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The GASB defines a component unit as any organization for which the primary government is financially accountable.

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Combining financial statements for nonmajor funds of a government should be included:


A) In the basic financial statements.
B) In the notes to the financial statements.
C) As a part of the financial section of the comprehensive annual financial report (CAFR) .
D) As part of the statistical section of the comprehensive annual financial report (CAFR) .

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What is meant by the term "reporting entity" in accounting for state and local governments?

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A reporting entity is defined as a prima...

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Popular reports provide condensed financial information that can be used by governments to communicate financial results to citizens.

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Which of the following statements concerning the reporting of internal balances by a government at the end of its fiscal year is True?


A) The internal balances amounts reported in the balance sheet columns represent activity among governmental funds.
B) The internal balances amounts reported in the statement of net position columns represent activity between governmental activities and business-type activities.
C) The internal balances amounts are reported in both the asset and liability sections on the statement of net position.
D) The internal balances amounts reported represent the difference between interfund transfers in and interfund transfers out.

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Which of the following factors would not indicate that a potential component unit (PCU) imposes a financial burden or provides a financial benefit to the primary government?


A) The primary government is entitled to its share of any dividends distributed by the PCU.
B) The primary government is obligated to provide financial support to the PCU.
C) The primary government is obligated for the PCU's debt.
D) The primary government is entitled to the PCU's resources.

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