Not for profit exam 2
Which of the following results from the fact that utilities prepare billings to customers on the basis of meter readings, but it is not practical to read all meters at year-end and bill all customers as of that time?
Accrued Utilities Revenue
When Accrued Utility Revenues are recorded on December 31st, which of these statements is true?
Accrued Utility Revenue is credited on January 1st for the accrued amount.
Dodson County sponsors a defined benefit pension plan. If, during the current year, member contributions in the amount of $250,000 and employer contributions in the amount of $250,000 were received in cash, the entry made by the Dodson County Employee Retirement Plan would include credits to which of the following?
Additions—Employer Contributions Additions—Member Contributions
Accounts commonly found in the Current Liabilities section of a statement of net position include which of the following?
Amounts Due to Other Funds Accounts Payable Customer Advances for Construction
Concentration risk
Can be minimized through diversification of investments to avoid investing in securities of a single issuer that exceed 5% of total investments
Carly County sponsors a defined benefit pension plan. If, during the current year, annuity benefits in the amount of $80,000 and disability benefits in the amount of $24,000 were recorded as liabilities, the entry made by the Carly County Employee Retirement Plan would include a credit to Accounts Payable and Accrued Expenses and debits to which of the following?
Deductions—Annuity Benefits Deductions—Disability Benefits
Edgewood County sponsors a defined benefit pension plan. If, during the current year, terminated employees whose benefits were not vested were refunded $2,057,265 in cash, the entry made by the Edgewood County Employee Retirement Plan would include which of the following?
Deductions—Refunds to Terminated Employees
The Town of Madison Water Utility Fund has $2,000 due to the General Fund and $3,000 due from the General Fund. What amount will be shown in the Statement of Net Position?
Due from the General Fund of $1,000
Identify the true statement regarding reporting for enterprise funds
Enterprise funds use the same measurement focus as the government-wide financial statements.
Assume that a town enters into a capital lease. If the first lease payment occurs on the first day of the lease and is entirely a payment on the principal of the lease obligation, the entry recorded by the Debt Service Fund includes a debit to which of the following?
Expenditures—Principal of Capital Lease Obligation
GASB views economic condition as a composite measure with which of the following components?
Financial position Fiscal capacity Service capacity
Which of the following carry the pledge of the government entity's full faith and credit?
General obligation bonds
Who has the greatest need for interim financial reports?
Government administrators
Which of the following provides high-quality public sector accounting standards that can be used by governments and other public sector organizations around the world?
IPSASB
The International Accounting Standards Board (IASB) has a counterpart for the public sector known as which of the following?
International Public Sector Accounting Standards Board (IPSASB)
A liability related to pollution remediation should be recognized when which of the following criteria are met?
It is reasonably estimable An obligating event has occurred.
A town issues bonds at a premium. At the government-wide level, which of the following are true of the premium?
It should be amortized using the effective-interest method, over the life of the bonds. It would be recorded as an additional component of the general long-term liability for the bonds.
How should the portion of special assessment debt that will be repaid from property owner assessments be reported?
It should be reported as special assessment debt with governmental commitment.
How should the portion of special assessment debt that will be repaid from general resources of the government be reported?
It should be reported like other general long-term liabilities.
Which of the following is true of a defined contribution plan?
It specifies the amount or rate of contribution. The level of benefits payable upon retirement is determined by the total amount of contributions. They are not administered on an actuarial basis.
Interest rate risk
May be reduced by holding fixed income securities with lower term to maturity (duration) and avoiding highly interest-rate-sensitive derivative investments
Custodial credit risk
May be reduced by holding other securities as collateral
Why must raw data, such as that compiled by the GFOA, be converted to useful geographical and population strata benchmarks?
No comprehensive benchmark values based on up-to-date financial data are available.
Which of the following statements regarding enterprise fund segments is correct?
Only those segments with one or more bonds or other debits instruments outstanding are subject to segment disclosure.
The actual operating accounts typically used for a debt service fund include which of the following?
Other Financing Uses Expenditure—Bond Interest Other Financing Sources Expenditure—Bond Principal
Identify the true statements regarding an other comprehensive basis of accounting (OCBOA).
Other comprehensive basis of accounting is also known as special-purpose framework. The OCBOA most commonly used by state and local governments are cash or modified cash basis and regulatory basis of accounting.
Put the following in the order they would occur in the dissolution of an internal service fund.
Paying outside creditors Repayment of long term interfund loans outstanding liquidation of remaining net assets
The entry to record accrued interest sold in the Debt Service Fund journal includes a credit to which of the following?
Revenues
When Accrued Utility Revenues are recorded on December 31st, which of the following is true?
Sales of Water is debited on January 1st for the accrued amount.
Governments must prepare which of the following fund financial statements for their major enterprise funds and for the total of their internal service funds?
Statement of Net Position Statement of Cash Flows Statement of Revenues, Expenses, and Changes in Fund Net Position
The GASB user guide titled An Analyst's Guide to Government Financial Statements points out which of the following?
The process of drawing meaning from financial statement data is an art form, not a science.
Which of the following are characteristics of management practices and legislative policies?
They are among the most difficult factors to measure. They are critical determinants of financial condition. They are the components of the organizational factors.
In its guide titled What You Should Know about Your Local Government's Finances, the GASB points out that government managers need to demonstrate to citizens which of the following?
They are financially accountable for raising enough resources for the government to remain financially viable. They spend resources responsibly.
In conformance with GASB standards, on the Statement of Net Position, how are internal receivables and payables handled?
They are netted.
Which of the following is true of general long-term liabilities?
They are not reported as liabilities of fiduciary or proprietary funds.
Which of the following is true of proprietary fund financial statements?
They include the balance sheet, statement of revenues, expenses, and changes in fund net position, and a statement of cash flows.
Which of the following is true of proprietary funds?
They operate on user charges.
For external reporting purposes, how should internal service funds be treated?
They should be aggregated and reported as a separate column in statement of net position—proprietary funds
How should assets acquired under a capital lease by a proprietary fund be accounted for?
They should be capitalized by that fund.
Which of the following is true of liabilities payable from restricted assets?
They should be displayed separately from current liabilities.
Revenues per capita Revenues over expenditures Current liabilities Capital outlay
Total operating revenues divided by Population Total operating revenues divided by Total operating expenditures Current liabilities divided by Operating revenues Capital outlay from operating funds divided by Operating expenditures
Identify the true statement regarding transactions between the primary government and its component units.
Transactions that involve blended component units follow the same standards as for reciprocal and nonreciprocal interfund activities.
True or false: Analysts with investment firms (underwriters and brokers) tend to collect and process much less information than do bond rating and insurer organizations.
True
______ is a control account supported in whatever detail required by regulatory agencies and by management needs.
Utility Plant in Service
______ termination benefits occur when employers provide an incentive to hasten an employee's voluntary termination of employment.
Voluntary
Managers Legislators
Want the freedom to operate the fund like a business Wish to exercise considerable control over funds
GASB standards require that general obligation bonds intended to be serviced from utility revenues be reported as which of the following?
a liability of the enterprise fund
Termination benefits occur when employers provide which of the following?
a one-time cash payout as an incentive to hasten voluntary termination severance pay career counseling
Which of the following are types of adjustments needed to convert from the modified accrual basis to the accrual basis of accounting include?
accounting for depreciation of capital assets converting issues of debt from an operating statement account to a liability adjusting for differences in revenue recognition recording sales of capital assets
Financial reporting requirements for proprietary funds are reported on the ______ basis of accounting
accrual
The governmental activities journal at the government-wide level would recognize pension cost on the _______ basis.
accrual
The general long-term liability disclosures required by GASB reporting standards provide detail of which of the following?
additions to those liabilities reductions of those liabilities the portion of the liabilities payable within one year beginning of period long-term liabilities ending liabilities
Which of the following bond issuance costs are expensed at the time of the bond issuance at the government-wide level?
administrative fees financing charges from rating agencies underwriter fees
Popular reports are ______.
also referred to as citizen-centric reports
With a(n) ______ serial bond issue, the amount of annual principal repayments increase each year by approximately the same amount that interest payments decrease, so that the total debt service remains reasonably level over the term of the issue.
annuity
The types of serial bond issues found in practice include which of the following?
annuity regular deferred irregular
Proprietary funds ______.
are used to improve the management of resources
GASB general criteria for determining if a fiduciary relationship exists include which of the following?
assets related to the activity are controlled by the government government does not benefit from the assets
How are assets acquired under a lease agreement by an internal service or enterprise fund that do not transfer ownership at the end of the term recorded?
at the initial lease lease liability plus any payments already made to the lessor plus certain indirect costs
Compensated absences should be accrued as liabilities if the leave has which of the following characteristics?
attributable to past services payment is probable
Interest rate risk may be reduced by which of the following?
avoiding highly interest-rate-sensitive derivative investments holding fixed income securities with lower term to maturity
Liabilities payable should ______.
be displayed separately from current liabilities
A target, range, or "red flag" that provides an analyst with a basis for comparison in order to draw conclusions about whether performance indicators suggest good or bad news is referred to as a(n) ______.
benchmark
Credit analysts with major bond rating agencies or companies that insure bonds against default may have an informational advantage with respect to ______ information, in that they have data from thousands of entities whose bonds are rated or insured.
benchmark
Debt service funds may be required for which of the following?
bond liabilities notes or warrants having a maturity more than one year after date of issue
Appropriate benchmarks for comparisons can be found ______.
both inside and outside of the government
The conceptual framework project related to recognition provides criteria for which of the following?
both whether and when the information should be reported
Custodial funds financial information is reported in which of the following?
combining statement of net position displaying the assets and liabilities of each agency fund in separate columns separate column of the statement of fiduciary net position
Which of the following are funds the government's legislative body has identified through formal legislative action?
committed funds
The environmental factor that consists of indicators that determine the demand for services, such as population demographics, as well as the capacity to provide services, such as personal income per capita, is the ______ factor.
community needs and resources
Leaves of absence for which employees earn the right to be paid, such as vacation or sick leave, are referred to as ______ absences.
compensated
Examples of restricted assets include which of the following?
contributions restricted for capital acquisition assets set aside to fund acquisition for capital improvements
Utility Plant in Service is a ______.
control account
The types of adjustments needed to convert from the modified accrual basis to the accrual basis of accounting include which of the following?
converting issuance of debt from an operating statement account to a liability recording sales of capital assets converting payment of debt from an operating statement account to a liability adjustment
If customer advances for construction are to be refunded, they are classified as which of the following?
current liabilities
For a fund to be considered ______ in nature, the government cannot be involved in administrative decision making with regard to the use or distribution of the fund assets.
custodial
If a government has no obligation to assume debt service on special assessment debt in the event of property owners' default but does perform certain functions, GASB standards specify the use of a(n) ______ fund.
custodial
The GASB standards identify ______ funds as fiduciary funds that are not reported as one of the three types of trust funds.
custodial
In order to state assets and revenues correctly at year end, utilities are required to report which of the following?
customer accounts receivable
Total real property taxes certified for collection by collector's office during the current year total $5,000,000, and 5% is considered uncollectible. The entry recorded by the Tax Custodial Fund includes which of the following?
debit to Taxes Receivable for Other Funds and Governments—Current for $5 million dollars
Legal defeasance occurs when ______.
debt is legally satisfied based on certain provisions in the debt instrument, even though the debt is not actually paid.
The fund that is used only for debt service activities related to general long-term liabilities—those reported in the Governmental Activities column of the government-wide statement of net position is a(n) ______.
debt service fund
The debt service function may be performed by which of the following?
debt service fund or General Fund
With a(n) ______ serial bond issue, the first installment is delayed for a period of more than a year after the date of issue, but subsequent installments fall on a regular basis.
deferred
A pension plan that specifies the amount or rate of contribution that the employer and employees must contribute to the members' accounts in the pension plan is referred to as a ______ plan.
defined contribution
When financial information of a component unit is reported in one or more columns separate from the financial data of the primary government, it is referred to as ______ presentation.
discrete
The term ______ is used when component unit financial information is reported in one or more columns to the right of the columns presenting the financial information of the primary government or in one or more rows below the rows presenting the financial information of the primary government.
discrete presentation
When liquidation is needed for an internal service fund, it can be accomplished by which of the following?
distributing the fund assets to another fund or another government converting all noncash assets into cash and distributing the cash to another fund transferring the fund's assets to another fund that will continue the operations as a subsidiary activity
The GASB defines ______ as a composite of a government's financial position and its ability and willingness to meet its financial obligations as they come due and to meet its commitments and provide services.
economic condition
A(n) ______ fund is used by governments to account for services provided to the general public on a user charge basis.
enterprise
The Business-type Activities column of the government-wide statements reports information for the ______.
enterprise funds
The financial trend monitoring system (FTMS) identifies intergovernmental constraints as a(n) ______ factor that influences a government's financial condition
environmental
The ICMA financial trend monitoring system (FTMS) factors affecting a government's financial condition include which of the following?
environmental organizational financial
Costs of Municipal Solid Waste Landfills include which of the following?
equipment and facilities post closure maintenance and monitoring for a period of 30 years after closure
The Municipal Securities Rulemaking Board indicates that its Electronic Municipal Market Access (EMMA) can serve as a resource to users who want to _______
evaluate the features and risks of a specific municipal bond learn more about the municipal securities market monitor municipal securities investment
GASB standards ______ the reporting of fiduciary activities in the government-wide financial statements.
exclude
Fiduciary activities are ______.
excluded from government-wide financial statements and reported in fund financial statements
At the government fund level, debt issuance costs are recognized as a(n) ______.
expenditure
When a claim is probable and reasonably estimable, governments should report an estimated loss from a claim as which of the following?
expense liability
For most investments, except for certain money market investments with maturities of less than one year, current GASB standards require ______.
fair value accounting and reporting
True or false: If a government has no obligation to assume debt service on special assessment debt in the event of property owners' default but does perform certain functions, GASB standards specify the use of a debt service fund
false
True or false: If a government has no obligation to assume debt service on special assessment debt in the event of property owners' default but does perform certain functions, GASB standards specify the use of a debt service fund. True false question.
false
True or false: The "dual-track" approach is used to capture the different bases of accounting for internal service funds.
false
True or false: The premium on bonds payable must be amortized in the debt service fund.
false
True or false: The receivable relating to the tax levy for all funds that is recorded in the tax custodial fund equals the gross amount less an allowance for estimated uncollectible current taxes.
false
True or false: Special districts include counties, municipalities, townships, and school districts.
false Special districts include organized local entities OTHER THAN counties, municipalities, townships, or school districts.
The financial trend monitoring system (FTMS) identifies condition of capital plant as a(n) ______ factor that influences a government's financial condition.
financial
The probability that a government will meet both its financial obligations to creditors, consumers, employees, taxpayers, suppliers, constituents, and others as they become due and its service obligations to constituents, both currently and in the future is referred to as ______.
financial condition
Sound ______ means planning for adverse environmental conditions or events and devising long-run solutions when they do occur.
financial management
The short-term concept that focuses on the assets that are cash or are normally converted to cash in the near future and liabilities that require cash in the near future is referred to as ______.
financial position
The net position and changes in net position relating to the internal portion of an external investment pool are presented in which of the following?
financial statements of each participating fund governmental activities and business-type activities of the sponsoring government's government-wide financial statements
A primary government can be a special purpose government that has a separately elected governing body and is which of the following?
fiscally independent of other state and local governments legally separate
A grouping of related accounts used to maintain control over resources that have been segregated for specific activities or objectives is a(n) ______.
fund
A debt service fund is used only for debt service activities related to ______ long-term liabilities.
general
Utility bonds that are intended to be serviced from utility revenues but carry the pledge of the government entity's full faith and credit are technically ______ bonds.
general obligation
Debt service activities are reported as part of ______ activities at the government-wide level.
governmental
As a general rule, entries to reflect increases or decreases in general long-term liabilities are made in the ______ general journal at the government-wide level.
governmental activities
Because governments are able to raise large amounts of capital at a relatively low cost, most states ______.
have statutory limits on the debt that can be incurred
If a single-employer defined benefit plan issues a stand-alone financial report, the employer will ______. Multiple choice question.
have to make many of the same disclosures in the comprehensive annual financial report (CAFR) that the plan makes in its stand-alone report
Under regulatory reporting, the amount paid for an asset by its present owner is the ______ cost. Multiple choice question.
historical
Government control of an asset exists ______.
if the government holds the asset or has the ability to determine how the asset will be used
In the government-wide statement of net position and statement of activities, how should internal service fund financial information generally be reported?
in the Governmental Activities column
Major component unit supporting information is required to be provided in the reporting entity's basis financial statements using discrete presentation by which of the following?
including combining statements of major component units in the reporting entity's basic statements after the fund financial statements presenting each major component unit in a separate column in the reporting entity's statements of net position and activities
The Electronic Municipal Market Access (EMMA) is an online service that provides which of the following?
information about the features and risks of specific municipal bonds. information about individual securities information about state and local governments that have issued debt
The ______ portion of the scheduled future debt service payments is not a present liability and should not be presented as such. Multiple choice question.
interest
Identify the items that require reconciliation between governmental fund statements and governmental activities at the government-wide level.
interfund transfers between governmental funds that are not reported at the government-wide level adjusting for internal service funds' assets, liabilities, operating income (loss), and transfers
To ensure that any double counting of revenues and expenses does not occur, GASB standards require the elimination of the effect of transactions between governmental funds and ______ funds.
internal service
Other topics that are not currently addressed by GASB standards but are of interest to government entities include which of the following?
international government standards electronic reporting popular reporting
Exchange or nonexchange transactions between the primary government and its blended or discretely presented component units are ______.
intra-entity transactions
When bonds are sold between interest payment dates, the accrued interest ______.
is sold as part of the total price of the bonds
A government might enter into a ______ to pool resources and share the risk and rewards of a project.
joint venture
A legal entity or other organization that results from a contractual arrangement and that is owned, operated, or governed by two or more participants as a separate and specific activity subject to shared control in which the participants retain either an ongoing financial interest or financial responsibility is called a(n) ______.
joint venture
Under GASB standards, a government must report activities in an enterprise fund if which of the following criteria are met?
laws require that the activity's costs are recovered with fees and charges rather than with taxes or similar revenues pricing policies are designed to recover the costs of the activity, including capital costs
The Municipal Securities Rulemaking Board indicates that its Electronic Municipal Market Access (EMMA) can serve as a resource to users who want to _______.
learn more about the municipal securities market evaluate the features and risks of a specific municipal bond monitor municipal securities investment
In-substance defeasance occurs when debt is considered settled for accounting and financial reporting purposes, even though ______ defeasance has not occurred.
legal
Other postemployment benefits include benefits other than pensions, such as which of the following?
life insurance health care long-term care
The GASB definition of financial position is closely related to the concept of ______.
liquidity
A low personal income per capita generally is correlated with which of the following?
low capacity to provide services high demand for services
The more diversified and stable the employment base, the higher the property values and personal income, and the more robust the business activity, the ______ and ______.
lower the demand for services higher the capacity to provide services
Conflict between managers and legislators of internal funds arise due to which of the following?
managers wanting to treat the fund like a business and legislators wanting to maintain control over the funds
Managers of investment trust funds and defined benefit plan funds are charged with earning the ______ on the portfolio of investments within the constraints of safety and liquidity.
maximum return possible
When a measure, such as the revenues per capita ratio, is computed, the ______.
measure being computed (such as revenues) is divided by population total
A governmental employer that reports pension expenditures in a governmental fundshould recognize the expenditures on the _______ basis.
modified accrual
A recipient government has administrative involvement if it ______.
monitors the sub-recipient for compliance with grant requirements determines eligible expenditures of the sub-recipient has discretion over how grant assets are allocated
Users of governmental annual financial reports include which of the following?
news media government administrators major creditors
Fund balance classifications provided by GASB include which of the following?
nonspendable restricted committed
At which level(s) are increases in long-term liabilities from operating activities recorded?
only at the government-wide level
How are fiduciary activities reported?
only in the fiduciary fund financial statements
The financial trend monitoring system (FTMS) identifies legislative policies as a(n) ______ factor that influences a government's financial condition.
organizational
Under regulatory reporting, ______ cost is the cost to the owner who first devoted the property to public service.
original
Under regulatory reporting, Utility Plant in Service is stated at what amount?
original cost
A large number of state and local governments do not maintain internal accounting records on a GAAP basis. Instead they use a(n) ______.
other comprehensive basis of accounting (OCBOA)
Transfers made from other funds to the debt service fund as budgeted in the debt service fund as ______.
other financing sources
Which of the following are a fiduciary fund classification for trust funds?
pension trust private-purpose trust investment trust
Nonexpendable public-purpose trusts are accounted for as ______ funds, and expendable public-purpose trusts are accounted for as ______ funds.
permanent; special revenue
Two financial statements are required for defined benefit pension plans. The statement of fiduciary net position shows which of the following?
plan assets net position deferred inflow of resources
Other topics that are not currently addressed by GASB standards but are of interest to government entities include which of the following?
popular reporting international government standards electronic reporting
Some governments distribute ______ (also referred to as citizen-centric) that provide highly condensed financial information, budget summaries, and narrative descriptions.
popular reports
Grants, entitlements, or shared revenues from the federal or a state government often pass through one level of government (the ______ recipient) before distribution to a ______ or sub-recipient.
primary; secondary
A state-sponsored 529 savings plan, structured such that parents make after-tax contributions to an investment fund managed by the state government, is an example of a(n) ______ trust fund.
private
Governments should report an estimated loss from a claim as an expense and as a liability in the government-wide financial statements if a claim is reasonably estimable and ______.
probable
The success of investment trust funds and defined benefit plan funds depends, in large part, on ______ investments.
prudent
Obligations that arise from responsibilities related to the cleanup of hazardous wastes or hazardous substances resulting from existing pollution are referred to as pollution ______ obligations.
remediation
In terms of its inclusion in the the balance sheet—governmental funds and the statement of revenues, expenditures, and changes in fund balances—governmental funds, if a debt service fund qualifies as a major fund, the financial information for that fund is ______.
reported in a separate column of these two financial statements
Identify the item that requires reconciliation between governmental fund statements and governmental activities at the government-wide level.
reporting expenses on an accrual basis at the government-wide level
A government's comprehensive annual financial report (CAFR) includes which of the following?
required supplementary information (RSI) management's discussion and analysis (MD&A) basic government-wide and fund financial statements
alance classifications provided by GASB include which of the following?
restricted nonspendable committed
Other Property and Investments may include which of the following?
restricted assets property being held for future use
According to the authors of this text, the interim schedules that provide the minimum useful information for budgetary and cash management purposes include which of the following?
schedule of actual and budgeted expenditures for the General Fund and other funds for which budgets have been legally adopted comparative schedule of revenue and expense for each enterprise and internal service fund
The GASB defines a(n) ______ as an identifiable activity or group of activities within an enterprise fund.
segment
Accounts recommended for use by debt service funds are _______.
similar to but not exactly the same as those recommended for use by the General Fund similar to but not exactly the same as those recommended for use by special revenue funds
The sponsor and employer are one and the same under a ______-employer defined benefit plan.
single
The Bureau of the Census defines ______ as "all organized local entities (other than counties, municipalities, townships, or school districts) authorized by state law to provide only one or a limited number of designated functions, and with sufficient administrative and fiscal autonomy to qualify as separate governments."
special districts
Funds a government may use to record capital lease payments include which of the following?
special revenue fund debt service fund General Fund
Trusts that benefit the government's own programs or citizens at large are accounted for as what type of funds?
special revenue funds permanent funds
Implementing and enforcing the EPA Rule for municipal solid waste landfills is the responsibility of the ______ government.
state
Financial statements required by GASB for defined benefit pension plans include which of the following?
statement of fiduciary net position statement of changes in fiduciary net position
All changes in the fair value of investments during the period, both realized and unrealized, are reported as revenue in the ______.
statement of revenues, expenditures, and changes in fund balances—governmental funds
When taxes are raised by another fund and transferred to a debt service fund, revenue is recognized in which fund(s)?
the fund that raises the taxes
General long-term liabilities are reported as liabilities in which of the following?
the government-wide statement of net position only
GASB standards provide that, if legally permissible, a single debt service fund can be used to account for which of the following?
the service of all issues of tax-supported and special assessment debt
Debt service related to long-term liabilities reported in proprietary and fiduciary funds is reported in ______.
those funds
Governments must prepare ______ for their major enterprise funds and for the total of their internal service funds.
three fund financial statements
All relevant financial information that is fully and freely available to users, is the definition of financial _______.
transparency
True or False: A grouping of related accounts used to maintain control over resources that have been segregated for specific activities or objectives is a fund.
true
True or false: Currently, there are no comprehensive benchmark values based on up-to-date financial data available for easy-to-use comparisons of governmental financial data.
true
True or false: If neither law nor sound financial administration requires the use of debt service funds, the debt service function may be performed within the accounting and budgeting framework of the General Fund.
true
True or false: Typically, the administering government of an external investment pool also participates in the pool; however; its equity is not reported in the financial statements of the external investment pool.
true
true or False: The interest earned on most debt issued by state and local governments is exempt from federal taxation and, in some states, from state taxation.
true
Individuals outside government need financial transparency in order to assess government performance for making what types of decisions?
whether to invest in municipal bonds whether to locate in a city whether to work for public entities
Research has shown that other postemployment benefits cost governments on average ______ the cost of pensions.
1/3 of
