72.Which of the following is included in Required Supplementary Information (RSI)?
A)Management's Discussion and Analysis (MD&A).
B)Budgetary Comparison Schedule.
C)The Schedule of Funding Progress and Schedule of Employer Contributions when the government reports a pension trust fund.
D)All of the above.
73.Which of the following is
true
regarding the government-wide financial statements?
A)The government-wide financial statements are
not
required to present prior-year data.
B)The government-wide financial statements include a Statement of Net Position and a Statement of Activities, but
not
a Statement of Cash Flows.
C)The government-wide financial statements include capital assets, including infrastructure, and reflect depreciation, except for infrastructure using the modified approach.
D)All of the above are true.
74.Which of the following is true regarding the government-wide Statement of Net Position?
A)The government-wide Statement of Net Position reflects capital assets, net of accumulated depreciation, for both governmental and business-type activities.
B)The government-wide Statement of Net Position must be prepared in a classified format; that is, both assets and liabilities must be separated between current and long-term categories.
C)The government-wide Statement of Net Position includes all resources entrusted to the government; including governmental, proprietary, and fiduciary.
D)A reporting entity (primary government plus component units) total column is required.
75.Which of the following is true regarding the government-wide Statement of Activities?
A)The government-wide Statement of Activities may reflect expenses either by function (general government, public safety, etc.) or by object or natural classification (salaries, supplies, etc.).
B)The government-wide Statement of Activities reflects taxes as general revenues.
C)The government-wide Statement of Activities is prepared using the modified accrual basis of accounting for governmental activities and using the accrual basis of accounting for business-type activities.
D)Indirect program expenses may
not
be allocated to the other functional areas.
76.Which of the following is true regarding the government-wide Statement of Activities?
A)In the government-wide Statement of Activities, “special items” are those items that are both unusual and infrequent and are
not
under the control of management.
B)Transfers between governmental and business type activities are eliminated and do
not
appear on the government-wide Statement of Activities.
C)The Statement of Activities includes depreciation expense.
D)Taxes levied, including those restricted to a particular purpose,are reported as program revenue.
77.Which of the following is true regarding the governmental fund financial statements?
A)The governmental fund financial statements include the Balance Sheet, and the Statement of Revenues, Expenditures, and Changes in Fund Balances.
B)The governmental fund financial statements are prepared on the current financial resources measurement focus and modified accrual basis of accounting.
C)The governmental fund Balance Sheet reflects the difference of assets minus liabilities as Fund Balance.
D)All of the above are true.
78.Which of the following items would likely appear in the reconciliation between the governmental fund financial statements and the governmental activities column in the government-wide financial statements?
A)The inclusion of long-term liabilities in the government-wide financial statements and
not
in the governmental fund financial statements.
B)The inclusion of depreciation of capital assets in the governmental activities column of the government-wide financial statements and
not
in the governmental fund statements.
C)The additional accrual of some revenues and expenses in the government-wide financial statements that were
not
made in the governmental fund financial statements.
D)All of the above.
79.Which of the following is true regarding the Budgetary Comparison Schedule?
A)The Budgetary Comparison Schedule compares the actual results to the original budget, but display of variances is optional.
B)The Budgetary Comparison Schedule is considered part of the basic financial statements.
C)The Budgetary Comparison Schedule must be prepared for the General Fund and each major special revenue fund that has a legally adopted budget.
D)Both (A) and (C) are true.
80.Which of the following is false regarding major fund reporting for governmental funds?
A)The General Fund is always a major fund.
B)Each fund that is considered major must be reported in a separate column in the governmental funds financial statements.
C)A government may designate any fund as major if it feels that reporting that fund in the basic financial statements would be useful.
D)None of the above, all are true.
81.Which of the following is true regarding the Comprehensive Annual Financial Report?
A)The basic financial statements consist of the government-wide, the governmental fund, the proprietary fund, and the fiduciary fund financial statements (and the notes to the financial statements).
B)The government-wide financial statements include the Statement of Net Position, the Statement of Activities, and the Statement of Cash Flows.
C)Both (A) and (B) are true.
D)Neither (A) nor (B) is true.