Question

3. How has the dual system of financial statements impacted the financial reporting of state and
local governments?
4. What are the basic financial statements that a state or local government now produces?
5. What measurement focus is used in fund financial statements for governmental funds, and
what system is applied to determine the timing of revenue and expenditure recognition?
6. What measurement focus is used in government-wide financial statements, and what system is
applied to determine the timing of revenue and expense recognition?
7. What assets are viewed as current financial resources?
8. In applying the current financial resources measurement focus, when are liabilities recognized
in fund financial statements?
9. What are the three classifications of funds? What funds are included in each of these three?
10. What are the five fund types within the governmental funds? What types of events does each
of these report?
11. What are the two fund types within the proprietary funds? What types of events does each report?
12. What are the four fund types within the fiduciary funds? What types of events does each report?
13. What are the two major divisions reported in government-wide financial statements? What
funds are not reported in these financial statements?
14. Fund financial statements have separate columns for each activity. Which activities are
reported in this manner?
15. The general fund of a city reports assets of $300,000 and liabilities of $200,000 in the fund
financial statements. Explain what is meant by each of the following balances: fund balance—
nonspendable of $40,000, fund balance—restricted of $28,000, fund balance—committed of
$17,000, fund balance—assigned of $4,000, and fund balance—unassigned of $11,000.
16. Why are budgetary entries recorded in the individual funds of a state or local government?
17. How are budget results shown in the financial reporting of a state or local government?
18. When is an encumbrance recorded? What happens to this balance? How are encumbrances
reported in government-wide financial statements?
19. What costs necessitate the reporting of an expenditure by a governmental fund?
20. At what point in time does a governmental fund report an expenditure?
21. How do governmental funds report capital outlay in fund financial statements? How do gov-
ernment-wide financial statements report capital expenditures?
22. What are the two different ways that supplies and prepaid items can be recorded on fund
financial statements?
23. What are the four classifications of nonexchange revenues that a state or local government
can recognize? In each case, when are revenues normally recognized?
24. When is a receivable recognized for property tax assessments? When is the revenue recognized?
25. How is the issuance of a long-term bond reported on fund financial statements? How is the
issuance of a long-term bond reported on government-wide financial statements?
26. What is a special assessment project? How are special assessment projects reported?
27. How are interfund transfers reported in fund financial statements?


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  • CreatedJanuary 08, 2015
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