11) Which group of government financial statements reports all revemues and all

Question

11) Which group of government financial statements reports all revemues and all costs as well as liabilities of the governmental entity? 11) A) Government-wide financial statements B) General fund financial statements C) GAAP-based Finanicial Statements D) Fund financial Statements E) Governmental fund financial statements. 12) Proprietary funds are: 12) A) Funds used to account for the activities of a government that are carried out primarily to proviae citizens. B) Funds used to account for all financial resources except those required to be accounted for C) Funds used to account for resources that are restricted or payments or capital projects. committed for a specific purpose other than debt n a trustee or agency capac ity E) Funds used to account for a government's ongoing activities that are similar to those 13) Governmental funds are: 13) A) Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations. B) Funds used to account for the activities of a government that are carried out primarily to provide services to citizens. C) Funds used to account for all financial resources except those required to be accounted for in another t D) Funds used to account for resources that are restricted or commited for a specific purpose other payments or capital projects. E) Funds used to account for monies held by the government in a trustee or agency capacity. 14) Special Revenue funds are: 14) in a trustee or agency capacity B) Funds used to account for the activities of a government that are carried out primarily to provide services to citizens. C) Funds used to account for resources that are restricted or committed for a specific purpose other than debs payments or capital projects. D) Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations E) Funds used to account for all financial resources except those required to be accounted for in another fund 15) The term "current financial resources" refers to: 15) A) The government's current assets and current liabilities. B) Those assets that can quickly be converted into cash. C) The current value of all net assets owned by the govemmental unit. D) Financial resources used to provide electricity to local citizens. E) Assets that are available to be used for current expenditures. 16) Government-wide financial statements benefit users by allowing them to do all of the following except: 16 A) Understand the cost of providing services to the citizenry B) Understand the extent to which the government has invested in capital assets. C) Determine whether the government's overall financial position improved or deteriorated during the reporting period. D) Identify the govenment official responsible for managing each fund. E) See how the government finances its programs

Explanation / Answer

Question 11 is Option A

SInce the Givernment wide financial statements involves Statement of Net position and statement of net activities.

Statement of Net position is Balance Sheet and Activities is Income Statement and also involves Various reconciliations for better understanding and disclosures.

Question 12 is Option E

Question 13 is Option B

Question 14 is Option C

In a short form The funds which are used for specific purposes or activities

Question 15 is Option B

Question 16 is Option D

All the options are correct but the GWFS cannot identify the government official responsible for managing each fund

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