ExpertEasy1 markMultiple Choice
CPA · Question 43 · Area III: State & Local Governments
Which of the following is a required basic financial statement for the Government-Wide reporting of a state or local government?
Which of the following is a required basic financial statement for the Government-Wide reporting of a state or local government?
Answer options:
A.
Statement of Revenues, Expenditures, and Changes in Fund Balances
B.
Statement of Cash Flows
C.
Statement of Net Position
D.
Budgetary Comparison Schedule
How to approach this question
Government-Wide = Accrual Basis. Statement of Net Position (Balance Sheet) and Statement of Activities (Income Statement).
Full Answer
C.Statement of Net Position✓ Correct
C
The basic government-wide financial statements are the Statement of Net Position and the Statement of Activities. These report on the government as a whole using the economic resources measurement focus and accrual basis of accounting.
Common mistakes
Confusing Fund statements with Government-Wide statements.
Practice the full CPA BAR Practice Exam 4
50 questions · hints · full answers · grading
More questions from this exam
Q01Orion Corp. is analyzing its working capital efficiency. For the current year, Orion reported the...HardQ02A company is analyzing its gross margin variance. The budgeted data for the quarter indicated sal...MediumQ03TechSolutions Inc. reports the following financial data:<br/>- Net Income: $5,000,000<br/>- Inter...HardQ04Manufacturing Corp. uses Activity-Based Costing (ABC). The company has identified two cost pools:...MediumQ05During the current month, a company purchased 20,000 pounds of raw material for $42,000. The stan...Medium