True/False Questions
1. The budgetary comparison schedule in the government-wide financial statements requires only the final budget for the period and the actual amounts for the period.
2. The accrual basis of accounting is used in the government-wide financial statements.
3. A component unit of a primary government is a unit that is related to the primary government but is not financially accountable to the primary government.
4. The statement of net assets in the government-wide financial statements requires the net assets to be segregated as follows: assigned net assets (for items such as encumbrances and inventories) and unassigned net assets.
5. A major governmental fund that must be separately disclosed in the government-wide financial statements would be a fund that composed 5 percent of the total of the governmental funds.
6. Permanent governmental funds account for resources that have a principal that must be maintained and whose earnings are available for any government program that benefits all citizens.
7. The government unit’s infrastructure and other fixed assets are reported on the government-wide statement of net assets.
8. The internal service fund is a proprietary fund and is not, therefore, shown in the Governmental Activities column of the government-wide statement of net assets.
9. In the reconciliation schedule for the statement of net assets, to reconcile from the net assets reported in the governmental funds to the net assets of governmental activities, capital assets used in governmental activities would be added.
10. In the reconciliation schedule for the statement of revenues, expenditures, and changes in fund balance, to reconcile from the net change in fund balances—governmental funds to the change in net assets of governmental activities, bond proceeds would be added back.
11. In the government-wide statement of activities, transfers between governmental and business-type funds must be reported as part of the change in net assets.
12. In the government-wide statement of activities, depreciation of fixed assets would equal the amount of the expenditures for assets made in the governmental funds.
13. The Management’s Discussion and Analysis is a recommended but voluntary disclosure in the government-wide financial statements.
14. The government-wide statement of net assets includes the fiduciary funds of the government unit.
15. The format of the government-wide statement of activities is based on the programs of the government entity rather than the type of revenues of the government entity.
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