Question :
71.Which of the following included in Required Supplementary Information (RSI)?
A)Management’s : 1255411
71.Which of the following is included in Required Supplementary Information (RSI)?
A)Management’s Discussion and Analysis (MD&A).
B)Budgetary Comparison Schedule.
C)The Schedule of Funding Progress and Schedule of Employer Contributions when the government reports a pension trust fund.
D)All of the above.
72.Which of the following is false regarding the government-wide financial statements?
A)The government-wide financial statements are not required to present prior-year data.
B)The government-wide financial statements include a Statement of Net Assets, Statement of Activities, and Statement of Cash Flows.
C)The government-wide financial statements include capital assets, including infrastructure, and reflect depreciation, except for infrastructure using the modified approach.
D)All of the above are true.
73.Which of the following is true regarding the government-wide Statement of Net Assets?
A)The government-wide Statement of Net Assets reflects capital assets, net of accumulated depreciation, for both governmental and business-type activities.
B)The government-wide Statement of Net Assets must be prepared in a classified format; that is, both assets and liabilities must be separated between current and long-term categories.
C)The government-wide Statement of Net Assets includes all resources entrusted to the government; including governmental, proprietary, and fiduciary.
D)A reporting entity (primary government plus component units) total column is required.
74.Which of the following is true regarding the government-wide Statement of Activities?
A)The government-wide Statement of Activities may reflect expenses either by function (general government, public safety, etc.) or by object or natural classification (salaries, supplies, etc.).
B)The government-wide Statement of Activities is prepared using the modified accrual basis of accounting for governmental activities and using the accrual basis of accounting for business-type activities.
C)The government-wide Statement of Activities reflects taxes as general revenues.
D)Indirect program expenses may not be allocated to the other functional areas.
75.Which of the following is true regarding the government-wide Statement of Activities?
A)The Statement of Activities includes depreciation expense.
B)Transfers between governmental and business type activities are eliminated and do not appear on the government-wide Statement of Activities.
C)In the government-wide Statement of Activities, “special items” are those items that are both unusual and infrequent and are not under the control of management.
D)Taxes levied for specific functions may be reported as program revenue.
76.Which of the following is true regarding the governmental fund financial statements?
A)The governmental fund financial statements include the Balance Sheet, and the Statement of Revenues, Expenditures, and Changes in Fund Balances.
B)The governmental fund financial statements are prepared on the current financial resources measurement focus and modified accrual basis of accounting.
C)The governmental fund Balance Sheet reflects the difference of assets minus liabilities as Fund Balance.
D)All of the above are true.
77.Which of the following items would likely appear in the reconciliation between the governmental fund financial statements and the governmental activities column in the government-wide financial statements?
A)The inclusion of long-term liabilities in the government-wide financial statements and not in the governmental fund financial statements.
B)The inclusion of depreciation of capital assets in the governmental activities column of the government-wide financial statements and not in the governmental fund statements.
C)The additional accrual of some revenues and expenses in the government-wide financial statements that were not made in the governmental fund financial statements.
D)All of the above.
78.Which of the following is true regarding the Budgetary Comparison Schedule?
A)The Budgetary Comparison Schedule compares the actual results to the original budget, but display of variances is optional.
B)The Budgetary Comparison Schedule must be prepared for the General Fund and each major special revenue fund that has a legally adopted budget.
C)The Budgetary Comparison Schedule is considered part of the basic financial statements.
D)All of the above are true.
79.Which of the following is false regarding major fund reporting for governmental funds?
A)The General Fund is always a major fund.
B)Each fund that is considered major must be reported in a separate column in the governmental funds financial statements.
C)A government may designate any fund as major if it feels that reporting that fund in the basic financial statements would be useful.
D)None of the above, all are true.
80.Which of the following is true regarding the Comprehensive Annual Financial Report?
A)The basic financial statements consist of the government-wide, the governmental fund, the proprietary fund, and the fiduciary fund financial statements (and the notes to the financial statements).
B)The government-wide financial statements include the Statement of Net Assets, the Statement of Activities, and the Statement of Cash Flows.
C)Both of the above.
D)Neither of the above.
