Cpfo accounting exam - Study guides, Class notes & Summaries

CPFO Accounting Exam - GAAFR Review 2024 with complete solution(Full solution pack)

CPFO ACCOUNTING EXAM - GAAFR REVIEW QUESTIONS & ANSWERS RATED 100% CORRECT!!

CPFO ACCOUNTING EXAM - GAAFR REVIEW QUESTIONS & ANSWERS RATED 100% CORRECT!!

CPFO Accounting Exam - GAAFR Review 2022 with complete solution(Full solution pack)

CPFO Accounting Exam - GAAFR Review with all Questions and Answers...

CPFO Accounting Examination A+ Answers 1. Which of the following would be reported as a deferred item in the governmental fund financial statements, but not in the government-wide financial statements? A. Unavailable revenue B. Unearned revenue C. Deferred charge - difference between net carrying amount of refunded debt and reacquisition price D. All of the above E. None of the above - Correct Answer-[Correct response = A] The deferral of revenue because it is unavailable is ...

CPFO Accounting Examination A+ Answers 1. Which of the following would be reported as a deferred item in the governmental fund financial statements, but not in the government-wide financial statements? A. Unavailable revenue B. Unearned revenue C. Deferred charge - difference between net carrying amount of refunded debt and reacquisition price D. All of the above E. None of the above - Correct Answer-[Correct response = A] The deferral of revenue because it is unavailable is unique to f...

CPFO Accounting Examination with 100% Correct Answers Which of the following groups normally would NOT be considered a primary user of state or local government's general-purpose external financial statements? A. Citizens B. Legislative and oversight bodies C. Management D. Investors and creditors - Correct Answer-C - The primary users of general-purpose external financial statements are those who, unlike management, do not have direct access to accounting information. (page 6) (Chapter...

CPFO Final Accounting Exam Part 4 What is the minimum required for presentation of external financial statements in order to conform with GAAP? - Correct Answer-Only the basic financial statements What makes up the RSI information in the ACFR - Correct Answer-MD&A & Other RSI What is included in the mandatory reporting? - Correct Answer-MD&A Basic financial statements Other RSI What is included in the basic financial statements? - Correct Answer-Government-wide Funds - Governmental, Prop...

CPFO Final Accounting Exam Five components of Fund Balance - Correct Answer-Nonspendable Restricted Committed Assigned Unassigned Six essential characteristics of accounting data for inclusion in the GPEFR? - Correct Answer-Understandable to someone with a reasonable understanding of government and public finance activities & of the fundamentals of governmental financial reporting Reliable - not precise because estimates are acceptable Relevant - Should make a difference in how users a...