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CAFR GASB 34: Government Financial Reporting

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CAFR GASB 34: Government Financial Reporting

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Questions and Answers

What is the purpose of GASB 34?

To replace fund accounting in government organizations

To increase visibility and accountability of government finances (correct)

To segregate funds in government accounting systems

To consolidate government fund balances

Which financial statements does Topic Group B cover for governments?

Government-wide financial statements only

Both government-wide and fund financial statements (correct)

Only notes to financial statements

Fund financial statements only

What is a blended component unit in government financial reporting?

A unit that does not impact the financial statements of the primary government

An independent entity separate from the primary government

A unit that is not disclosed in the financial statements

An entity so closely related to the primary government that its funds appear integral (correct)

Which of the following is NOT covered under Topic Group B for governments?

Fund accounting procedures Signup and view all the answers

According to GASB 34, what is the role of the Comprehensive Annual Financial Report (CAFR)?

To provide a financial reporting model for greater visibility and accountability Signup and view all the answers

How does a blended component unit differ from an independent entity in financial reporting?

Its funds appear as if they are integral parts of the primary government Signup and view all the answers

What is the main objective of governmental reporting under GASB 34?

To ensure accountability Signup and view all the answers

What does a Component Unit refer to in government financial reporting?

Entities with funds clearly separate from the primary government entity Signup and view all the answers

Which section of the Comprehensive Annual Financial Report (CAFR) introduces the basic financial statements?

Management's Discussion and Analysis (MD&A) Signup and view all the answers

What are included in the Basic Financial Statements of a government under GASB 34?

Statement of net position and statement of activities Signup and view all the answers

In the CAFR, which type of funds are reported individually and nonmajor funds are reported in aggregate for governmental and enterprise funds?

Both governmental and enterprise funds Signup and view all the answers

What kind of information is included in the fiduciary statements of the CAFR?

Information about fiduciary funds exclusively Signup and view all the answers