Questions from Advanced Accounting

Q: Which of the following is not necessary for a special purpose local

Which of the following is not necessary for a special purpose local government to be viewed as a primary government for reporting purposes? a. It must have a separately elected governing body. b. It m...

Q: The partnership of Matteson, Richton, and O’Toole has existed for

The partnership of Matteson, Richton, and O’Toole has existed for a number of years. At the presenttime the partners have the following capital balances and profit and loss sharing p...

Q: An accountant is trying to determine whether the school system of the

An accountant is trying to determine whether the school system of the City of Abraham is fiscally independent. Which of the following is not a requirement for being deemed fiscally independent? a. Hol...

Q: An employment agency for individuals with disabilities works closely with the City

An employment agency for individuals with disabilities works closely with the City of Hanover. The employment agency is legally separate from the city but still depends on it for financial support, wh...

Q: The City of Bacon is located in the County of Pork.

The City of Bacon is located in the County of Pork. The city has a school system and reports buildings at a net $3.6 million although they are actually worth $4.2 million. The county has another schoo...

Q: A government reports that its public safety function had expenses of $

A government reports that its public safety function had expenses of $900,000 last year and program revenues of $200,000 so that its net expenses were $700,000. On which financial statement is this in...

Q: Government-wide financial statements make a distinction between program revenues and

Government-wide financial statements make a distinction between program revenues and general revenues. How is that difference shown? a. Program revenues are offset against the expenses of a specific f...

Q: Which of the following is true about the statement of cash flows

Which of the following is true about the statement of cash flows for the proprietary funds of a state or local government? a. The indirect method of reporting cash flows from operating activities is a...

Q: Which of the following is most likely to be true about the

Which of the following is most likely to be true about the financial reporting of a public college or university? a. It resembles the financial reporting of private colleges and universities. b. It wi...

Q: Which of the following has the least amount of official authority for

Which of the following has the least amount of official authority for the financial reporting of state and local governments? a. GASB Technical Bulletins. b. GASB Statements of Governmental Accounting...