187. Which of the following funds should be reportedas part of local government's governmental activitiescolumn in its government-wide statements?a. Debt serviceb. Agencyc. Private-purpose trust.d. Pension trust.188. A nongovernmental not-for-profit organization'sstatement of activities is similar to which of the fol-lowing for-profit financial statements?a. Balance sheet.b. Statement of cash flows.c. Statement of retained earnings.d. Income statement.

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Answered: 187. Which of the following funds…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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What are some major adjustments required when converting from fund financial statements to government-wide statements?
Discuss the differences between governmental statements of cash flows prepared for proprietary funds and cash flow statements prepared by nonprofit entities.
custodial fund assets and liabilities are to be recognized: When the earnings process is complete and collection is reasonably assured At the time the government becomes responsible for assets. When they are available and measurable Only in the government wide financial statements.
Summary objectives under new government accounting system
The organization primarily responsible for ensuring that public officials are using public funds efficiently, economically, and effectively is thea. Governmental Internal Audit Agency (GIAA).b. Central Internal Auditors (CIA).c. Securities and Exchange Commission (SEC).d. Government Accountability Office (GAO).
Which of the following items are included in the governmental activities column of the government- wide financial statements through worksheet journal entries? A) General Capital Assets. B) General Long-Term Debt. C) Internal Service Funds servicing governmental departments. D) All of the choices are correct.
Governments often provide goods and services to citizens or other governmental units at a fee. These activities are accounted for in: a. the general fund b. governmental funds c. proprietary funds d. special revenue funds
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The focus of governmental funds in fund accounting is a(n): a. Economic Resource Measurement Focus. b. Financial Resources Measurement Focus. c. Cash Flow Measurement Focus. d. Accrual Measurement Focus.
1 Which of the following is not an objective of financial reporting by state and local governments? Multiple Choice To assist users in assessing the adequacy of systems and controls. To assist users in assessing financial condition and results of operations. To assist financial report users in comparing actual financial results with the legally adopted budget. To assist in determining compliance with finance-related laws, rules, and regulations.
Assets and liabilities of activities for which the government is acting in either an agency or trustee capacity for individuals, organizations, or other governments should be reported in: a. The fiduciary column of the government-wide financial statements. O b. The fiduciary fund financial statements. c. Both government-wide and fiduciary fund statements. d. Neither government-wide nor fiduciary fund statements.

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