ACCT 4421 Ch 9-10 SB Questions and
Answers 100% Solved
A legal entity or other organization that results from a contractual arrangement and that is owned,
operated, or governed by two or more participants as a separate and specific activity subject to
shared control in which the participants retain either an ongoing financial interest or financial
responsibility is called a(n) ______. joint venture
Which of the following are funds the government's legislative body has identified through formal
legislative action? committed
According to the authors of this text, the interim schedules that provide the minimum useful
information for budgetary and cash management purposes include which of the following?
- schedule of actual and budgeted expenditures for the General Fund and other funds for
which budgets have been legally adopted
- comparative schedule of revenue and expense for each enterprise and internal service fund
,Identify the items that require reconciliation between governmental fund statements and
governmental activities at the government-wide level. - adjusting for internal service
funds' assets, liabilities, operating income (loss), and transfers
- interfund transfers between governmental funds that are not reported at the government-wide
level
A government's comprehensive annual financial report (CAFR) includes which of the following?
- required supplementary information (RSI)
- management's discussion and analysis (MD&A)
- basic government-wide and fund financial statements
Exchange or nonexchange transactions between the primary government and its blended or
discretely presented component units are ______. intra-entity transactions
GASB Codification Section 2200 identifies the minimum content for the financial section of a
CAFR as consisting of which of the following? - auditor's report
, - basic financial statements
- MD&A
The Business-type Activities column of the government-wide statements reports information for
the ______. enterprise funds
The conceptual framework project related to recognition provides criteria for which of the
following? both whether and when the information should be reported
Fund balance classifications provided by GASB include which of the following? -
committed
- restricted
- nonspendable
- assigned
- unassigned
Popular reports are ______. also referred to as citizen-centric reports
Answers 100% Solved
A legal entity or other organization that results from a contractual arrangement and that is owned,
operated, or governed by two or more participants as a separate and specific activity subject to
shared control in which the participants retain either an ongoing financial interest or financial
responsibility is called a(n) ______. joint venture
Which of the following are funds the government's legislative body has identified through formal
legislative action? committed
According to the authors of this text, the interim schedules that provide the minimum useful
information for budgetary and cash management purposes include which of the following?
- schedule of actual and budgeted expenditures for the General Fund and other funds for
which budgets have been legally adopted
- comparative schedule of revenue and expense for each enterprise and internal service fund
,Identify the items that require reconciliation between governmental fund statements and
governmental activities at the government-wide level. - adjusting for internal service
funds' assets, liabilities, operating income (loss), and transfers
- interfund transfers between governmental funds that are not reported at the government-wide
level
A government's comprehensive annual financial report (CAFR) includes which of the following?
- required supplementary information (RSI)
- management's discussion and analysis (MD&A)
- basic government-wide and fund financial statements
Exchange or nonexchange transactions between the primary government and its blended or
discretely presented component units are ______. intra-entity transactions
GASB Codification Section 2200 identifies the minimum content for the financial section of a
CAFR as consisting of which of the following? - auditor's report
, - basic financial statements
- MD&A
The Business-type Activities column of the government-wide statements reports information for
the ______. enterprise funds
The conceptual framework project related to recognition provides criteria for which of the
following? both whether and when the information should be reported
Fund balance classifications provided by GASB include which of the following? -
committed
- restricted
- nonspendable
- assigned
- unassigned
Popular reports are ______. also referred to as citizen-centric reports
