A) The CAFR is to include both blended and discretely presented component units. Which of the following is true regarding the Comprehensive Annual Financial Report (CAFR)? C) The General Fund is always considered to be a major fund when preparing fund basis financial statements. C) The government-wide financial statements include capital assets, including infrastructure, and reflect depreciation, except for infrastructure using the modified approach. b) lending money. They may start, for example, as soon as a child buys candy and hands over money to a shopkeeper. D) Accrued Wages Payable at year end are reported on the statement of Net Position but are not reported in the fund statements. B. A company’s cash account never alters if it uses a mortgage for a new building. 2) Which of the following increases cash? Which of the following is true regarding the government-wide Statement of Net Position? The activities that don’t have an impact on cash are known as non-cash financing activities. Humans begin carrying out financial activities from a very early age. In this context, the term ‘stocks’ means the same as ‘shares.’ Hence, the term ‘stocks and shares.’. A) The proprietary fund financial statements include the Statement of Net Position, the Statement of Revenues, Expenses, and Changes in Fund Net Position, and the Statement of Cash Flows. What are the three major sections of the Comprehensive Annual Financial Report? Finance Xod has the following definition of financial activities: “The buying and selling of assets and products, maintaining accounts, organizing accounts, and issuing bonds or stocks. Definition and examples, payouts to shareholders from a company’s profit, shares of banks and other financial institutions. 4. Dividend payments (cash outflow). A reconciliation from Enterprise funds statements to government-wide statements is not necessary because ... A) They both use the same measurement focus and basis of accounting (economic resources, accrual). A) Fiduciary fund statements include the Statement of Fiduciary Net Position and the Statement of Changes in Fiduciary Net Position. b. Specifically, they are the third set of cash activities. c) acquiring long-lived assets. personal finance. Which of the following is one of the criteria to determine if a governmental fund is considered to be a major fund. Which of the following is true regarding financial reporting of governmental funds? GASB requires which of the following (if applicable) to be included in the Notes to Financial Statements? A) Fiduciary funds are reported in the fiduciary fund financial statements but not in the government-wide financial statements. B) Fiduciary fund financial statements include the Statement of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position. Issuing stock to new owners. In addition to a Statement of Net Position, Proprietary Fund level financial statements include which of the following? Put simply; financial activities are anything companies do with specific monetary objectives. Include in income the bonuses and gifts you expect to receive. A) Statements include the Statement of Net Position, Statement of Revenues, Expenses, and Changes in Fund Net Position, and Statement of Cash Flows. Which of the following is true regarding fiduciary funds? What are financial activities? Which of the following funds require a Statement of Cash Flows? D) The government-wide Statement of Net Position and the proprietary funds Statement of Net Position. Financial statements include … A) The government-wide financial statements include the Statement of Net Position and the Statement of Activities. Anything to do with the movement of money, i.e., cash inflows and outflows, is a financial activity. True. B) Financial statements include a Statement of Net Position, Statement of Revenues, Expenses, and Changes in Fund Net Position. Arranging loans, selling bonds or stocks are also financial activities. Funds other than the General Fund must be considered a major fund when. Financial services is a broad range of more specific activities such as banking, investing, and insurance. If I want to know how a friend is coping money-wise, I might ask “How are your finances?”, If somebody is in financial trouble, they might say “My finances are a mess!”. Key components of financial planning include all of the following except: ... one of the first things you should do is assess your current financial situation. Which of the following is true regarding the governmental fund statements? d) issuing debt. Which part of the financial section of the CAFR is considered "Required Supplementary Information?". Where in the CAFR would one find the long-term liability for revenue bonds (paid from the revenues of an enterprise fund)? Which of the following is true regarding the government-wide financial statements? Which of the following is true with respect to the General Fund? 17. What proportion of capital should be invested and how? C) MD&A should present an analysis of significant variations between the original and final budget. Market Business News - The latest business news. C. Common financial problems can be maximized through budgeting. a. Which of the following is considered Required Supplementary Information (RSI)? Which of the following is true regarding the financial reporting entity of a state or local government? Which of the following is true regarding the fiduciary fund financial statements? D) At the bottom of the statement, net income is reconciled to cash flows from operations. Which of the following is included in RSI? A person or business that offers loans at extremely high interest rates. Determining the Structure of Capital. If real estate shares are doing well, I might tell a friend “Forget about financials, invest in real estate.” I am telling him or her not to bother with financial institution shares, and to invest in real estate. D. Numbers in the budget are estimates. B) The government-wide financial statements include a Statement of Net Position and a Statement of Activities, but not a Statement of Cash Flows. A) The government-wide Statement of Net Position reflects capital assets, net of accumulated depreciation, for both governmental and business-type activities. A. IRS (Internal Revenue Service) SEC (Securities and Exchange Commission) FASB (Financial Accounting Standards Board) Which of the following is true regarding the reporting of Budget-Actual Comparisons? Which of the following is true regarding component units? LO 4.1Which of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? A budgetary comparison schedule is required for? ... you can always budget some money for fun activities. Sale of shares (cash inflow). Which of the following is true regarding the government-wide Statement of Activities? Repurchasing of company shares (cash outflow). ‘Finance’ refers to anything to do with the exchange of certain capital assets between people, companies, or states. A statement of Cash Flows is required for which type of Fund? Below is a list of the most common financial activities that accountants enter in the statement of cash flows: Regarding large cash inflows/outflows, AccountingTools makes the following comment: “You should delve into the reasons for a large positive or negative balance in the cash flows from financing activities, since it can, for example, denote the need for a large loan to support ongoing negative cash flows from operations.”. A) Component units may be reported discretely in the government-wide statements or may be blended as a fund in the fund financial statements (and thus also included in the government-wide financial statements). Selling products or services to customers. Which of the following items would likely appear in the reconciliation between the governmental fund financial statements and the governmental activities column in the government-wide financial statements? 2. 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