Multiple Choice Questions
48.Which of the following is an example of a special-purpose government?
A)Park district
B)Village government
C)Township government
D)City government
49.Which of the following is
notan example of a special-purpose government?
A)Village government
B)Tollway authority
C)Library district
D)Fire protection districts
50.Which of the following would
not
be considered a special-purpose government for financial reporting purposes?
A)A public school system.
B)An art museum.
C)A public hospital.
D)A county board of supervisors.
51.Which of the following statements is true of a special-purpose government?
A)Special-purpose governments that are engaged in more than one governmental-type activities can combine the fund and government-wide financial statements.
B)Special-purpose governments that are engaged in a single governmental-type activitymay combine the fund and government-wide financial statements.
C)Special-purpose governments engaged in only one business-type activity have to prepare government-wide financial statements.
D)Special-purpose governments must be stand-alone local governments.
52.Which of the following is
not
required for a special-purpose local government engaged in only fiduciary type activities?
A)Statement of Fiduciary Net position
B)Statement of Fiduciary Cash Flows
C)Notes to the Financial Statements
D)Required Supplementary Information other than MD&A
53.Special-purpose governments that are engaged in both governmental and business-type activities or in more than one governmental activity are required to include all of the following in its financial statements except?
A)Required supplementary Information
B)Fund basis financial statements
C)Government-wide financial statements
D)None of the above, these are all required
54.Which of the following isnot
true regarding financial reporting of special-purpose entities?
A)Special-purpose entities might be included as component units in a primary government's financial statements.
B)Special-purpose entities that engage in a single governmental activity may prepare statements that combine government-wide and governmental fund statements.
C)Special-purpose entities that are engaged only in fiduciary activities must prepare a Statement of Activities and a Statement of Fiduciary Net Position.
D)None of the above – all are true.
55.Assume a government is a special-purpose entity engaged in fiduciary activities only. Which of the following financial statements would be required?
A)Statement of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position.
B)Statement of Net Position and Statement of Activities.
C)Statement of Net Position, Statement of Activities, Statement of Fiduciary Net Position, Statement of Changes in Fiduciary Net Position.
D)Statement of Fiduciary Net Position, Statement of Changes in Fiduciary Net Position, and Statement of Cash Flows.
56.Assume a government is determined to be a special-purpose government engaged in business-type activities only. Which of the following financial statements would be required?
A)Balance Sheet, Statement of Revenues, Expenditures, and Changes in fund Balances.
B)Statement of Net Position, Statement of Activities, Statement of Cash Flows.
C)Statement of Net Position, Statement of Revenues, Expenses, and Changes in Net Position, Statement of Cash Flows.
D)Statement of Net Position and Statement of Activities.
57.Assume a government is a special-purpose government engaged in only one governmental activity. Which financial statements would be required?
A)Government-wide statements only.
B) Statements combining the governmental funds and government-wide statements.
C) Both government-wide and governmental fund basis statements.
D)Either B or C above.