7 4 Under GASB standards, where are nonmajor funds reported? O In the management's discussionand analysis preceding the financial statements. O In the government-wide financial statements. O Inaggregate amounts in a single column in the fund financial statements. O In a note disclosurefollowing the financial statements.

The correct answer is: In aggregate amounts in a single column in the fund financial…

Answered: 4 Under GASB standards, where are…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following statements is true? O a. The principal of permanent funds are classified as Nonspendable Fund Balance O b. The fund balance of permanent funds should be classified as Nonspendatie, Spendatie, and Cammited Net Poston O. Any governmental fund may have an Unassigned Fund Balance. O d. Fund balances of debt service funds are classified as Restricted and Unrestricted
Fiduciary fund financial statements are prepared based on which one of the following basis of accounting? a. None of the options b. Modified accrual basis of accounting c. Cash basis of accounting d. Accrual basis of accounting
Which financial statements are prepared using modified accrual accounting? A) Proprietary fund financial statements. B) Governmental fund financial statements. C) Government-wide financial statements. D) Both A. and B. E) Both B and C.
Which of the following is not a GASB's required statement for proprietary funds? A.) Statement of net position B.) Statement of revenues, expenses, and changes in fund net position C.) Statement of cash flows D.) Statement of changes in fund net position
Indicate which of the following use Modified Accrual Accounting?
8 The basis of accounting that should be used in preparing fund financial statements is: Governmental funds Proprietary funds Fiduciary funds A) Modified accrual Accrual Modified accrual B) Modified accrual Modified accrual Modified accrual C) Modified accrual Accrual Accrual D) Accrual Accrual Accrual Multiple Choice Choice A Choice B Choice C Choice D
Which of the following funds are classified as proprietary funds? Group of answer choices a.) Agency and special revenue funds. b.) Agency and pension trust funds. c.) Enterprise and internal service funds.
11) A fund A) has its own accounting equation. B) has consolidated financial statements for all funds. C) must follow GAAS. D) always uses modified accrual accounting
Which of the following is not part of the basic financial statements? a. Government-wide statement of net position b. Proprietary funds statement of revenues, expenses, and changes in fund net position c. Combining balance sheet—nonmajor governmental funds d. Notes to the financial statements
Proprietary fund financial statements are prepared based on which one of the following basis of accounting? a. Cash basis of accounting b. None of the options c. Modified accrual basis of accounting d. Accrual basis of accounting
Which one of the following fund activities are reported only in the fund financial statements and not reported in the government-wide financial statements? a. None of the options b. Activities of the fiduciary funds c. Activities of the proprietary funds d. Activities of the general funds
Which trust fund has assets always equal to liabilities with never a fund balance. O a. Pension trust funds O b. debt service trust funds Oc. Investment trust funds O d. special revenue trust funds Oe. Private purpose trust funds Of. Agency trust funds O g. capital projects trust funds Oh. Internal service trust funds

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