Published on October 20, 2015
For more course tutorials visit www.acct567.com 1. (TCO A) On what should the government-wide financial statements report? (Points : 5) Net position and results of the financial operations of the government as a whole. Budgetary Compliance The cost of government services Fiscal accountability 2. (TCO B) According to GASB standards, when should transfers be recognized? (Points : 5) When earned. When collected in cash. When authorized by the budget ordinance. In the period the interfund receivable and payable arise. 3. (TCO C) Comparisons of budgeted versus actual revenues and expenditures are a requirement of which of the following situations? (Points : 5) Required by GAAP for the general fund and major special revenue funds for which an annual budget has been legally adopted. Required by GAAP for all government fund types. Required by GAAP for internal management reports only, they are not permitted for external financial reporting. It is optional under GASB standards for all funds. 4. (TCO D) The revenues account of a government entity is debited when (Points : 5) the budget is recorded at the beginning of the year. property taxes are recorded. the account is closed to fund balance-unassigned at the end of the year. property taxes are collected.