GOV MD&A,Notes,RSI Flashcards
Which of the following is the most correct statement regarding the scope of a government’s MD&A?
which codifies elements of GASB Statement 34, indicates that MD&A “should be confined to the topics discussed” in the included list. Footnote 8 adds that information about other than the prescribed topics should be provided elsewhere in the financial statements.
Which of the following best describes the general disclosure principle?
Disclosure in the notes to the financial statements is needed only when the information required to be disclosed is not displayed on the face of the financial statements.
ONLY IN THE FACE OF F/S!!
certain information may be presented either on the face of the financial statements or in the notes to the financial statements. Disclosure in the notes to the financial statements is needed only when the information required to be disclosed is not displayed on the face of the financial statements.
government-wide and fund financial statements, notes to the financial statements, management’s discussion and analysis and other required supplementary information.
Which of the following statements about the statistical section of the Comprehensive Annual Financial Report (CAFR) of a governmental unit is true?
A.
Statistical tables may not cover more than two fiscal years.
B.
Statistical tables may not include nonaccounting information.
C.
The statistical section is not part of the basic financial statements.
D.
The statistical section is an integral part of the basic financial statements.
The statistical section of a CAFR is outside the financial section of the report and is considered to be supplementary information. The statistical tables present comparative data for several periods of time and may contain nonaccounting data.
How should the summary of significant accounting polices be disclosed?
Governments that present their primary government in more than a single column in their basic financial statements should disclose in their summary of significant accounting policies the activities accounted for in each of the following columns—major funds, internal service funds, and fiduciary fund types—presented in the basic financial statements. With the exception of the general fund or its equivalent, the descriptions should be specific to the particular government, rather than general definitions that could describe any government.” (Emphasis added)
Which of the following information is needed to prepare the budgetary comparison schedules for a local government?
Original budget
The statistical section of a government’s comprehensive annual financial report is:
It is always apart of RSI
River City has a defined contribution pension plan. How should River report the pension plan in its financial statements?
Identify in the notes to financial statements the types of employees covered and the employer’s and employees’ obligations to contribute to the plan.
The City of Smithville’s Management’s Discussion and Analysis is classified as:
RSI
State and local governments must report budgetary comparisons showing both the original and final appropriated budgets for the reporting period as well as actual inflows, outflows, and balances stated on the government’s budgetary basis. If the budgetary perspective does not significantly differ from the fund reporting perspective, this budgetary comparison statement:
A.
must be included in the basic financial statements.
B.
must be included in required supplementary information (RSI).
C.
may be included in the basic financial statements or in the required supplementary information (RSI).
D.
may be included in the management’s discussion and analysis (MD&A), the basic financial statements, or the required supplementary information (RSI).
.
may be included in the basic financial statements or in the required supplementary information (RSI).
