Question :
50.Which of the following an example of a special-purpose government?
A)Village : 1255533
50.Which of the following is an example of a special-purpose government?
A)Village government
B)Park district
C)Township government
D)City government
51.Which of the following is not an example of a special-purpose government?
A)Village government
B)Tollway authority
C)Library district
D)Fire protection districts
52.Which of the following would not be considered a special-purpose government for financial reporting purposes?
A)A public school system.
B)An art museum.
C)A public hospital.
D)A county board of supervisors.
53.Which of the following statements is true of a special-purpose government?
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 business-type activity have to prepare government-wide financial statements.
C)Special-purpose governments that are engaged in a single governmental-type activity may combine the fund and government-wide financial statements.
D)GASB Statement 39: Determining Whether Certain Organizations Are Component Units applies only to public educational institutions.
54.Which of the following is not required for a special-purpose local government engaged in only fiduciary type activities?
A)Statement of Fiduciary Net Assets
B)Statement of Fiduciary Cash Flows
C)Notes to the Financial Statements
D)Required Supplementary Information other than MD&A
55.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?
A)Required supplementary Information
B)Fund basis financial statements
C)Government-wide financial statements
D)None of the above, these are all required
56.Which of the following is true regarding financial reporting of special-purpose entities?
A)Special-purpose entities might be included as component units in a primary government’s financial statements.
B)Special-purpose entities that engage in a single governmental activity may prepare statements that combine government-wide and governmental fund statements.
C)Both of the above are true.
D)Neither of the above is true.
57.Assume a government is a special-purpose entity engaged in fiduciary activities only. Which of the following financial statements would be required?
A)Statement of Fiduciary Net Assets and Statement of Changes in Fiduciary Net Assets.
B)Statement of Net Assets and Statement of Activities.
C)Statement of Net Assets, Statement of Activities, Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets.
D)Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets, and Statement of Cash Flows.
58.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?
A)Balance Sheet, Statement of Revenues, Expenditures, and Changes in fund Balances.
B)Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Net Assets, Statement of Cash Flows.
C)Statement of Net Assets, Statement of Activities, Statement of Cash Flows.
D) Statement of Net Assets and Statement of Activities.
59.Assume a government is a special-purpose government engaged in only one governmental activity. Which financial statements would be required?
A)Government-wide statements only.
B) Statements combining the governmental funds and government-wide statements.
C) Both government-wide and governmental fund basis statements.
D)Either B or C above.
