Governmental Accounting State and Local MCQs

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






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






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






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






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






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






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






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






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






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South City School District has a separately elected governing body that administers the public school system. The districts budget is subject to th...






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Marta Citys school district is a legally separate entity, but two of its seven board members are also city council members and the district is fina...






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Which of the following characteristics would require a component unit to be presented on a blended rather than discretely presented basis?






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Which of the following describes the required governmentwide financial statements?






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Which of the following is an example of a deferred inflow of resources?






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Which of the following is an example of a deferred outflow of resources?






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In the government-wide financial statement, the statement of net position, deferred outflows of resources are presented






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Hunt Community Development Agency (HCDA), a financially independent authority, provides loans to commercial businesses operating in Hunt County. Thi...






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The statement of activities of the government-wide financial statements is designed primarily to provide information to assess which of the followin...






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As of December 31, 2012, Fullerton City compiled the information below for its capital assets, exclusive of infrastructure assets. Cost of capital ...






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As of December 31, 2012, Fullerton City compiled the information below for its capital assets, exclusive of infrastructure assets. Cost of capital ...






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Which of the following statements is correct about the accounting for infrastructure assets using the modified approach? I. Depreciation expense on ...






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Arkansas has a single-employee defined benefit plan covered by GASB 68. What is the amount of liability that should be presented on the state governm...






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In attributing the actuarial present value of projected benefit payments of each employee to periods under GASB 68, the entity should use which of t...






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In accordance with GASB 68, the effects on the net pension liability of differences between expected and actual investment returns for a defined ben...






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If a state governments defined benefit pension plans net fiduciary position is not expected to be sufficient to make projected benefit payments, t...






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Depreciation expense would be reported on which of the following financial statements? I. The government-wide statement of activities. II. The stat...






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In accordance with governmental accounting standards, governments should prepare






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In accordance with governmental accounting standards, which of the following statements is true? I. Infrastructure assets do not need to be reported...






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Fund accounting is used by governmental units with resources that must be






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Dogwood Citys water enterprise fund received interest of $10,000 on long-term investments. How should this amount be reported on the Statement of C...






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The primary authoritative body for determining the measurement focus and basis of accounting standards for governmental fund operating statements is...






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Which of the following is not one of the five fund balance classification provided by GASB Statement 54, Fund Balance Reporting and Governmental Fun...






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Which of the following is a characteristic which differentiates a Special Revenue Fund from a General Fund?






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For which of the following fund balance classifications is the intent of the governing board to use funds for a specific purpose a critical factor? ...






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Which event(s) should be included in a statement of cash flows for a governmental entity? I. Cash inflow from issuing bonds to finance city hall con...






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The following transactions were among those reported by Corfe Citys electric utility enterprise fund for 2012: Capital contributed by subdividers $...






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For which of the following governmental entities that use proprietary fund accounting should a statement of cash flows be presented? Tollway author...






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In accordance with governmental accounting standards, which of the following financial statements should be prepared for proprietary funds?






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In accordance with GASB 34 (as amended), Basic Financial Statementsand Managements Discussion and Analysisfor State and Local Governments, which ...






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The financial statements required for a proprietary fund include