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ACC548 FINAL EXAM

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ACC 548 Final Exam Answers;HOW TO USE THIS GUIDE ? Read Me First!;The following study guide may NOT have the same exact questions on your test! However, this study guide WILL help you ace the ACC/548 Final Exam. The guide covers the same topics and will help you gain a deeper understanding of the concepts.;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 information;3. Which of the following choices regarding the government-wide Statement of Net Assets is true?;A. The government-wide Statement of Net Assets reflects capital assets, net of accumulated depreciation, for both governmental and business-type activities.;B. The government-wide Statement of Net Assets must be prepared in a classified format, that is, both assets and liabilities must be separated between current and long-term categories.;C. The government-wide Statement of Net Assets includes all resources entrusted to the government, including governmental, proprietary, and fiduciary.;D. A reporting entity?primary government plus component units?total column is required.;4. Which of the following choices regarding the government-wide Statement of Activities is true?;A. The government-wide Statement of Activities may reflect expenses either by function?general government, public safety, and so forth?or by object or natural classification?salaries, supplies, and so forth.;B. The government-wide Statement of Activities is prepared using the modified accrual basis of accounting for governmental activities and using the accrual basis of accounting for business-type activities.;C. The government-wide Statement of Activities reflects all taxes as general revenues.;Which of the following choices regarding the government-wide Statement of Activities is true?;A. The Statement of Activities includes depreciation expense.;B. 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.;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.;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 Assets.;B. Fiduciary fund financial statements are prepared using the current financial resources measurement focus and modified accrual basis of accounting.;C. Fiduciary fund financial statements reflect equity as reserved and unreserved.;D. Agency funds are reported only on the Statement of Changes in Fiduciary Net Assets.;All of the following is likely to be recorded in a special revenue fund EXCEPT;A. phone fees restricted to supporting the emergency 911 access system;B. hotel taxes restricted to promoting tourism;C. sales taxes restricted to courthouse additions;D. state motor fuel tax restricted to road maintenance;Short-term loans which are backed by the taxing power of the governmental unit and used to meet working capital requirements are called;A. tax anticipation notes;B. inter-fund loans;C. other financing sources;D. appropriation loan;A local government was awarded a federal grant in the amount of $600,000 to provide for a summer employment program for young people. The grant was a reimbursement grant and was awarded on April 30, 2009. The local government expended the resources as follows: June, 2009, $220,000, July 2009, $200,000, August, 2009, $180,000. The federal government provided the funds the following months. The local government would recognize revenues for the fiscal year ended June 30, 2009 in which amount?;A. $ - 0 -;B. $220,000;C. $420,000;D. $600,000;A donor pledged $100,000 to the fund raising drive of a local government to assist its police officers in obtaining the latest technology. The pledge was made on July 16, 2008 but was conditioned on the government raising an additional $100,000 from other donors. By the fiscal year-end of June 30, 2009, the local government had raised only $5,000 from other donors. What entry would be made for the initial pledge by the local government during the year ended June 30, 2009?;A. Debit a receivable and credit a revenue;B. Debit a receivable and credit deferred revenues, a liability;C. Debit a receivable and credit Fund Balance;D. No entry;The General Fund of the City of Richmond approved a tax levy for the calendar year 2009 in the amount of $1,600,000. Of that amount, $30,000 is expected to be uncollectible. During 2009, $1,400,000 was collected. During 2010, $100,000 was collected during the first 30 days, $40,000 was collected during the next 30 days and $30,000 was collected during the next 30 days. During the postaudit, you discovered that the city showed $1,570,000 in revenues. What adjusting entry would you need to make, assuming you decided to allow the maximum amount of revenues for 2009, using modified accrual accounting?;A. Debit Revenues and Credit Deferred Revenues in the amount of $30,000;B. Debit Revenues and Credit Deferred Revenues in the amount of $70,000;C. Debit Revenues and Credit Deferred Revenues in the amount of $200,000;D. No entry is necessary;The City of Greenville had a balance in the Reserve for Encumbrances account at the end of 2008 in the amount of $30,000. During 2009, all purchase orders related to the $30,000 were filled and the invoice amount was $30,500. Which of the following would be true regarding the Statement of Revenues, Expenditures and Changes in fund balances for 2009? (assume encumbrances do not lapse);A. The amount shown for expenditures would include only the $500.;B. The amount shown for expenditures would include only the $30,000.;C. The amount shown for expenditures would include the $30,500.;D. The amount shown for expenditures would not include items related to orders placed in 2008.;Under modified accrual accounting, revenues are recognized when measurable and;A. earned;B. available;C. collected;D. expenditures have been made;The City of Lonesome Pines levied property taxes for the fiscal year ended June 30, 2009 in the amount of $8,000,000. It is estimated that 2% will not be collected. During the year ended June 30, 2009, $7,200,000 in property taxes were collected. It is estimated that $400,000 will be collected during the next 60 days, $240,000 will be collected after 60 days and $160,000 will not be collected. What is the maximum amount Lonesome Pines can recognize as property tax revenue for the fiscal year ended June 30, 2009 in its Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances, assuming there were no unpaid property taxes at the end of the previous year?;A. $7,200,000;B. $7,600,000;C. $7,840,000;D. $8,000,000;What is the effect on the General Funds? unreserved fund balance when capital assets are purchased during a year from General Fund revenues?;A. Unreserved fund balance is increased;B. Unreserved fund balance is decreased;C. There is no effect, since one asset (cash) is replaced by another (capital);D. None of the above, capital assets must be purchased through a capital projects fund;The initial transfer of cash from the General Fund to establish a motor pool internal service fund would require the General Fund to credit cash and debit;A. Investment in Internal Service Fund;B. Other Financing Uses-Transfers Out Control;C. Expenditures ? Vehicle maintenance;D. Accounts Receivable-Internal Service Fund;When supplies ordered by a governmental unit are received at an actual price which is more than the estimated price on the purchase order, the Encumbrance Control account is;A. credited for the original estimated price for the supplies received;B. credited for the actual price on the purchase order;C. debited for the estimated price on the purchase order;D. debited for the actual price for the supplies received;Which of the following accounts of a governmental unit is debited when supplies previously ordered are received?;A. Encumbrances Control;B. Reserve for Supplies;C. Reserve for Encumbrances;D. Appropriations;Which of the following accounts of a governmental unit is credited to close it at the end of the fiscal year?;A. Appropriations Control;B. Encumbrances Control;C. Reserve for Encumbrances;D. Other Financing Sources-Transfers In;The Expenditures control account in the General Fund is debited when;A. equipment previously ordered is received;B. the budget is recorded;C. the books are closed at the end of the year;D. supplies are ordered;Prepare journal entries for nonexchange transactions on government-wide and fund statements. Each of the following is one of the four classes into which nonexchange transactions apply in accordance with GASB Statement No. 33 EXCEPT;A. voluntarynonexchange transactions;B. imposed nonexchange revenues;C. derived tax revenues;D. mandatory exchange transactions;Property taxes, special assessments, and fines and forfeits are types of nonexchange transactions, and assets should be recognized when an enforceable legal claim exists or when the resources are received, whichever is first. These are examples of;A. government-mandated nonexchange transactions;B. imposed nonexchange transactions;C. deferred tax revenues;D. voluntary nonexchange transactions;Under the modified accrual basis of accounting, GASB standards for property tax revenue recognition provide that revenue should not be recognized for property taxes collected;A. after fiscal year end;B. more than 30 days after fiscal year end;C. more than 60 days after fiscal year end;D. more than 90 days after fiscal year end;When payrolls and other liabilities are incurred and must be paid before substantial amounts of cash will be collected, what type of short-term note is desirable and secured by a government's power to tax?;A. Tax Relief Note Payable;B. Tax Budget Note Payable;C. Tax Anticipation Note Payable;D. Tax Encumbrances Note Payable;What is a Special Revenue Fund?;A. A fund created to account for all resources and revenues to be used for the construction or acquisition of capital assets;B. A fund used to account for all revenue transactions of a governmental unit that are not accounted for in another fund;C. A fund used to account for revenues from general taxes or other revenue sources that by law are designated to finance general activities of the government;D. A fund used to account for revenues from specific taxes or other revenue sources that by law are designated to finance particular activities of the government other than capital projects;Expenditures are generally recorded and fund liabilities are recognized;A. when goods and services are received, but only if resources are available in the fund;B. when goods and services are received, regardless of whether or not resources are available in the fund;C. when purchase orders are issued, regardless of whether resources are available in the fund;D. when invoices are paid;When would a special revenue fund be deemed to have satisfied the eligibility requirement of a reimbursement-type federal grant under GASB Statement 33?;A. Only as work is completed for a project;B. When a plan for use of the funds has been developed and approved;C. Only after work is completely finished for the project;D. When work has started for the project;Funds that are used to account for activities similar to those often engaged in by profit-seeking businesses are;A. proprietary funds;B. special revenue funds;C. capital project funds;D. agency funds;Proprietary funds utilize what basis of accounting?;A. Modified accrual;B. Accrual;C. Cash;D. Budgetary;Activities that produce goods or services to be provided to other departments or other governmental units would be reported in which fund?;A. Enterprise fund;B. Internal service fund;C. Agency fund;D. Advance fund;Governmental units use which fund type to account for services provided to the general public on a user-charge basis?;A. General fund;B. Enterprise fund;C. Permanent fund;D. Internal service fund;The estimated costs of closure of solid-waste landfills are measured using;A. actual future costs;B. actual closure costs;C. historical costs;D. current costs;In the Statement of Net Assets for proprietary funds, GASB requires a classified format where current assets, noncurrent assets, current liabilities, and noncurrent liabilities are presented;A. separately;B. combined;C. intermingled;D. not at all;Impact fees imposed on commercial developers by an enterprise fund and not associated with specific projects or improvements are recorded as;A. transfers from the enterprise fund to a capital projects fund;B. operating revenues to the enterprise fund;C. capital contributions to the enterprise fund;D. unearned revenue to the enterprise fund;Ford County levies for its General Fund $1,000,000 in property taxes. In addition, the county is responsible for collecting $2,000,000 in property taxes for the consolidated school district and $500,000 in property taxes for a town within the county. 2% of all taxes levied are expected to be uncollectible. When recording the levies in an agency fund, what amount would Ford County record as Taxes Receivable for Other Governments ? Current and Due to Other Governments?;A. $2,500,000;B. $2,450,000;C. $3,500,000;D. $3,430,000;GASB Statement 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools, applies to all of the following investment types EXCEPT;A. external investment pools;B. open-end mutual funds;C. debt securities;D. investments of pension funds;The City of Sycamore has investments in bonds. These bonds have an amortized cost of $998,000 and a market value of $1,001,000. The market value is quoted and available in the financial press. The original cost of the bonds was $996,000. The par value at maturity will be $1,000,000. The amount at which the investments would be reported is;A. $ 996,000;B. $ 998,000;C. $ 1,000,000;D. $ 1,001,000;The tax agency fund of Fulton County collected $6,000,000 for a school district, $3,000,000 for the county general fund, and $4,000,000 for a municipality. County general fund employees handle the collections and a 3% collection fee is charged all units except the county. The total amount of revenue recognized by the county general fund would be;A. $2,910,000;B. $3,000,000;C. $3,090,000;D. $3,300,000;The City of Springfield has three pension plans: a locally administered police plan for which it is trustee, a statewide cost sharing plan, and a statewide agency plan. The city would include in its CAFR financial statements for;A. all three plans;B. the locally administered plan plus the statewide agency plan;C. both statewide plans;D. the locally administered plan only;A statewide pension plan exists for all local governments in a certain state. The provisions of the plan indicate that each qualifying retiree receive 2% multiplied by the number of years active employment multiplied by the average salary for the past four years of service. The government calculates the actuarial liability on a statewide basis, not by individual government. The plan would be known as a;A. multiple-employer, defined benefit, agency plan;B. multiple-employer, defined contribution plan;C. multiple-employer, defined benefit, cost-sharing plan;D. single employer plan;The County of Churchville is trustee for a multi-government investment pool and has established an investment trust fund. Included in the investment trust fund, for management purposes, are investments in the amount of $15 million from the County's General Fund, $2 million from the County's special revenue funds, and $112 million from other governments. Which of the following would be true?;A. The County would report the $112 million in an investment trust fund and $17 million in a permanent fund.;B. The County would report the $112 million in an investment trust fund, the $15 million in its General Fund, and the $2 million in special revenue funds.;C. The County would report the entire $129 million in an investment trust fund.;D. The County would report $17 million in an investment trust fund.;Which two governmental funds are commonly used to acquire capital assets?;A. General Fund & Capital Projects Fund;B. General Fund & Debt Service Fund;C. Permanent Fund & Capital Projects Fund;D. Capital Projects Fund & Debt Service Fund;When a purchase order is issued under a Capital Projects Fund, how should the transaction be recorded?;A. Debit Encumbrances Control and credit Vouchers Payable;B. Debit Encumbrances Control and credit Reserve for Encumbrances;C. Debit Expenditures and credit Vouchers Payable;D. Debit Expenditures and credit Reserve for Encumbrances;Which disqualifies a lease as a capital lease?;A. The lease transfers ownership of the property to the lessee by the end of the lease term.;B. The lease contains an option to purchase the leased property at its fair market value.;C. The lease term is equal to or greater than 75% of the estimated economic life of the leased property.;D. The present value of the minimum lease payments equals or exceeds 90% of the fair value of the leased property.;If taxes or special assessments are levied by the General Fund and then transferred to the debt service fund, they are;A. recorded as revenues of the debt service fund;B. included in the revenues budget of the general fund and budgeted by that fund as transfers out to the debt service fund;C. included as transfers out in the General Fund but are not budgeted as revenue in that fund;D. recorded as an expense and voucher payable by;In which fund type is interest on long-term debt typically not accrued, yet is recognized as an expenditure in the year in which interest is legally due?;A. Debt service fund;B. Internal service fund;C. Enterprise fund;D. Pension fund;What type of serial bond schedules an increase each year in annual principal repayment approximately equivalent to the decrease in interest payments?;A. Regular;B. Deferred;C. Annuity;D. Irregular;How would the government account for the unused bond proceeds?;A. As a revenue in the debt service fund and as an expenditure in the capital projects fund;B. As an other financing source in the capital projects fund and as an other financing use in the debt service fund;C. As an other financing source in the government-wide Statement of Activities;D. As an other financing source in the debt service fund and as an other financing use in the capital projects fund;In its Statement of Net Assets, a government reported: Assets of $90 million?including $30 million in capital assets (net)?and liabilities of $50 million?including long-term debt of $15 million?all related to capital asset acquisition.;The government also reported $5 million of net assets that were restricted for payment of debt service. The government's unrestricted net assets would be reported as;A. $10 million;B. $20 million;C. $25 million;D. $30 million;A governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances reported expenditures of $30 million, including capital outlay expenditures of $2 million. Capital assets for that government cost $70 million, including land of $10 million. Depreciable assets are amortized over 20 years, on average. The reconciliation from governmental changes in fund balances to governmental activities changes in net assets would reflect;A. a decrease of $1 million;B. an increase of $1 million;C. a decrease of $3 million;D. an increase of $2 million;The City of Charlotte levied property taxes in 2009 in the amount of $10 million. It is estimated that 2% will be uncollectible. During 2009, $9,000,000 was collected and it is anticipated that $400,000 will be collected during the next 60 days. When moving from the changes in fund balances in the Statement of Revenues, Expenditures and Changes in Fund Balances to the changes in net assets in the Statement of Activities, what will be the adjustment?;A. An increase of $800,000;B. An increase of $400,000;C. An increase of $200,000;D. Zero;A government's Statement of Revenues, Expenditures and Changes in Fund Balances reflected proceeds of bonds in the amount of $1,000,000. That statement also reflected expenditures for debt service in the amount of $3,000,000, including $2,600,000 for principal payments. Assuming no other changes, the effect when moving from the change in fund balances in the governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances to the change in net assets for governmental activities in the Statement of Activities would be a;A. $1,000,000 increase;B. $1,000,000 decrease;C. $1,600,000 increase;D. $1,600,000 decrease;A government had the following transfers reported in its governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances: (1) a transfer from the General Fund to a debt service fund in the amount of $1,000,000, (2) a transfer from the General Fund to an enterprise fund in the amount of $1,200,000, and (3) a transfer from the General Fund to an internal service fund in the amount of $400,000. The amount that would be shown as a transfer out in the governmental activities column in the Statement of Activities would be;A. $2,600,000;B. $1,400,000;C. $1,200,000;D. $ 800,000;A government reported an other financing source in the amount of $800,000, related to the sale of land in its governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances. The land had a cost of $350,000. The adjustment in the reconciliation when moving from the governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the change in net assets for governmental activities in the Statement of Activities would be;A. an increase of $450,000;B. a decrease of $450,000;C. an increase of $350,000;D. a decrease of $350,000;A government incurred expenses for its infrastructure as follows: $15 million for general repairs, $13 million to extend the life of existing infrastructure, and $12 million for additions and betterments. The government chooses to use the modified approach to record infrastructure. The infrastructure has a basis of $400 million and would be depreciated over a 40 year life, if depreciation were charged. The amount that would be shown as expense in the Statement of Activities would be;A. $40 million;B. $28 million;C. $27 million;D. $25 million;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;According to GASB Statement No. 44, all of the following is a recommended category for the CAFR's statistical section EXCEPT;A. financial trends information;B. debt capacity information;C. comparative information;D. operating information;Which of the following choices regarding the government-wide Statement of Net Assets is true?;A. The government-wide Statement of Net Assets reflects capital assets, net of accumulated depreciation, for both governmental and business-type activities.;B. The government-wide Statement of Net Assets must be prepared in a classified format, that is, both assets and liabilities must be separated between current and long-term categories.;C. The government-wide Statement of Net Assets includes all resources entrusted to the government, including governmental, proprietary and fiduciary.;D. A reporting entity?primary government plus component units?total column is required.;Which of the following choices regarding the government-wide Statement of Activities is true?;A. The government-wide Statement of Activities may reflect expenses either by function (general government, public safety, etc.) or by object or natural classification (salaries, supplies, etc.).;B. The government-wide Statement of Activities is prepared using the modified accrual basis of accounting for governmental activities and using the accrual basis of accounting for business-type activities.;C. The government-wide Statement of Activities reflects all taxes as general revenues.;D. Indirect program expenses may not be allocated to the other functional areas.;Which of the following statements regarding the government-wide Statement of Activities is true?;A. The Statement of Activities includes depreciation expense.;B. 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.;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.;Which of the following 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 Assets.;B. Fiduciary fund financial statements are prepared using the current financial resources measurement focus and modified accrual basis of accounting.;C. Fiduciary fund financial statements reflect equity as reserved and unreserved.;D. Agency funds are reported only on the Statement of Changes in Fiduciary Net Assets.;The FASB has the authority to set accounting standards for all of the following organizations EXCEPT;A. public colleges;B. private colleges;C. for profit proprietary schools;D. educational foundations established to support a private college or university;The three classes of net assets required to be presented by a private college or university are;A. Permanently Restricted, Temporarily Restricted, and Unrestricted;B. Reserved, Unreserved, and Undesignated;C. Invested in Capital Assets net of Related Debt, Restricted, and Unrestricted;D. Educational, General, and Auxiliary Enterprises;According to NACUBO guidelines, what is the correct treatment for recognizing summer school revenues and expenses when a college's fiscal year ends on June 30?;A. Recognize the entire amount of revenues and expenses in the year in which the term is predominantly conducted.;B. Recognize the entire amount of revenues and expenses in the year in which the term began.;C. Recognize expenses in the year in which they were billed and the expenses in the year in which they were incurred.;D. Apportion the revenues and expenses to the two fiscal years, following accrual accounting practices similar to those employed by commercial enterprises.;All the following choices are considered a split-interest agreement according to the Not-for-Profit Guide EXCEPT;A. charitable remainder trusts;B. permanent income-sharing agreements;C. charitable gift annuities;D. pooled (life) income funds;A private university received $18,000,000 in tuition and fees during an academic year. Graduate assistantships, for which services were required, were awarded in the amount of $1,200,000. Scholarships, for which no services were required, were awarded in the amount of $1,400,000. The net tuition and fees that would be reported in the Statement of Activities would be;A. $18,000,000;B. $16,800,000;C. $16,600,000;D. $15,400,000;In 2008 a faculty member at a private college received a grant from the National Science Foundation to conduct basic research on tree frogs in the amount of $350,000. Expenses associated with the grant totaled $225,000 in 2009. In the Statement of Activities for 2009, the college should show;A. revenues of $350,000 and expenses of $225,000 in Temporarily Restricted Net Assets;B. revenues of $225,000 and expenses of $225,000 in Temporarily Restricted Net Assets;C. revenues of $225,000 and expenses of $225,000 in Unrestricted Net Assets;D. expenses of $ 225,000 in Unrestricted Net Assets and a decrease in Temporarily Restricted Net Assets of $ 225,000;A donor made a cash contribution of $50,000 to a private college for the purpose of acquiring a building. The private college properly recorded the gift of cash as a temporarily restricted revenue. When the building is acquired, the college should;A. record the building as permanently restricted;B. record the building as unrestricted;C. show an expense equivalent to the amount paid for the building in unrestricted net assets and reclassify the same amount from temporarily restricted to unrestricted net assets;D. record the plant as either unrestricted or temporarily restricted, as long as a consistent policy is followed;All the following choices would be considered a special-purpose government for financial reporting purposes EXCEPT;A. a public school system;B. an art museum;C. a public hospital;D. a county board of supervisors;Special purpose local governments engaged only in fiduciary-type activities are required to prepare all of the following financial reports EXCEPT;A. Statement of Fiduciary Net Assets;B. Statement of Cash Flows;C. Statement of Changes in Fiduciary Net Assets;D. MD&A;Assume a government is a special-purpose entity engaged in fiduciary activities only. Which of the following financial statements would be required?;A. Statement of Fiduciary Net Assets and Statement of Changes in Fiduciary Net Assets;B. Statement of Net Assets and Statement of Activities;C. Statement of Net Assets, Statement of Activities, Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets;D. Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets, and Statement of Cash Flows;Assume a government is determined to be a special-purpose government engaged in business-type activities only. Which of the following financial statements would be required?;A. Statement of Net Assets and Statement of Activities;B. Statement of Net Assets, Statement of Revenues, Expenses and Changes in Net Assets, Statement of Cash Flows;C. Statement of Net Assets, Statement of Activities, Statement of Cash Flows;D. Balance Sheet, Statement of Revenues, Expenditures and Changes in end Balances;Assume a government is a special-purpose government engaged in only one governmental activity. Which financial statements would be required?;A. Government-wide statements only;B. Governmental fund statements only;C. Statements combining the governmental funds and government-wide statements;D. Either government-wide or governmental funds statements, issued separately;A public college had tuition and fees of $20,000,000. Scholarships, for which no services were required, amounte

 

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