1. In a county's CAFR for the current fiscal year, governmental activities expenses on the government-wide statement of activities are $200 million and governmental fund expenditures on the governmental funds statement of revenues, expenditures, and changes in fund balances are $225 million. What is a possible reason why expenditures are higher than expenses? Select one: A. Large principal payments on general obligation debt. B. Large accruals of pension benefits not requiring current resources. C. Large amounts of general obligation debt issued. D. Large amounts of depreciation expense on governmental capital assets.
1. In a county's CAFR for the current fiscal year, governmental activities expenses on the government-wide statement of activities are $200 million and governmental fund expenditures on the governmental funds statement of revenues, expenditures, and changes in fund balances are $225 million. What is a possible reason why expenditures are higher than expenses? Select one: A. Large principal payments on general obligation debt. B. Large accruals of pension benefits not requiring current resources. C. Large amounts of general obligation debt issued. D. Large amounts of depreciation expense on governmental capital assets.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
1. In a county's CAFR for the current fiscal year, governmental activities expenses on the government-wide statement of activities are $200 million and governmental fund expenditures on the governmental funds statement of revenues, expenditures, and changes in fund balances are $225 million.
What is a possible reason why expenditures are higher than expenses?
What is a possible reason why expenditures are higher than expenses?
Select one:
A. Large principal payments on general obligation debt.
B. Large accruals of pension benefits not requiring current resources.
C. Large amounts of general obligation debt issued.
D. Large amounts of depreciation expense on governmental capital assets.
2.
On which financial statement(s) are deferred outflows for bond refunding by governmental funds reported?
For the question below, use the numbers from the following financial statements required in a county government's CAFR to identify where the account is reported:
|
1.
|
Government-wide statement: Statement of net position
|
|
2.
|
Government-wide statement: Statement of activities
|
|
3.
|
Fund statement:
|
|
4.
|
Fund statement: Statement of revenues, expenditures and changes in fund balances–Governmental funds
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|
5.
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Fund statement: Statement of net position–Proprietary funds
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|
6.
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Fund statement: Statement of revenues, expenses and changes in net position–Proprietary funds
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On which financial statement(s) are deferred outflows for bond refunding by governmental funds reported?
Select one:
A. 1 only
B. 1 and 3
C. 1 and 5
D. 2 and 6
3.
Increases in a government's pension liability that are due to changes in economic or demographic assumptions or actual results that are different from expected results, are reported in
Select one:
A. Deferred inflows of resources on the government-wide statement of net position.
B. Pension liability on the pension trust fund's statement of net position.
C. Pension expense on the government-wide statement of activities.
D. Deferred outflows of resources on the government-wide statement of net position.
4.
On which financial statement(s) are lease obligations of governmental and proprietary funds reported?
For the question below, use the numbers from the following financial statements required in a county government's CAFR to identify where the account is reported:
|
1.
|
Government-wide statement: Statement of net position
|
|
2.
|
Government-wide statement: Statement of activities
|
|
3.
|
Fund statement: Balance sheet–Governmental funds
|
|
4.
|
Fund statement: Statement of revenues, expenditures and changes in fund balances–Governmental funds
|
|
5.
|
Fund statement: Statement of net position–Proprietary funds
|
|
6.
|
Fund statement: Statement of revenues, expenses and changes in net position–Proprietary funds
|
On which financial statement(s) are lease obligations of governmental and proprietary funds reported?
Select one:
A. 1 only
B. 1 and 3
C. 5 only
D. 1 and 5
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