DOWNLOAD THE Test Bank for Essentials of Accounting for Governmental and No
b b b b b b b b b b b
t for Profit Organizations 13th Edition Copley
b b b b b b
Chapter 2 Overview of Financial Reporting for State and Local Governments
b b b b b b b b b b
True/FalsebQuestions
1. AbComprehensivebAnnualbFinancialbReportb(CAFR)bwouldbincludebanbintroductorybsection
,bmanagement'sbdiscussionbandbanalysis,bbasicbfinancialbstatements,brequiredbsupplementar
ybinformationbotherbthanbMD&A,bcombiningbandbindividualbfundbstatements,bnarrativebexpl
anations,bandbstatisticalbsection.
Answer:bTruebLearnin
gbObjective:b1
Topic:bOverviewbofbthebCAFR
Feedback:b ThebCAFRbhasbthreebmajorbsections;bintroductorybwhichbincludesbMD&A,bfi
nancialbwhichbincludesbbasicbfinancialbstatements,bRSIbotherbthanbMD&A,bcombiningban
dbindividualbfundbstatementsbandbnarrativebexplanations,bandbthebstatisticalbsection.
2. ThebthreebmajorbsectionsbofbabCAFRbarebthebIntroductory,bFinancial,bandbStatisticalbs
ections.
Answer:b TruebLearnin
gbObjective:b1
Topic:bOverviewbofbthebCAFR
Feedback:b ThebCAFRbhasbthreebmajorbsections;bintroductory,bfinancialbandbstatistical.
3. ThebintroductorybandbstatisticalbsectionsbofbabCAFRbarebrequiredbtobbebaudited.
Answer:b FalsebLearni
ngbObjective:b1
Topic:b OverviewbofbthebCAFR
Feedback:bThebintroductorybandbstatisticalbsectionsbofbabCAFRbarebnotbaudited.
4. StatebandblocalbgovernmentsbarebnotbrequiredbtobpreparebabCAFR.
Answer:b TruebLearnin
gbObjective:b1
Topic:bOverviewbofbthebCAFR
Feedback:bStatebandblocalbgovernmentsbarebencouraged,bbutbnotbrequired,btobpreparebabC
AFR.
5. Combiningbstatementsbarebrequiredbwheneverbabnon-
majorbcolumnbisbusedbinbonebofbthebfundbfinancialbstatements.
Answer:b TruebLearnin
gbObjective:b 1
1
Copyrightb©b2018bMcGraw-
HillbEducation.bAllbrightsbreserved.bNobreproductionborbdistributionbwithoutbthebpriorbwrittenbconsentbofbMcGraw-
HillbEducation.
mynursytest.store
,DOWNLOAD THE Test Bank for Essentials of Accounting for Governmental and No
b b b b b b b b b b b
t for Profit Organizations 13th Edition Copley
b b b b b b
Chapter 2 Overview of Financial Reporting for State and Local Governments
b b b b b b b b b b
Topic:bFundbbasisbstatements
Feedback:bAbcompletebCAFRbpresentsbcombiningbstatementsbtobreflectbitsbnonmajorbfun
dsbwheneverbabnonmajorbcolumnbisbusedbinbonebofbthebfundbstatements.
6. AbcompletebCAFRbincludesbcombiningbfinancialbstatementsbtobreflectbnonmajorbfunds.
Answer:b TruebLearnin
gbObjective:b1
Topic:bFundbbasisbstatements
Feedback:bAbcompletebCAFRbpresentsbcombiningbstatementsbtobreflectbitsbnonmajorbfun
dsbwheneverbabnonmajorbcolumnbisbusedbinbonebofbthebfundbstatements.
7. Inbadditionbtobthebgovernment-
widebstatements,bgovernmentsbarebrequiredbtobpreparebfundbfinancialbstatementsbforbgovern
mental,bproprietarybandbfiduciarybfunds.
Answer:b TruebLearnin
gbObjective:b1
Topic:bFundbbasisbstatements
Feedback:bInbadditionbtobthebgovernment-
widebstatement,bgovernmentsbarebrequiredbtobpreparebfund-
levelbfinancialbstatementsbwithinbthebthreebcategoriesbofbfunds:bgovernmental,bproprietar
ybandbfiduciary.
8. Inbadditionbtobthebgovernment-
widebstatements,bgovernmentsbarebrequiredbtobpreparebfundbfinancialbstatementsbforbgovern
mentalbfundsbonly.
Answer:b FalsebLearni
ngbObjective:b1
Topic:bFundbbasisbstatements
Feedback:bInbadditionbtobthebgovernment-
widebstatement,bgovernmentsbarebrequiredbtobpreparebfund-
levelbfinancialbstatementsbwithinbthebthreebcategoriesbofbfunds:bgovernmental,bproprietar
ybandbfiduciary.
9. ThebGeneralbFundbisbnotbalwaysbconsideredbtobbebabmajorbfundbwhenbpreparingbfundbbasisbfi
nancialbstatements.
Answer:b FalsebLearni
ngbObjective:b1
Topic:bReportingbbybMajorbFunds
Feedback:bInbadditionbtobthebgovernment-
2
Copyrightb©b2018bMcGraw-
HillbEducation.bAllbrightsbreserved.bNobreproductionborbdistributionbwithoutbthebpriorbwrittenbconsentbofbMcGraw-
HillbEducation.
mynursytest.store
,DOWNLOAD THE Test Bank for Essentials of Accounting for Governmental and No
b b b b b b b b b b b
t for Profit Organizations 13th Edition Copley
b b b b b b
widebstatement,bgovernmentsbarebrequiredbtobpreparebfund-
levelbfinancialbstatementsbandbarebrequiredbtobpresentbseparatebcolumnsbforbeachbmajorbf
und.b Thebgeneralbfundbisbconsideredbabmajorbfundbforbreportingbpurposes.
3
Copyrightb©b2018bMcGraw-
HillbEducation.bAllbrightsbreserved.bNobreproductionborbdistributionbwithoutbthebpriorbwrittenbconsentbofbMcGraw-
HillbEducation.
mynursytest.store
, DOWNLOAD THE Test Bank for Essentials of Accounting for Governmental and No
b b b b b b b b b b b
t for Profit Organizations 13th Edition Copley
b b b b b b
Chapter 2 Overview of Financial Reporting for State and Local Governments
b b b b b b b b b b
10. Withbrespectbtobfundbbasisbfinancialbstatements,bgovernmentalbfundsbarebconsideredbtobbebab
majorbfundbwhenbtotalbassets,bliabilities,brevenuesbandbexpendituresbcombinedbarebatbleastb1
0%bofbthebtotalbforbthebgovernmentalbfundsbcategory.
Answer:b FalsebLearni
ngbObjective:b1
Topic:bReportingbbybMajorbFunds
Feedback:bGovernmentalbfunds,botherbthanbthebgeneralbfund,barebconsideredbtobbebabmaj
orbfundbwhenbbothbofbthebfollowingbconditionsbarebmet:b 1)bTotalbassets,bliabilities,breven
uesborbexpendituresbofbthatbindividualbgovernmentbfundbconstituteb10%bofbthebtotalbforbt
hebgovernmentalbfundsbcategorybandb2)bTotalbassets,bliabilities,brevenuesborbexpenditur
esbofbthatbindividualbgovernmentbfundbareb5%bofbthebtotalbofbthebgovernmentalbandbenter
prisebcategories,bcombined.
11. Withbrespectbtobfundbbasisbfinancialbstatements,babgovernmentbmaybonlybdesignatebabfundbt
obbebabmajorbfundbifbitbmeetsbthebsizebthresholdsbestablishedbbybGASB.
Answer:b FalsebLearni
ngbObjective:b1
Topic:bReportingbbybMajorbFunds
Feedback:b Abgovernmentbmaybdesignatebanybfundbasbabmajorbfundbifbreportingbthatbfund
bseparatelybwouldbbebuseful.
12. Withbrespectbtobfundbbasisbfinancialbstatements,babgovernmentbmaybdesignatebanybfundbtobb
ebabmajorbfundbifbreportingbthatbfundbseparatelybwouldbbebuseful.
Answer:b TruebLearni
ngbObjective:1
Topic:bReportingbbybMajorbFunds
Feedback:bThebgeneralbfundbisbalwaysbabmajorbfundbandbabfundbisbconsideredbtobbebabmajo
rbfundbifbcertainbcriteriabarebmet.b Inbaddition,bgovernmentsbmaybdesignatebanybotherbfund
btobbebabmajorbfundbifbreportingbthatbfundbseparatelybwouldbbebuseful.
13. Whenbpreparingbfundbbasisbfinancialbstatements,banybfundsbnotbreportedbseparatelybareba
ggregatedbandbreportedbinbabsinglebcolumnbunderbtheblabelbnonmajorbfunds.
Answer:b TruebLearnin
gbObjective:b1
Topic:bReportingbbybMajorbFunds
Feedback:bAnybfundsbnotbreportedbseparatelybarebaggregatedbandbreportedbinbabsinglebcol
umnbunderbtheblabelbnonmajorbfunds.b Abschedulebshowingbthebdetailbofbnonmajor
4
Copyrightb©b2018bMcGraw-
HillbEducation.bAllbrightsbreserved.bNobreproductionborbdistributionbwithoutbthebpriorbwrittenbconsentbofbMcGraw-
HillbEducation.
mynursytest.store
b b b b b b b b b b b
t for Profit Organizations 13th Edition Copley
b b b b b b
Chapter 2 Overview of Financial Reporting for State and Local Governments
b b b b b b b b b b
True/FalsebQuestions
1. AbComprehensivebAnnualbFinancialbReportb(CAFR)bwouldbincludebanbintroductorybsection
,bmanagement'sbdiscussionbandbanalysis,bbasicbfinancialbstatements,brequiredbsupplementar
ybinformationbotherbthanbMD&A,bcombiningbandbindividualbfundbstatements,bnarrativebexpl
anations,bandbstatisticalbsection.
Answer:bTruebLearnin
gbObjective:b1
Topic:bOverviewbofbthebCAFR
Feedback:b ThebCAFRbhasbthreebmajorbsections;bintroductorybwhichbincludesbMD&A,bfi
nancialbwhichbincludesbbasicbfinancialbstatements,bRSIbotherbthanbMD&A,bcombiningban
dbindividualbfundbstatementsbandbnarrativebexplanations,bandbthebstatisticalbsection.
2. ThebthreebmajorbsectionsbofbabCAFRbarebthebIntroductory,bFinancial,bandbStatisticalbs
ections.
Answer:b TruebLearnin
gbObjective:b1
Topic:bOverviewbofbthebCAFR
Feedback:b ThebCAFRbhasbthreebmajorbsections;bintroductory,bfinancialbandbstatistical.
3. ThebintroductorybandbstatisticalbsectionsbofbabCAFRbarebrequiredbtobbebaudited.
Answer:b FalsebLearni
ngbObjective:b1
Topic:b OverviewbofbthebCAFR
Feedback:bThebintroductorybandbstatisticalbsectionsbofbabCAFRbarebnotbaudited.
4. StatebandblocalbgovernmentsbarebnotbrequiredbtobpreparebabCAFR.
Answer:b TruebLearnin
gbObjective:b1
Topic:bOverviewbofbthebCAFR
Feedback:bStatebandblocalbgovernmentsbarebencouraged,bbutbnotbrequired,btobpreparebabC
AFR.
5. Combiningbstatementsbarebrequiredbwheneverbabnon-
majorbcolumnbisbusedbinbonebofbthebfundbfinancialbstatements.
Answer:b TruebLearnin
gbObjective:b 1
1
Copyrightb©b2018bMcGraw-
HillbEducation.bAllbrightsbreserved.bNobreproductionborbdistributionbwithoutbthebpriorbwrittenbconsentbofbMcGraw-
HillbEducation.
mynursytest.store
,DOWNLOAD THE Test Bank for Essentials of Accounting for Governmental and No
b b b b b b b b b b b
t for Profit Organizations 13th Edition Copley
b b b b b b
Chapter 2 Overview of Financial Reporting for State and Local Governments
b b b b b b b b b b
Topic:bFundbbasisbstatements
Feedback:bAbcompletebCAFRbpresentsbcombiningbstatementsbtobreflectbitsbnonmajorbfun
dsbwheneverbabnonmajorbcolumnbisbusedbinbonebofbthebfundbstatements.
6. AbcompletebCAFRbincludesbcombiningbfinancialbstatementsbtobreflectbnonmajorbfunds.
Answer:b TruebLearnin
gbObjective:b1
Topic:bFundbbasisbstatements
Feedback:bAbcompletebCAFRbpresentsbcombiningbstatementsbtobreflectbitsbnonmajorbfun
dsbwheneverbabnonmajorbcolumnbisbusedbinbonebofbthebfundbstatements.
7. Inbadditionbtobthebgovernment-
widebstatements,bgovernmentsbarebrequiredbtobpreparebfundbfinancialbstatementsbforbgovern
mental,bproprietarybandbfiduciarybfunds.
Answer:b TruebLearnin
gbObjective:b1
Topic:bFundbbasisbstatements
Feedback:bInbadditionbtobthebgovernment-
widebstatement,bgovernmentsbarebrequiredbtobpreparebfund-
levelbfinancialbstatementsbwithinbthebthreebcategoriesbofbfunds:bgovernmental,bproprietar
ybandbfiduciary.
8. Inbadditionbtobthebgovernment-
widebstatements,bgovernmentsbarebrequiredbtobpreparebfundbfinancialbstatementsbforbgovern
mentalbfundsbonly.
Answer:b FalsebLearni
ngbObjective:b1
Topic:bFundbbasisbstatements
Feedback:bInbadditionbtobthebgovernment-
widebstatement,bgovernmentsbarebrequiredbtobpreparebfund-
levelbfinancialbstatementsbwithinbthebthreebcategoriesbofbfunds:bgovernmental,bproprietar
ybandbfiduciary.
9. ThebGeneralbFundbisbnotbalwaysbconsideredbtobbebabmajorbfundbwhenbpreparingbfundbbasisbfi
nancialbstatements.
Answer:b FalsebLearni
ngbObjective:b1
Topic:bReportingbbybMajorbFunds
Feedback:bInbadditionbtobthebgovernment-
2
Copyrightb©b2018bMcGraw-
HillbEducation.bAllbrightsbreserved.bNobreproductionborbdistributionbwithoutbthebpriorbwrittenbconsentbofbMcGraw-
HillbEducation.
mynursytest.store
,DOWNLOAD THE Test Bank for Essentials of Accounting for Governmental and No
b b b b b b b b b b b
t for Profit Organizations 13th Edition Copley
b b b b b b
widebstatement,bgovernmentsbarebrequiredbtobpreparebfund-
levelbfinancialbstatementsbandbarebrequiredbtobpresentbseparatebcolumnsbforbeachbmajorbf
und.b Thebgeneralbfundbisbconsideredbabmajorbfundbforbreportingbpurposes.
3
Copyrightb©b2018bMcGraw-
HillbEducation.bAllbrightsbreserved.bNobreproductionborbdistributionbwithoutbthebpriorbwrittenbconsentbofbMcGraw-
HillbEducation.
mynursytest.store
, DOWNLOAD THE Test Bank for Essentials of Accounting for Governmental and No
b b b b b b b b b b b
t for Profit Organizations 13th Edition Copley
b b b b b b
Chapter 2 Overview of Financial Reporting for State and Local Governments
b b b b b b b b b b
10. Withbrespectbtobfundbbasisbfinancialbstatements,bgovernmentalbfundsbarebconsideredbtobbebab
majorbfundbwhenbtotalbassets,bliabilities,brevenuesbandbexpendituresbcombinedbarebatbleastb1
0%bofbthebtotalbforbthebgovernmentalbfundsbcategory.
Answer:b FalsebLearni
ngbObjective:b1
Topic:bReportingbbybMajorbFunds
Feedback:bGovernmentalbfunds,botherbthanbthebgeneralbfund,barebconsideredbtobbebabmaj
orbfundbwhenbbothbofbthebfollowingbconditionsbarebmet:b 1)bTotalbassets,bliabilities,breven
uesborbexpendituresbofbthatbindividualbgovernmentbfundbconstituteb10%bofbthebtotalbforbt
hebgovernmentalbfundsbcategorybandb2)bTotalbassets,bliabilities,brevenuesborbexpenditur
esbofbthatbindividualbgovernmentbfundbareb5%bofbthebtotalbofbthebgovernmentalbandbenter
prisebcategories,bcombined.
11. Withbrespectbtobfundbbasisbfinancialbstatements,babgovernmentbmaybonlybdesignatebabfundbt
obbebabmajorbfundbifbitbmeetsbthebsizebthresholdsbestablishedbbybGASB.
Answer:b FalsebLearni
ngbObjective:b1
Topic:bReportingbbybMajorbFunds
Feedback:b Abgovernmentbmaybdesignatebanybfundbasbabmajorbfundbifbreportingbthatbfund
bseparatelybwouldbbebuseful.
12. Withbrespectbtobfundbbasisbfinancialbstatements,babgovernmentbmaybdesignatebanybfundbtobb
ebabmajorbfundbifbreportingbthatbfundbseparatelybwouldbbebuseful.
Answer:b TruebLearni
ngbObjective:1
Topic:bReportingbbybMajorbFunds
Feedback:bThebgeneralbfundbisbalwaysbabmajorbfundbandbabfundbisbconsideredbtobbebabmajo
rbfundbifbcertainbcriteriabarebmet.b Inbaddition,bgovernmentsbmaybdesignatebanybotherbfund
btobbebabmajorbfundbifbreportingbthatbfundbseparatelybwouldbbebuseful.
13. Whenbpreparingbfundbbasisbfinancialbstatements,banybfundsbnotbreportedbseparatelybareba
ggregatedbandbreportedbinbabsinglebcolumnbunderbtheblabelbnonmajorbfunds.
Answer:b TruebLearnin
gbObjective:b1
Topic:bReportingbbybMajorbFunds
Feedback:bAnybfundsbnotbreportedbseparatelybarebaggregatedbandbreportedbinbabsinglebcol
umnbunderbtheblabelbnonmajorbfunds.b Abschedulebshowingbthebdetailbofbnonmajor
4
Copyrightb©b2018bMcGraw-
HillbEducation.bAllbrightsbreserved.bNobreproductionborbdistributionbwithoutbthebpriorbwrittenbconsentbofbMcGraw-
HillbEducation.
mynursytest.store
