Free Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB) Practice Questions

A.  

They are all non-voting advisory board members of FASA

B.  

B.  

They are all members with authority to veto any standard approved by FASA

B.  

C.  

They are all members whose agencies may be exempt from FASAB standards.

D.  

They are all sponsors and voting members of FASA

B.  

A.  

Restricted Fund Balance

B.  

Assigned Fund Balance

C.  

Nonspendable Fund Balance

D.  

Committed Fund Balance

A.  

unanimous vote of the board members, after discussing the results of written and oral comments offered by interested parties on an exposure draft submitted by GASB staff.

B.  

vote of the majority of board members, after discussing the results of a preliminary views document submitted by GASB staff.

C.  

unanimous vote of the board members, confirming that the standards would improve the usefulness of financial reports.

D.  

vote of the majority of board members, after discussing the written and oral comments offered by interested parties on an exposure draft of a statement of proposed standards.

A.  

provide users with decision support

B.  

provide users with the current status of the entity

C.  

inform users about the ability of the entity to generate revenue

D.  

demonstrate the nature of cash receipts and disbursements

A.  

be used for a federal research project.

B.  

be approved by the agency head.

C.  

have acquisition value of at least $100.000.

D.  

have alternative future use.

A.  

the contract is signed for purchasing the asset.

B.  

outlays for the asset have been made.

C.  

interest cost is being incurred.

D.  

activities are in progress to get the asset ready for its intended use.

A.  

the primary government.

B.  

any organization for which records are kept by the primary government.

C.  

organizations for which the primary government is financially accountable.

D.  

other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity's financial statements to be misleading or incomplete.

A.  

provide narrative information.

B.  

provide detailed information that is not described in the basic financial statements.

C.  

satisfy disclosure requirements.

D.  

provide information in a timely and comparable format.

A.  

legislature.

B.  

governing body.

C.  

taxpayers.

D.  

local media.

A.  

net assets and activities.

B.  

governmental and proprietary funds.

C.  

long-term debt.

D.  

capital assets.