Governmental Accounting State and Local Paper 1

1

Which of the following pronouncements provides the most authoritative guidance applicable to financial reporting for state and local governments?






2

Which of the following is the least authoritative guidance based on the GAAP Hierarchy for state and local governments?






3

Which of the following is an accurate statement from the GASB Concepts Statements about service efforts and accomplishments reporting?






4

According to GASB Concepts Statements which of the following is an essential characteristic of an asset?






5

According to GASB Concepts Statements, the elements of resource flows statements include






6

Which of the following is true about service efforts and accomplishments reporting (SEA reporting) under GASB Concepts Statements?






7

A deferred outflow of resources is most like which of the following financial statement elements?






8

Which of the following statements about the statistical section of the Comprehensive Annual Financial Report (CAFR) of a governmental unit is true?






9

What is the basic criterion used to determine the reporting entity for a governmental unit?






10

South City School District has a separately elected governing body that administers the public school system. The district’s budget is subject to the approval of the city council. Major debts of the school district are expected to be paid by school taxes. The district’s financial activity should be reported in the City’s financial statements by






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