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ROUND 2 COMBO WITH CPFO EXAM – GOVERNMENTAL ACCOUNTABILITY, AUDITING, AND FINANCIAL REPORTING AND 26 OTHERS $13.49
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ROUND 2 COMBO WITH CPFO EXAM – GOVERNMENTAL ACCOUNTABILITY, AUDITING, AND FINANCIAL REPORTING AND 26 OTHERS
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ROUND 2 COMBO WITH CPFO EXAM – GOVERNMENTAL ACCOUNTABILITY, AUDITING, AND FINANCIAL REPORTING AND 26 OTHERS...

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  • November 10, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Unknown

Subjects

  • cpfo
  • round 2 combo with cpfo
  • round 2 combo with cpfo exam governmental
  • which of the following will automatically qualify
  • best describes the role that accounting

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  • CPFO
  • CPFO

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ROUND 2 COMBO WITH CPFO EXAM –
GOVERNMENTAL ACCOUNTABILITY,
AUDITING, AND FINANCIAL REPORTING
AND 26 OTHERS


Which of the following will automatically qualify as a program revenue?
A. Revenue from expenditure-driven grants
B. Revenue from shard revenues
C. Revenue from entitlements
D. All of the above
E. None of the above - ANSWER A. Revenue from expenditure-driven grants
Grants and contributions must be program-specific to qualify as program
revenue. That is, they must be restricted to use for a specific function or
program. Expenditure-driven grants automatically meet this test.


Which of the following best describes the role that accounting, financial
reporting, and financial statement audit play for state and local governments?
A. They represent an integrated structure of internal control.
B. They provide the informational infrastructure of public finance.
c. They serve as a public sector performance management system. - ANSWER
B. They provide the informational infrastructure of public finance.- Reliable
information is needed to make informed decisions and the financial statement
audit together provides that information. Thus, accounting, financial reporting
and financial statement audit serve as the informational infrastructure of public
finance.

, True or False. Scope of the government-wide financial statements must always
be described. - ANSWER False. Scope of the government-wide financial
statements needs description only if a government has either fiduciary funds or
fiduciary-type component units, to explain that they are excluded.


True or False. Cash flows must always be reported gross rather than net. -
ANSWER False. Cash flows normally should be reported gross rather than net.
However, net reporting is expressly permitted for 1) investment that are not
classified as cash equivalents, 2) loans receivable and 3) debt, provided those
items meet certain criteria.


True or False. A disclosure regarding the allocation of indirect expense is
required only if a separate column is used to allocate indirect expense amoung
functions or programs. - ANSWER False. When governments charge their
various departments for centralized services they often build in a compnent
designed to recover administrative costs (indirect expense). If so, they would
not have to eliminate that mount in the process of consolidation; but the SSAP
would have to comment on that fact.


What is the required format of the proprietary fund statement of net position?
A. Net position format
B. Balance sheet format
Neither A nor B - ANSWER C. Neither A nor B. Although authoritative
standards express a preference for the net position format for the gov-wide
statement of net position, they express no such preference in regard to the
format of the proprietary fund statement of net position.


Which of the following fund type does not appear in the Statement of Fiduciary
Net Position?
A. Pension (and other employee benefits) trust funds

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