Boa City had the following fixed assets: Fixed Assets used in proprietary fund activities Fixed Assets used in general government activities Fixed Assets used in fiduciary fund activities What consolidated amount should Boa report in its government-wide. Multiple Choice

Discuss the differences between governmental statements of cash flows prepared for proprietary funds and cash flow statements prepared by nonprofit entities.

8) Governmental fund financial statements are prepared on the ________ basis of accounting. Proprietary fund financial statements are prepared on the ________ basis of accounting. A) modified accrual; modified accrual B) accrual; fund C) modified accrual; accrual D) blended; discrete

custodial fund assets and liabilities are to be recognized: When the earnings process is complete and collection is reasonably assured At the time the government becomes responsible for assets. When they are available and measurable Only in the government wide financial statements.

Grant money received from another level of government represents which of the following classes of non-exchange transactions for governmental funds? O A) Government-mandated non-exchange transactions. B) Derived tax revenues. Imposed non-exchange revenues. D) Voluntary non-exchange transactions.

DO NOT GIVE SOLUTION IN IMAGE

All of the following statements are true concerning the conversion of governmental funds to governmental activities except a. Depreciation expenditure reported in governmental funds simply becomes depreciation expense in governmental activities. b. A decrease in the long-term liability for compensated absences will result in expenses of various functions at the government-wide level being less than expenditures at the governmental fund level. c. Assuming capital outlay expenditures all reflect purchases of capital assets as per the government's capitalization threshold policy, capital outlay expenditures simply become additions to capital assets. d. Bonds payable are not reported in the governmental funds financial statem

The focus of governmental funds in fund accounting is a(n): a. Economic Resource Measurement Focus. b. Financial Resources Measurement Focus. c. Cash Flow Measurement Focus. d. Accrual Measurement Focus.

How is depreciation handled in the federal government’s General Fund? How does it differ from how depreciation is handled in the General Fund of a state or local government?

6) Which pronouncements have the highest level of authority for state and local governments? A) Financial Accounting Standards Board Statements B) GASB Statements C) Consensus Positions of GASB Emerging Issues Task Force D) GASB Technical Bulletins   7) The key focus of government fund accounting concerns A) capital expenditures. B) intergovernmental transfers from the general fund. C) income measurement. D) the current ability to provide and fund services and goods.   8) Governmental fund financial statements are prepared on the ________ basis of accounting. Proprietary fund financial statements are prepared on the ________ basis of accounting. A) modified accrual; modified accrual B) accrual; fund C) modified accrual; accrual D) blended; discrete   9) Governmental accounting differs from corporate financial accounting primarily because A) the size of the government and the various levels would make it unreasonable to use corporate GAAP. B) governments lack a profit motive and…