Homework Answers
Option 'C' is Answer
Special-Purpose entities that are engaged in multiple fiduciary activities must prepare both fund-basis and government -wide financial activities is not True. While rest of the options are correct about financial reporting of special-purpose entities.
Special purpose entities might be included as component units in a primary government's financial statements.
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luded as component units in a primary ru, ulese are all required . Which of the...
Which of the following statements is false? A)With respect to fund basis financial statements, a government...
Which of the following statements is false? A)With respect to fund basis financial statements, a government may designate any fund to be a major fund if reporting that fund separately would be useful. B)When preparing fund basis financial statements, any funds not reported separately are aggregated and reported in a single column under the label non-major funds. C)When preparing fund basis financial statements, any funds not reported separately are reported by function. D)In addition to the government-wide statements, governments are...
Which of the following is true regarding fiduciary funds? Multiple Choice Custodial funds would be report...
Which of the following is true regarding fiduciary funds? Multiple Choice Custodial funds would be report a Statement of Fiduciary Net Position but not a Statement of Changes in Fiduciary Net Position. Fiduciary funds are not reported in the fund basis statements because they are from legally separate organizations. Fiduciary funds are reported in the fund basis statements but not in the government-wide statements. Fiduciary funds are reported in the fund basis statements and in a separate column in the...
1. Which of the following is true regarding the Comprehensive Annual Financial Report? a.The basic financial...
1. 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 are true d. Neither is true 2. Which of the following is true regarding the proprietary fund financial...
Which of the following is true regarding fiduciary funds? rev: 02_18_2019_QC_CS-159267 Multiple Choice Agency funds would...
Which of the following is true regarding fiduciary funds? rev: 02_18_2019_QC_CS-159267 Multiple Choice Agency funds would be reported in both the Statement of Fiduciary Net Position and the Statement of Changes in Fiduciary Net Position. Fiduciary funds are reported in the fund basis statements but not in the government-wide statements. Fiduciary funds are not reported in the fund basis statements because they are from legally separate organizations. Fiduciary funds are reported in the fund basis statements and in a separate...
Find the 2017 Annual Report for the City of Maumee before you begin this assignment. Go...
Find the 2017 Annual Report for the City of Maumee before you begin this assignment. Go to www.maumee.org Click on the "City Departments" green button on the left side of the page. Select "Finance" from the list on the left and then “Annual Report” from the drop down box. Click on "2017 Annual Report" under the Current Reports Heading on the right. 1.The Balance Sheet--governmental funds shows a fund titled Fallen Timbers TIF". What kind of fund is this? Hint:...
Which of the following statements is correct? Multiple Choice 0 Proprietary funds must prepare a Statement...
Which of the following statements is correct? Multiple Choice 0 Proprietary funds must prepare a Statement of Revenues, Expenses and Changes in Fund Net Position, Statement of Net Position and Statement of Cash Flows. Governmental funds must prepare a Statement of Revenue, Expenditures and Changes in Fund Balance, Statement of Fund Balance and Statement of Cash Flows. RSI is optional. 0 Fiduciary funds must prepare a Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets, Statement of...
1 question 2 parts thanks Which fund type never has financial statements produced for it but...
1 question 2 parts thanks
Which fund type never has financial statements produced for it but still is included in government wide financial statements? O Trust Fund Permanent Fund Internal Service Fund Enterprise Fund Which of the following is a primary difference between governmental entities and for profit entities? 1) Absence of defined ownership interests. 2) Lack of external stakeholders. 3) Primary purpose is something other than long-term profit maximization. 3) only 1) only 1), 2), and 3) O 1)...
Directions: Select the best answer for the following multiple choice questions. 1. Which of the f...
Directions: Select the best answer for the following multiple choice questions. 1. Which of the following is not part of the basic financial statements? a. Governmental funds statement of revenues, expenditures, and changes in fund balances. b. Budgetary comparison schedules - general and special revenue funds. c. Government-wide statements of activities. d. Notes to the financial statements. 2. Which statement is true regarding the "major" funds? a. The general fund is considered major if it is large enough. b. Other...
Governments and nonprofit entities are similar in many ways. Which of the following statements is not...
Governments and nonprofit entities are similar in many ways. Which of the following statements is not truc? MC1-10. LO 1 a. Neither governments nor nonprofit entities have a profil modve. D. Both govemments and nonprofit entities provide services. C. Both govemments and nonprofit entities assess tases. 4. Boin govemments and nonprofit entities often report restricted resources. MC1-11. Why do govemments and nonprofit entities use fund accounting a. 1o help ensure restricted resources are spent for their intended purpose. 0. To...
1. With respect to the preparation of fund basis financial statements, enterprise funds are considered to...
1. With respect to the preparation of fund basis financial statements, enterprise funds are considered to be major when which of the following conditions exist? Multiple Choice Both When total assets, liabilities, revenues, or expenses of that individual enterprise fund constitutes 10% of the total for the enterprise fund category and When total assets, liabilities, revenues, or expenses of that individual enterprise fund are 5% of the total of the governmental and enterprise categories, combined required to be a major...
Which of the following statements is correct? Multiple Choice 0 Proprietary funds must prepare a Statement of Revenues, Expenses and Changes in Fund Net Position, Statement of Net Position and Statement of Cash Flows. Governmental funds must prepare a Statement of Revenue, Expenditures and Changes in Fund Balance, Statement of Fund Balance and Statement of Cash Flows. RSI is optional. 0 Fiduciary funds must prepare a Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets, Statement of...
1 question 2 parts thanks
Which fund type never has financial statements produced for it but still is included in government wide financial statements? O Trust Fund Permanent Fund Internal Service Fund Enterprise Fund Which of the following is a primary difference between governmental entities and for profit entities? 1) Absence of defined ownership interests. 2) Lack of external stakeholders. 3) Primary purpose is something other than long-term profit maximization. 3) only 1) only 1), 2), and 3) O 1)...
Governments and nonprofit entities are similar in many ways. Which of the following statements is not truc? MC1-10. LO 1 a. Neither governments nor nonprofit entities have a profil modve. D. Both govemments and nonprofit entities provide services. C. Both govemments and nonprofit entities assess tases. 4. Boin govemments and nonprofit entities often report restricted resources. MC1-11. Why do govemments and nonprofit entities use fund accounting a. 1o help ensure restricted resources are spent for their intended purpose. 0. To...
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