CGFM Governmental Financial Reporting Standards 2

Question 1

Which component of a state or local government's Annual Comprehensive Financial Report (ACFR) contains the independent auditor's report?

Accepted Answer

Financial section

Answer

Introductory section

Answer

Statistical section

Answer

Supplementary section

Question 2

What is 'fiscal transparency' as it relates to governmental financial reporting?

Accepted Answer

Providing clear, complete, and accessible financial information to stakeholders

Answer

Reporting only revenues and expenditures

Answer

Publishing the budget on a public website

Answer

Disclosing only major fund activities

Question 3

Which GASB statement addresses pension reporting for state and local government employers?

Accepted Answer

GASB 68

Answer

GASB 54

Answer

GASB 63

Answer

GASB 75

Question 4

In governmental accounting, what is a 'fiduciary fund'?

Accepted Answer

A fund used to account for resources held in trust or as an agent for others

Answer

A fund used for capital improvement projects

Answer

A fund used for enterprise activities

Answer

A fund used to account for debt service

Question 5

What does GASB's concept of 'interperiod equity' mean in the context of governmental accounting?

Accepted Answer

Ensuring current-year revenues are sufficient to pay current-year costs

Answer

Equal treatment of all government departments

Answer

Distributing funds equally among jurisdictions

Answer

Balancing the budget across multiple years

Question 6

Which fund type is typically used by state and local governments to account for general operations not assigned to another fund?

Accepted Answer

General Fund

Answer

Special Revenue Fund

Answer

Debt Service Fund

Answer

Capital Projects Fund