a. agency activities are reported only in the fiduciary fund financial statements b. agency fund financial information is reported in a separate column of the government-wide statement of activities Arranging loans, selling bonds or stocks are also financial activities. Which of the following is considered Required Supplementary Information (RSI)? With respect to the preparation of fund basis financial statements, governmental funds other than the General Fund are considered to be a major when which of the following conditions exist? 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 items would likely appear in the reconciliation between the governmental fund financial statements and the governmental activities column in the government-wide financial statements? B. Which of the following is not true regarding the Statement of Cash Flows for. These include the conversion of debt to common stock or discharging of a liability by the issuance of a bond payable. The term includes the flow of cash into and out of the company, i.e., cash inflows and outflows. Answer the following questions: 1) Financing activities include . 5. In addition to a Statement of Net Position, Proprietary Fund level financial statements include which of the following? 1. Which of the following is TRUE regarding the government-wide financial statements? ‘Finances’ has many meanings. The total fund balances presented in Governmental Funds Statements are different from the total Net Position on the governmental-wide Statement of Net Position. Which of the following is true regarding the proprietary funds statements? A) Statements include the Statement of Net Position, Statement of Revenues, Expenses, and Changes in Fund Net Position, and Statement of Cash Flows. 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? Debt repayments (cash outflow). Financial activities are activities that companies undertake to help achieve their economic goals and objectives. Purchasing and selling assets or products, organizing accounts, and maintaining accounts, for example, are financial activities. B) Government-Wide Statement of Activities. C) The government-wide financial statements include capital assets, including infrastructure, and reflect depreciation, except for infrastructure using the modified approach. The primary purpose of an audit (examination) of the financial reports of a company is to 18. Which part of the financial section of the CAFR is considered "Required Supplementary Information?". Anything to do with the movement of money, i.e., cash inflows and outflows, is a financial activity. Which of the following is true regarding fiduciary funds? 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. d) issuing debt. a) acquiring investments. All Rights Reserved. The functions of the finance department include all of the following activities from ACCOUNTING 101 at Florida International University Which of the following is true regarding the proprietary fund financial statements? B) The government-wide financial statements include a Statement of Net Position and a Statement of Activities, but not a Statement of Cash Flows. Which of the following is true regarding Government-wide financial statements? ‘Finance’ refers to anything to do with the exchange of certain capital assets between people, companies, or states. Issuance of bonds and other debts (cash inflow). © 2020 - Market Business News. C) Introductory Section, Financial Section, Statistical Section. Which of the following is false regarding major fund reporting for governmental funds? 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? This is … 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.”. Where in the CAFR would one find the long-term liability for revenue bonds (paid from the revenues of an enterprise fund)? Regarding large cash inflows/outflows, AccountingToolsmakes the following comment: “You should delve into the reasons for a large positive or negative balance in the cash flows f… GASB provides which method(s) for including component unit financial information with that of the primary government? Under GASB rules for the financial reporting entity: D) Component units are included if the primary government is financially accountable for their operations. Humans begin carrying out financial activities from a very early age. Which of the following funds requires a Budgetary Comparison Schedule? Which of the following is true regarding the fiduciary fund financial statements? A company’s cash account never alters if it uses a mortgage for a new building. An example of an expenditure classification by function for a governmental fund would be: Which of the following is true regarding the reporting of major funds in the governmental funds financial statements? Which of the following is one of the criteria to determine if a governmental fund is considered to be a major fund. This money is from investors and creditors. Repurchasing of company shares (cash outflow). B) Financial statements include a Statement of Net Position, Statement of Revenues, Expenses, and Changes in Fund Net Position. The word ‘financial‘ is the adjective of the noun or verb finance and the noun finances. Issuing stock to new owners. Which of the following is true regarding MD&A? 2) Which of the following increases cash? Cash flow from financing activities provides investors with insight …

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