CGFM Governmental Financial Reporting Standards

Question 1

Which body establishes generally accepted accounting principles (GAAP) for state and local governments in the United States?

Accepted Answer

GASB

Answer

FASB

Answer

OMB

Answer

GAO

Question 2

What is the primary financial reporting document required for state and local governments under GASB Statement No. 34?

Accepted Answer

Comprehensive Annual Financial Report

Answer

Single Audit Report

Answer

Budget Comparison Statement

Answer

Fund Financial Statement

Question 3

Under GASB standards, which basis of accounting is used for governmental funds?

Accepted Answer

Modified accrual basis

Answer

Full accrual basis

Answer

Cash basis

Answer

Budgetary basis

Question 4

Which GASB concept requires governments to report infrastructure assets in their government-wide financial statements?

Accepted Answer

GASB Statement No. 34

Answer

GASB Statement No. 25

Answer

GASB Statement No. 45

Answer

GASB Statement No. 54

Question 5

What does the Management's Discussion and Analysis (MD&A) section of a government's financial report provide?

Accepted Answer

An analytical overview of the government's financial activities

Answer

A budget vs. actual comparison

Answer

A list of all capital projects

Answer

An audit opinion letter

Question 6

Under GASB Statement No. 34, government-wide financial statements are presented using which basis of accounting?

Accepted Answer

Full accrual

Answer

Modified accrual

Answer

Cash basis

Answer

Budgetary basis