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Exam 9: Advanced Topics for State and Local Governments

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Question 51

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Governmental health care entities,public school systems,and museums are accounted for as special-purpose governments.

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Question 52

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Which of the following is true regarding financial reporting of special-purpose entities?

A) Special purpose entities might include park districts, school districts, and public colleges and universities.
B) Special-purpose entities, in some cases, have more limited reporting requirements than general-purpose entities.
C) Both of the above are true.
D) Neither of the above is true.

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Question 53

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Public institutions of higher education are required to produce a Statement of Cash flows in addition to a Statement of Net Assets and a Statement of Revenues,Expenses,and Changes in Net Assets.

Special-purpose governments generally provide a single or limited set of governmental services or programs.

Public colleges and universities that choose to report as special-purpose entities engaged only in business-type activities would have which of the following financial statements?

Which of the following groups would probably not be considered a component unit of a special-purpose government,for the purposes of applying GASB Statement 39: Determining Whether Certain Organizations Are Component Units?

Indicate the financial reporting rules for each of the following special-purpose entities (which category of special-purpose entity),and indicate the financial statements that would be required: a.A township that assesses property for taxation,provides road maintenance,and provides welfare assistance. b.A fire protection district that engages in protection of property in unincorporated areas from fires. c.An independent tollway authority,not the component unit of any other government. d.An independent statewide pension plan. e.A public college.

Which of the following is true regarding the Statement of Cash Flows for a public college?

General-purpose governments are those that offer more than one type of basic governmental service,while special-purpose entities generally provide a limited,or single,set of programs or services.

Assume a government is determined to be a special-purpose government engaged in business-type activities only.Which of the following financial statements would be required?

A public college had tuition and fees for the year ended June 30,2012 in the amount of $45,000,000.Scholarships,for which no services were required,amounted to $2,300,000.Graduate assistantships,for which services were required,amounted to $2,500,000.The amount to be reported by the college for net tuition and fee revenue would be:

A County could be either a general-purpose or a special purpose government.

Answer the following related to accounting and financial reporting for public colleges and universities: a.What choices exist for financial reporting by public colleges and universities,according to GASB Statement 35? b.Indicate the contents required for a financial report for those public colleges and universities that choose to report as special-purpose entities engaged only in business-type activities.

Revenue for reimbursement grants may be recognized before expenditures take place as long as the grant has been awarded.

According to GASB Statement 34,governmental activities are generally financed through taxes,intergovernmental revenues and other nonexchange revenues.

Assume a government is a special-purpose government engaged in only one governmental activity.Which financial statements would be required?

A public college had tuition and fees of $21,000,000.Scholarships,for which no services were required,amounted to $2,500,000.Graduate assistantships,for which services were required,amounted to $1,600,000.The amount to be reported by the public college as net tuition and fees would be:

GASB categorizes general state appropriation as nonoperating revenue for public colleges and universities.

With respect to public colleges and universities,expenses are reported by:

Which of the following is not correct with respect to special purpose governments that are engaged in only one governmental-type activity?