Acc 548 Final

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ACC 548 Final Exam Answers 1. Under GASB rules for the financial reporting entity a. component units are included if the primary government is financially accountable for their operations B. counties are component units of the state government C. blended and discretely presented component units are to be reported in government-wide financial statements but not in fund financial statements D. component units must be reported in columns (discrete presentation) separate from the funds of a primary government 2. According to GASB Statement No. 44, all of the following is a recommendation category for the CAFR’s statistical section EXCEPT A. financial trends information B. debt capacity information C. comparative information D. operating…show more content…
Transfers between governmental and business type activities are eliminated and do not appear on the government-wide Statement of Activities. C. In the government-wide Statement of Activities, special items are those items that are both unusual, infrequent, and are not under the control of management. D. Taxes levied for specific functions may be reported as program revenue. 6. Which of the following choices regarding the proprietary fund financial statements is true? A. The Statement of Net Assets (Balance Sheet) reflects equity as contributed equity and retained earnings. B. Normally, a reconciliation is required between the proprietary fund financial statements and the business-type activities column in the government-wide financial statements. C. Statements include the Statement of Net Assets (Balance Sheet); Statement of Revenues, Expenses and Changes in Fund Net Assets: and Statement of Cash Flows. D. The Statement of Cash Flows may be prepared using either the direct or indirect methods. 7. Which of the following choices regarding the fiduciary fund financial statements is true? A. Fiduciary fund financial statements include the Statement of Fiduciary Net Assets and Statement of Changes in Fiduciary Net

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