Government-Wide Financial Statements

Practice Questions

CPA Financial Accounting and Reporting (FAR) › Government-Wide Financial Statements

Questions
6
1

Which basis of accounting is required for a city's government wide financial statements?

2

Taxes levied on citizens for infrastructure improvements should be reported in:

3

What is the measurement focus and the basis of accounting for the government wide financial statements?

4

Hamilton County purchases a new police car at an estimated cost of $20,000 on August 5, Year 1. The vehicle arrives on September 9, Year 1, with an invoice of $21,250. Hamilton County pays the vendor in full on October 3, Year 1. The journal entry for this transaction would include which of the following on August 5, Year 1?

5

The city of Abernathy's internal service fund estimates revenues and expenses at the beginning of each year. In Year 2, Abernathy estimates revenues for the year of $2 million and estimates expenses for the year of $1.7 million. What will be the balance in the budgetary control account at the beginning of the year?

6

The library of the city of Howerton has ordered new shelving units at the cost of $40,000. How is this order recorded by the city in the government-wide financial statements?

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