services were required, amounted to $2,500,000.
The amount to be reported by the public college as net tuition and fees would be:
103. Which of the following is true regarding the Statement of Cash Flows for a public college?
104. Public colleges and universities follow __________ guidelines while private colleges and universities
follow ________ guidelines
105. Which of the following groups would 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?
Which of the following is not a reconciliation required by GASB in a CAFR?
