The city of Accountability Junction has applied GASB 34 reporting standards to its current year financials. Readers of the financial statements should expect to find the following financial reports relative to the city's performance in relation to the budget:
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1 .The City of Opulence maintains an investment pool to invest idle cash. The city extends the service to benefit its own funds as well as other governments. The invested assets would be accounted for as follows:City-owned fundsFunds from other governments
A Assets of investing fund; Investment trust fund B Investment trust fund; Internal service fund C Internal service fund; Agency fund D Agency fund; Assets of investing fund
2 .Nox City reported a USD25,000 net increase in the fund balances for total governmental funds. Nox also reported an increase in net position for the following funds:Motor pool internal service fundUSD9,000Water enterprise fund12,000Employee pension fund7,000The motor pool internal service fund provides service to the general fund departments. What amount should Nox report as the change in net position for governmental activities?
A USD34,000 B USD46,000 C USD25,000 D USD41,000
3 .The financial statements of governments have focused on two forms of accountability. Government-wide financial statements focus the reader on accountability in which way(s):Fiscal AccountabilityOperational Accountability
A Yes; Yes B No; No C No; Yes D Yes; No
4 .Readers of the Comprehensive Annual Financial Report (CAFR) of the city of Scenic Beach would expect to find Management's Discussion Analysis in the CAFR section titled:
A Basic Financial Statements and Required Supplementary Information. B Management's Discussion and Analysis. C Statistical Section. D Introductory Section.
5 .Under the modified approach to capitalizing infrastructure, governments apply the following principles to recording current year additions:
A Roads and streets are recorded as capital additions only when they are both measurable and available. B Infrastructure expenditures are reported as expenses except for outlays that result in additions or improvements, which would be capitalized. C All infrastructure expenditures are reflected as c...
7 .During the year, a city’s electric utility, which is operated as an enterprise fund, rendered billings for electricity supplied to the general fund. Which of the following accounts should be debited by the general fund?
A Expenditures. B Due to electric utility enterprise fund. C Appropriations. D Other financing uses-operating transfers out.
8 .Which of the following fund's data should be reported as part of local government's governmental activities column in its government-wide statements?
A Pension trust. B Private-purpose trust. C Debt service. D Agency.
9 .Which of the following are considered an optional presentation within a government's Required Supplementary Information?
A Variances of actual performance from budget. B Originally adopted budget. C Final amended budget. D Actual financial performance presented in a manner consistent with the budget.
10 .Jonn City entered into a capital lease for equipment during the year. How should the asset obtained through the lease be reported in Jonn City's government-wide statement of net position?
A Not reported. B Expenditure. C General capital asset. D Other financing use.
