112.GASB requires which of the following (if applicable) to be included in the Notes to
Financial Statements?
A) Outstanding encumbrances
B) The definition of cash and cash equivalents used in the statement of cash flows
for proprietary funds.
C) Interfund receivables and payables.
D) All of the above.
113.GASB provides which method(s) for including component unit financial information with that of the primary government?
A) Discrete Presentation
B) Blending
C) A and B
D) None of the above
114.The modified approach for infrastructure requires schedules and disclosures to be included in which part of the CAFR?
A) Notes to the Financial Statements
B)Other Supplementary Information
C) Required Supplementary Information
D) Proprietary Fund Statements
115.Which of the following is
not
true regarding the Statement of Cash Flows for
proprietary funds?
A) Four categories of cash flows are used.
B) Interest and dividends received are recorded as investing activities.
C) The direct method is required for reporting cash flows from operations.
D) At the bottom of the statement, net income is reconciled to cash flows from
operations.
116.Which of the following is true about the combining financial statements?
A) They are used whenever a non-major column is used in one of the fund financial statements
B) The total column in the combining statements is not always the same as the non-major funds column in the basic financial statements
C) Both of the above
D) Neither of the above
117.Which of the following funds require a Statement of Cash Flows?
A)Governmental funds
B)Proprietary funds
C)Fiduciary Funds
D)Governmental and Fiduciary Funds
118.With respect to Government-wide financial statements, which of the following is
notrequired by GASB?
A)Statement of Cash Flow
B)Statement of Net Position
C)Statement of Activities
D)All of the above are required by GASB Statement 34
119.Which of the following isnot
one of the major sections of the Comprehensive Annual Financial Report (CAFR)?
A)Budgetary
B)Financial
C)Introductory
D)Statistical
120.Which of the following is one of the criteria to determine if a governmental fund is considered to be a major fund?
A)Total assets, liabilities, revenues or expenditures of the individual governmental fund constitutes 10 percent of the governmental funds category.
B)Total assets, liabilities, revenues or expenditures/expenses are 5 percent of the total of the governmental and enterprise category. Other funds may be designated major funds at the discretion of management.
C)Both A and B are required
D)Either A or B will qualify a fund to be a major fund