Cpfo accounting exam - Study guides, Class notes & Summaries

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

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

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...

CPFO Exam on the following Governmental Accounting, Auditing, and Financial Reporting How should a government classify a pass-through capital grant ultimately intended for use by some other government in the government-wide statement of activities? A. Program revenues - capital grants and contributions B. Program revenues - operating grants and contributions C. General revenues - grants D. Either A or B - Correct Answer-B - Pass through grant to finance capital acquisition by a subrecipie...

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, Proprietary, Fiduciary Notes to t...