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All the following are required financial statement reporting on governmental funds EXCEPT
A. the balance sheet.
B. expenditures and changes in fund balance.
C. the operating statement.
D. statement of cash flows.
Answer: D
Explanation:
The governmental funds (e.g., general fund, special revenue fund, capital projects fund) are reported using the modified accrual basis and current financial resources measurement focus. Required financial statements for governmental funds include:
Balance Sheet
Statement of Revenues, Expenditures, and Changes in Fund Balances
There is no requirement for a statement of cash flows for governmental funds. The statement of cash flows is only required for proprietary funds (e.g., enterprise and internal service funds) and is prepared using the direct method.
Relevant References:
GASB Statement No. 34 - Basic Financial Statements
GASB Codification Section 2200
GFOA Governmental Fund Reporting Guidelines
D). statement of cash flows
NEW QUESTION # 84
A federal agency should recognize an accounts receivable when
A. agreements to provide services are received.
B. orders are accepted for goods that are to be provided.
C. taxes are expected to be received at a future date.
D. claims to cash against other entities are established.
Answer: D
Explanation:
Comprehensive Detailed Explanation:
According to FASAB Statement of Federal Financial Accounting Standards (SFFAS) No. 1, an accounts receivable should be recognized when a legal claim to cash exists - that is, when the federal agency has provided goods or services or an enforceable claim to payment has arisen.
This typically occurs after performance has occurred, not merely when an agreement or order is received.
Relevant References:
FASAB SFFAS No. 1 - Accounting for Selected Assets and Liabilities
Treasury Financial Manual (TFM) - Receivables Accounting
OMB Circular A-136 - Financial Reporting Requirements
A). claims to cash against other entities are established
NEW QUESTION # 85
Interest accrued on the public debt is reported as
A. a cost of goods sold.
B. a tax expenditure.
C. an outlay.
D. a receipt.
Answer: C
Explanation:
Interest accrued on the public debt (e.g., Treasury securities) is considered a government expenditure. In federal financial reporting and budgeting, this is classified as an outlay, representing a payment made to meet an obligation.
It is not a receipt (revenues collected), a cost of goods sold (used in commercial accounting), or a tax expenditure (which refers to revenue foregone due to deductions, credits, etc.).
Relevant References:
OMB Circular A-11 - Budgetary Definitions
Treasury Financial Manual (TFM) - Federal Outlay Reporting
GAO Glossary - Public Debt Interest Treatment
B). an outlay
NEW QUESTION # 86
A special-purpose government is considered a primary government when it has any of the following characteristics EXCEPT that it
A. has a board determined via general election.
B. relies on revenue projections from another government entity.
C. has the ability to levy taxes.
D. provides an ongoing financial benefit to another government entity.
Answer: B
Explanation:
A special-purpose government (e.g., a school district, utility authority) is considered a primary government when it meets at least one of the following conditions:
Has a separately elected governing body
Is legally separate
Is fiscally independent of other governments
The reliance on revenue projections from another entity does not preclude a government from being a primary government. What matters is legal and fiscal independence.
Relevant References:
GASB Statement No. 14 - The Financial Reporting Entity
GASB Statement No. 39 and No. 61 (Amendments to Statement 14)
GASB Codification Section 2100 - Defining the Financial Reporting Entity A). relies on revenue projections from another government entity
NEW QUESTION # 87
GASB establishes standards through a
A. vote of the majority of board members, after discussing the results of a preliminary views document submitted by GASB staff.
B. unanimous vote of the board members, confirming that the standards would improve the usefulness of financial reports.
C. unanimous vote of the board members, after discussing the results of written and oral comments offered by interested parties on an exposure draft submitted by GASB staff.
D. vote of the majority of board members, after discussing the written and oral comments offered by interested parties on an exposure draft of a statement of proposed standards.
Answer: D
Explanation:
The Governmental Accounting Standards Board (GASB) issues accounting standards after a structured due process that includes:
Publication of a Discussion Document (e.g., Preliminary Views)
Publication of an Exposure Draft
Solicitation and analysis of public comments (written/oral)
Deliberation by the full Board
A majority vote (not unanimous) of the GASB board members is required to approve and issue a final standard.
Relevant References:
GASB Rules of Procedure
GASB Due Process Manual
GASB Website - Standard-Setting Process
D). vote of the majority of board members, after discussing the written and oral comments offered by interested parties on an exposure draft of a statement of proposed standards
NEW QUESTION # 88
......
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