Acct 567 Final Exam Keller – Updated

ACCT 567 Final Exam Keller – Updated

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1. (TCO A) On what should the government-wide financial statements report? (Points : 5)

Net position and results of the financial operations of the government as a whole.

Budgetary Compliance

The cost of government services

Fiscal accountability

1. (TCO A) Which of the following groups is considered a primary user of a state or local government’s general-purpose external financial statements? (Points : 5)

Managers and administrators

Employees

Special Interest Groups

Citizens

(TCO A) Which of the following statements should be prepared by all not-for-profit organizations? (Points : 5)

(A) Statement of functional expenses

(B) Statement of revenues, expenses, and changes in net position

(C) Statement of financial position

Both A and B

2. (TCO B) According to GASB standards, when should transfers be recognized? (Points : 5)

When earned.

When collected in cash.

When authorized by the budget ordinance.

In the period the interfund receivable and payable arise.

3. (TCO C) Comparisons of budgeted versus actual revenues and expenditures are a requirement of which of the following situations? (Points : 5)

Required by GAAP for the general fund and major special revenue funds for which an annual budget has been legally adopted.

Required by GAAP for all government fund types.

Required by GAAP for internal management reports only, they are not permitted for external financial reporting.

It is optional under GASB standards for all funds.

3. (TCO C) Which of the following will increase the fund balance of a government at the end of the fiscal year?(Points : 5)

The sum of revenues and other financing sources is more than the sum of...