Which of the following would not be reported as required supplementary information? A.) Budget B.) Details of pension actuarial valuations C.) The condition of infrastructure D.) The GFOA certificate of achievement (if earned)

When is an encumbrance recorded? What happens to this balance? How are encumbrances reported in government-wide financial statements?

1. How does the GASB define extraordinary and special items? Compare the definitions and recognition of these items to FASB requirements.    2. Distinuish among appropriations, expenditures, encumbrances, and expenses.

Which of the following is needed for a fiduciary relationship to exist?   Multiple Choice   The assets are controlled by outside entities. The assets are derived from the reporting entity’s own revenues, which are used to benefit others. The assets are for the benefit of individuals and/or entities that are not part of the reporting entity.   The assets are derived from a pass-through grant for which the reporting entity has administrative responsibility.

What are current IFRS standards for accounting for government grants?

Select from the option list provided the most likely classification(s) of net assets, if any, that are affected by each transaction of a not-for-profit entity. The entity reports the minimum required classes of net assets. Each choice may be used once, more than once, or not at all. Transaction Answer 1. Legally restricted gains. 2. Expenses reported by functional classification. 3. Contributions of services that do not create or enhance nonfinancial assets or require special skills. 4. Costs of collection items not capitalized by the NFP. 5. Board-designated endowment. 6. Expenses reported by natural classification. 7. Conditional promise to give if the barrier has not been overcome. 8. Unconditional promises to give cash with amounts due in future periods. 9. Receipt of a gift restricted to acquisition of a long-lived asset that has been placed in service. The entity chooses to imply a time restriction over the life of the asset. 10. Investment return on a donor-restricted

A restaurant can copyright their menu design for a period of 120 years. The value of that copyright will be decreased over that 120-year period. This decrease in value is called: Depreciation O Devaluation O Amortization Reduction

Which of the following funds accounts for legally restricted resources for which only the earnings may be used for some public purpose?   Capital projects fund   Special revenue fund   Private purpose trust fund   Permanent fund   None of these

Which of the following statements is correct? a. prior year statements should always be restated for changes in accounting estimates. b. changes in accounting policy are always handled in the current or prospective period. C. correction of prior period error should be presented as an adjustment on the current income statement. d. a change from the deferral and amortization method to the immediate recognition method of accounting for defined benefit pension plans should be treated as a change in accounting policy.

For a government that has a trust fund in which it is accumulating sufficient assets to pay OPEB, the net OPEB liability should be reported in both the governmental fund balance sheet and the government- wide statement of net position. A. True B. False