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A budget document that lists the budget by social services, affordable housing and supplies includes which of the following significant elements?

A.

function, program, object class

B.

organizational unit, program, category

C.

function, category, object class

D.

program, function, category

GASB considers interperiod (intergenerational) equity when

A.

evaluating grant recipient awards.

B.

performing historical trend analysis.

C.

issuing financial reporting guidelines.

D.

selecting alternatives in budgeting procedures.

of the following are integral parts of state governments* formal financial statements EXCEPT the

A.

basic financial statements.

B.

notes.

C.

RSI.

D.

auditors letter.

Wasteful year-end spending may be discouraged by including which of the following in the appropriation law?

A.

impoundment controls

B.

annual appropriations

C.

delimiting contracting procedures

D.

multi-year appropriation authority

If an internal service fund needs to develop an hourly billing rate, the calculation should include

A.

all materials consumed during the year.

B.

the acquisition cost of equipment purchased during the year.

C.

the replacement cost of equipment purchased during the year.

D.

all materials purchased during the year, even if the materials were not consumed.

An agency operates out of a building that is on the Register of Historic Places; the building is classified as a multi-use federal asset. If the agency recently paid to renovate the office space in the building, the cost for the renovation should be treated as a

A.

heritage asset.

B.

mission property.

C.

stewardship investment.

D.

general property, plant and equipment expense.

An example of a federal principal financial statement is the

A.

Statement of Operations.

B.

Statement of Budgetary Resources.

C.

Statement of Cash Flows.

D.

Statement of Net Income.

Which of the following events is an example of an expenditure but not an expense?

A.

At the end of the fiscal year, the government signs a contract to buy office furniture.

B.

At the end of the fiscal year, the government pays its employees for work performed.

C.

At the end of the fiscal year, the government pays for ten vehicles which will be depreciated over five years.

D.

At the end of the fiscal year, the government receives and pays its electric bill for the previous month.

An independent school district completed construction on a new high school during the current fiscal year. The amount paid to the construction manager was $900,000 and the amount paid to the architect was $100,000. The entity depreciates buildings over 50 years, using the straight line, half-year depreciation method. What is the amount reported on the Statement of Activities in the current fiscal year?

A.

$9,000

B.

$10,000

C.

$20,000

D.

$1,000,000

What fund category traditionally accounts for the general services to the public such as public safety, health, transportation, social services and the administration of the government?

A.

fiduciary

B.

governmental

C.

proprietary

D.

general