The governmental fund financial statements are intended to report on fiscal accountability.   True or False

A reconciliation must be shown of the items that cause the difference between the total net position that are reported for the governmental activities on the government-wide statement of net position, and the total of the fund balances that appears on the balance sheet for the governmental funds. Which of the following items would be included in this reconciliation? I. Long-term liabilities related to governmental activities II. Long-term assets used in governmental activities O A) II only. B) Both I and II. C) I only. D) Neither nor II.

For governmental funds, what measuring emphasis is utilized in the fund financial statements, and what mechanism is used to establish the timing of income and expenditure recognition?

Which of the following funds provides goods and services only to other departments or agencies of the government on a cost-reimbursement basis? Group of answer choices a.) Internal service funds b.) Enterprise funds c.) Special revenue funds

Which of the following funds of a governmental unit recognizes revenues only in the accounting period in which they become available and measurable in their fund financial statements? General Fund Enterprise Fund Yes No No Yes Yes Yes No No

When a government orders equipment which is to be used by an activity accounted within the General Fund, it should be recorded in the General Fund as a(an):   Multiple Choice   Encumbrance.   Capital asset.   Expenditure.   None of the choices are correct, the General Fund does not record capital assets purchases..

What are some major adjustments required when converting from fund financial statements to government-wide statements?

Explain the modified accrual basis of accounting. Why is it used for governmental fund financial statements?

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

1. What are the components that are included in the minimum requirements for general purpose external financial reporting?a. Introductory section, financial section, and statistical section.b. MD&A, government-wide financial statements, fund financial statements, notes to the financial statements, and RSI.c. Letter from the chief financial officer, government financial statements, notes to the financial statements, and RSI.d. MD&A, government-wide financial statements, notes to the financial statements, and RSI 2. Which of the following is not a required section of a federal agency or department’s performance and accountability report (PAR)?a. A performance section, which includes an annual performance report (APR).b. An MD&A.c. A basic financial statements section.d. A statement of nonparticipation in political matters. 3. The basic financial statements of a not-for-profit include all of the following excepta. Statement of financial position.b. Statement of activities.c.…