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(Multiple Choice)1. Which of the following types of governments is always considered to be a primary government for financial reporting purposes?a. A school district with a separately elected governing bodyb. A state university whose board members are appointed by the governor without the approval of the state legislaturec. A townd. A legally separate public authority or public benefit corporation
2. Which of the following is an example of a benefit or burden relationship for purposes of determining whether a primary government is financially accountable for another organization?
a. Primary government is authorized to audit the other organization.b. Primary government is obligated in some manner for the other organization, debt.c. Primary government is required to approve the other organization, debt issuances.d. Primary government is authorized to remove members of the other organization, governing board.3. Which basis of accounting is used in preparing the budgetary comparison statement?a. The budgetary basisb. The accrual basisc. The modified accrual basisd. The cash receipts and disbursements basis4. In fund financial statements where are the revenues and expenditures (expenses) of governmental- type and proprietary type funds reported?a. On different financial statementsb. On the same financial statementc. On the same financial statement provided all the funds are major fundsd. On the same financial statement where fiduciary funds are reported5. Fund financial statements have columns for which of the following?a. Major funds only, with separate columns for each fundb. All funds combined in a single columnc. Each major fund plus a column for nonmajor funds combinedd. All funds with separate columns for each fund6. Which of the following is an example of required supplementary information?a. Listing of revenues and expenditures for the current year and 9 previous yearsb. Statement of changes in fiduciary net assets for each nonmajor fiduciary fundc. Combining financial statement of Internal Service Fundsd. Budgetary comparison schedule7. Which of the following is part of the minimum requirements established by the GASB for general purpose external financial reports?a. An introductory sectionb. Management discussion and analysisc. A statistical sectiond. A schedule of cash receipts and disbursements for all funds8. The process of blending is accomplished by reporting a component unit funds in which manner?a. In the notes to the primary government financial statementsb. In a separate column to the left of the primary government fundsc. As if they were fiduciary funds of the primary governmentd. As if they were the funds of the primary government9. Which of the following situations would be defined as a special item?a. The amount of a revenue item or an expenditure item increased by at least 10 percent over the previous year.b. A significant transaction within the control of management is either unusual in nature or infrequent in occurrence.c. A significant event outside the control of management causes the expenses or expenditures of a fund to exceed its revenues.d. A vibrant economy causes an entity tax revenues to rise by an extraordinary amount over the budgetary estimate.10. Which of the following must be included when an entity issues general purpose financial reports separately from a CAFR?a. Notes to the financial statementsb. Combining financial statements of nonmajor funds c. Statistical section d. Combining statement of blended component units11. In fund financial statements, where are the categories capital assets, less accumulated depreciation and long term bonds payable likely to appear? a. The General Fund, but not an Enterprise Fundb. An Enterprise Fund, but not a Capital Projects Fundc. Both an Enterprise Fund and a Capital Projects Fund d. An Enterprise Fund and a Capital Projects Fund or a Debt Service Fund
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