ACG Exam 3
Capital assets are not reported
In the General Fund.
Fund raising expenses are reported as
Supporting services expenses
The minimum requirements for general purpose external financial reporting does not include
A transmittal letter.
Other not-for-profit organizations include
Religious organizations
Which of the following must be included to meet the minimum requirements for general purpose external financial reporting?
Basic financial statements, notes to the financial statements, management's discussion and analysis, and other required supplementary information
All of the following transactions could potentially be reconciling items between the governmental fund financial statements and government-wide governmental activities column except
Borrowing from a local bank with a short-term loan
Hospitals disclose the level of charity services provided by disclosing
Both the direct and indirect costs of providing charity services
When converting the multiple governmental funds to the single entity represented by the governmental activities in the government-wide financial statements, which of the following adjustments will not be necessary?
Converting the cash account to reflect the different basis of accounting.
In the statistical section, the required demographic and economic information includes all of the following except
Debt per capita
Which of the following items would not require an adjustment to convert governmental fund information to governmental activities in the statement of net position?
Due to an Enterprise Fund
In the proprietary fund statements, a government should include a separate column for
Each major Enterprise Fund, nonmajor Enterprise Funds in the aggregate, Enterprise Funds total, and Internal Service Funds in the aggregate.
In the fund financial statements, a government should include a separate column for all of the following except
Each major Internal Service Fund
Which measurement focus is used by governmental universities that report as a business-type special purpose government?
Economic resources measurement focus
The measurement focus used by governmental hospitals is the
Economic resources measurement focus.
Nongovernment not-for profit organizations that wish to follow generally accepted accounting principles in the preparation of their financial statements should follow
FASB standards.
Which of the following do most governmental entities not integrate into their general ledger accounts?
Government-wide information.
GAAP do not require
Governments to prepare a CAFR
Hospital operating revenues include all of the following except
Investment income
The required reconciliation of the governmental fund financial statement information to the governmental activities information in the corresponding government-wide financial statements
May be presented either at the bottom of the fund financial statements or in separate schedules.
The statement of net assets for a nongovernment nonprofit organization would report the following components of net assets except
Net investment in capital assets
Which item is reported significantly differently by government hospitals than by nongovernment, not-for-profit hospitals?
Net position
If a government university provides loans to qualifying students for tuition and fees, the loans should be reported on the statement of cash flows as
Operating activities.
Which of the following statements are true?
Private colleges and universities must report using the FASB guidance. Public colleges and universities must report using GASB guidance.
In the government-wide statement of net position, interfund receivables and payables
Should only be reported for balances payable between governmental activities and business-type activities
Governmental universities typically report as
Special purpose governments engaged in only business-type activities.
Which of the following financial statements would not be reported anywhere in the fund financial statements presented as part of the basic financial statements?
Statement of Changes in Assets and Liabilities.
Which of the following statements of a government hospital is not required?
Statement of changes in fund balances
Which of the following financial statements is not required for all nongovernment not-for-profit organizations?
Statement of functional expenses.
A "dual opinion" audit is one where
The auditors render an opinion on both the basic financial statements and the combining and individual fund financial statements.
Which fund used by colleges and universities is most like a local government's general fund?
Unrestricted current fund.
