Answer the following multiple choice questions related to

state
Answer the following multiple-choice questions related to state and local
governments:Requireda. Proprietary funds are a type of funds used by governments. A
reasonable definition of proprietary funds would be1. Funds whose purpose is to maintain the
assets through cost reimbursement by users or partial cost recovery from users and periodic
infusion of additional assets.2. Funds whose principal must remain intact.3. Funds that handle
all cash receipts and disbursements not required to be accounted for in another fund.4. Funds
that cash receipts and disbursements related to the payment of interest and principal on long-
term debt.5. None of the above.b. Government transactions are recorded in one or more funds
designed to emphasize control and budgetary limitations. A fund may be established for which
of the following specific purposes?1. Highway maintenance2. Parks3. Debt repayment4.
Endowment fund5. All of the abovec. Which of the following is not a minimum requirement for
general-purpose external financial statements—state and local governments?1. Statement of
cash flow2. Management discussion and analysis3. Government-wide financial statements4.
Fund financial statements5. Notes to the financial statementsd. For state and local
governments, the MD&A must include all but which of the following?1. An objective discussion
of the basic financial statements and condensed financial information comparing current and
prior years2. An analysis of the overall financial position and results of operations3. An analysis
of balances and transactions of individual funds4. An analysis of significant variations between
the original and final budget and the final budget and actual results for the general fund5.
Known facts, decisions, or conditions expected to have an impact on financial position or results
of operationse. Which of the following statements is not true?1. The government-wide financial
statements are to be prepared on an accrual basis for all of the government’s activities.2.
Under GASB Statement No. 34, the government entity will continue to present fund
statements.3. Under GASB Statement No. 34, government-wide statements are superior to fund
statements.4. Government-wide financial statements are prepared on an accrual basis.5.
Government transactions are recorded in one or more funds designed to emphasize central and
budgetary limitations.View Solution:
Answer the following multiple choice questions related to state
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