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GOVT 407 EXAM 3 2024/2025 WITH 100% ACCURATE SOLUTIONS
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GOVT 407 EXAM 3 2024/2025 WITH 100% ACCURATE SOLUTIONS
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GOVT 407 EXAM 3 2024/2025 WITH 100%ACCURATE SOLUTIONS
Which of the following items are typically reported differently between
the governmental fund statements and the Governmental Activities
column of the government-wide statements? - Precise Answer
✔✔capital outlay
Government-wide financial statements present the government's
financial position using the: - Precise Answer ✔✔Economic resources
measurement focus and the accrual basis of accounting.
In reconciling the total fund balances of the governmental funds to the
net position of governmental activities, which of the following would be
added to the net position of governmental activities? - Precise Answer
✔✔construction work in progress
Which of the following kinds of information would not be provided by
management's discussion and analysis (MD&A)? - Precise Answer
✔✔A forecast of revenues and expenditures for the next three years
Which of the following statements concerning the reporting of internal
balances by a government at the end of its fiscal year is true? - Precise
Answer ✔✔The internal balances amounts reported in the statement of
net position columns represent activity between governmental activities
and business-type activities.
, A discretely presented component unit is presented as a major fund on
the governmental fund financial statements. - Precise Answer ✔✔False
The accounting system used by a state or local government must make it
possible to prepare financial statements as required by the Financial
Accounting Standards Board. - Precise Answer ✔✔False
One of the required reconciliations in converting governmental fund
financial statements to governmental activities statements at the
government-wide level is an adjustment for internal service funds'
assets, liabilities, operating income (loss), and transfers. - Precise
Answer ✔✔True
Statistical tables included in comprehensive annual financial reports
should provide social and economic data, in addition to financial data, to
assist financial statement users in better understanding the activities and
condition of the government. - Precise Answer ✔✔True
The three sections of the comprehensive annual financial reports of state
and local governments are (1) an introductory section, (2) a financial
section, and (3) a supplemental section. - Precise Answer ✔✔False
The city council adopted a General Fund budget for the fiscal year.
Revenues were estimated at $2,030,000 and appropriations were
$1,993,000. - Precise Answer ✔✔Estimated Revenues 2,030,000
Appropriations 1,993,000. GF
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