F10

Question 1

Goverment fund -presentation of statement of financial position

Answer 1

assets and deferred outflows of resources equal to Liabilities and deferred inflows of resources plus fund balance

Question 2

The reconciliation of the change in fund balances in governmental fund financial statements to the change in net position for governmental activities in the government-wide financials is computed using the CPAS RIDES mnemonic.

Answer 2

Net change in fund balance -Govermental fund
C-Capital outlay
P-Principal payment on debt
A-asset disposal(subtract)
S-Sources financing(subtract)
R-Revenue
I-Internal expense(subtract)
DE-Depreciation(subtract)
S-Internal service fund net income
Change in net position of govermental activities

Question 3

Goverment wide financial statements provide information about assets,liabilities,revenue,expense,gains and losses in

Answer 3

statement of net position and statement of activities using economic resources measurment focus and accrual basis of accounting

Question 4

3 sections of govermental annual comprehensive financial report

Answer 4

1.Introductory
2.Financial
3.Statistical

Question 5

Measurment focus goverment wide financial statements

Answer 5

Measurment focus-Economic resources
Basis of accounting-Accrual

Question 6

Introductory Section of local goverments annual comprehensive financial report

Answer 6

1.Letter of transmittal
2.Organization chart
3.List of principal officers

Question 7

Workpaper entry adjust goverment fund financial statement for use goverment wide financial statement

Answer 7

Dr Net position,govermental activities
Cr Non current Debt

Question 8

Fiduciary fund presentation of statement of financial position

Answer 8

Assets and deferred outflow of resources minus liabilities and deferred inflow of resources equals net position

Question 9

Capital asset recorded on govermental activities cloumn of govt wide financial statements

Answer 9

Lower of cost or market value