Homework Answers
answer:citizens
primary user of state or local government general purpose external financial statementare citizens,investors, legislative bodies and creditors.they inspect statement wheather the budget is the legally adpted budget and the statement is complainced with rules and regulations.
all other options given are not a primary user of state or local government general purpose external financial statement.
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which of the following groups is considered a primary user of
state or local government general...
Preparers of general-purpose financial statements include which of the following groups? Multiple Choice Creditors Shareholders Management...
Preparers of general-purpose financial statements include which of the following groups? Multiple Choice Creditors Shareholders Management Suppliers
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...
luded as component units in a primary ru, ulese are all required . Which of the...
luded as component units in a primary ru, ulese are all required . Which of the following is not true regarding financial reporuny entities? ding financial reporting of special-purpose A special-purpose entities might be included as component une government's financial statements. P pecial-purpose entities that engage in a single governmental a statements that combine government-wide and governmenta Special-purpose entities that are engaged in multiple fiduciary ac prepare both fund-basis and government-wide financial statements: D) None of the above - all...
Which of the following would likely be considered an internal user of accounting information rather than...
Which of the following would likely be considered an internal user of accounting information rather than an external user? A.Stockholders. B.Consumer groups. C.Lenders. D.Middle-level managers. E.Government agencies.
A state government establishes an investment pool and invites local governments to participate. It is not...
A state government establishes an investment pool and invites local governments to participate. It is not governed by a formal trust agreement which fund of the state government would report balances contributed by the local governments? Multiple Choice O Custodial Special Revenue vestment True
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...
Question 19 (2 points) Which of the following is not considered to be a primary user...
Question 19 (2 points) Which of the following is not considered to be a primary user of financial information for which financial reporting standards are designed? a) Management b) Creditor c) Lender d) Investor
GASB provides guidance for determining when a primary government should include a legally separate organization in...
GASB provides guidance for determining when a primary government should include a legally separate organization in its financial report as a component unit. Which of the following statements would not require inclusion? Multiple Choice Ha govemment has controlling interest in a commercial business in which it exercises operational control. The primary govemment controls a voting majority of the other organization's governing board or otherwise may impose its will on the organization and the releted organization is fiscally dependent on the...
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...
Listed below are the typical funds that might be used by a state or local government...
Listed below are the typical funds that might be used by a state or local government to maintain appropriate accounting for the various transactions that could occur. TYPICAL FUNDS USED BY STATE AND LOCAL GOVERNMENTS GF SRF CPF DSF ISF EF PF General Fund Special Revenue Fund Capital Projects Fund Debt Service Fund Internal Service Fund Enterprise Fund Permanent Fund REQUIRED: For each of the attached transactions, indicate into which fund, from the given list the transaction would be entered....
Preparers of general-purpose financial statements include which of the following groups? Multiple Choice Creditors Shareholders Management Suppliers
luded as component units in a primary ru, ulese are all required . Which of the following is not true regarding financial reporuny entities? ding financial reporting of special-purpose A special-purpose entities might be included as component une government's financial statements. P pecial-purpose entities that engage in a single governmental a statements that combine government-wide and governmenta Special-purpose entities that are engaged in multiple fiduciary ac prepare both fund-basis and government-wide financial statements: D) None of the above - all...
A state government establishes an investment pool and invites local governments to participate. It is not governed by a formal trust agreement which fund of the state government would report balances contributed by the local governments? Multiple Choice O Custodial Special Revenue vestment True
Question 19 (2 points) Which of the following is not considered to be a primary user of financial information for which financial reporting standards are designed? a) Management b) Creditor c) Lender d) Investor
GASB provides guidance for determining when a primary government should include a legally separate organization in its financial report as a component unit. Which of the following statements would not require inclusion? Multiple Choice Ha govemment has controlling interest in a commercial business in which it exercises operational control. The primary govemment controls a voting majority of the other organization's governing board or otherwise may impose its will on the organization and the releted organization is fiscally dependent on the...
Listed below are the typical funds that might be used by a state or local government to maintain appropriate accounting for the various transactions that could occur. TYPICAL FUNDS USED BY STATE AND LOCAL GOVERNMENTS GF SRF CPF DSF ISF EF PF General Fund Special Revenue Fund Capital Projects Fund Debt Service Fund Internal Service Fund Enterprise Fund Permanent Fund REQUIRED: For each of the attached transactions, indicate into which fund, from the given list the transaction would be entered....
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