True/False Questions
1.Government-wide statements are prepared using the modified accrual basis; therefore, governmental fund-basis statements need to be adjusted from their original accrual basis.
2.Government-wide statements are prepared using the accrual basis; therefore, enterprise fund-basis statements need to be adjusted from their original modified accrual basis.
3.The government-wide statements do
not
include a government-wide Statement of Cash Flows.
4.The difference between assets and liabilities in the government-wide statements is called fund balance.
5.The difference between assets and liabilities in the government-wide statements is called Net Position.
6.GASB requires a reconciliation from proprietary fund financial statements to the government-wide statements business-activities columns from modified accrual accounting to accrual accounting.
7.GASB requires a reconciliation from governmental fund financial statements to the government-wide statements governmental-activities columns from modified accrual accounting to accrual accounting.
8.Balances from enterprise fund statements, Statement of Net Position and Statement of Revenues, Expenses, and Changes in Fund Net Position, are reported in the business-type activities sections of government-wide statements.
9.When preparing the government-wide statements, worksheet entries are booked to provide the trial balance amounts used to prepare the financial statements.
10.Using the worksheet approach, general (governmental) long term assets and long term debt have a balance of zero until the worksheet entries are made.