Osa
Fiscal years and calendar years are
A. different, as fiscal years for state governments run from April 1 to March 31, and is based on the calendar year for local governments
B. not used as the basis for the budgetary year
C. always the same, January through December
D. different for states and the federal government, depending on federal or state law
D. different for states and the federal government, depending on federal or state law
Long-range financial plans
A. are utilized by governments in place of an annual budget.
B. show the long term implications of current spending decisions.
C. project only long term spending.
D. cannot be altered once approved by the city finance director
B. show the long term implications of current spending decisions.
A typical budget proposal includes all of the following except:
A. Transmittal Letter
B. Sources of Funding
C. Certification of Taxable Value
D. Projection of long-term liabilities.
D. Projection of long-term liabilities.
Long-range financial plans
A. are utilized by governments in place of an annual budget.
B. cannot be altered once approved by the city finance director.
C. project only long term spending.
D. show the long term implications of current spending decisions.
D. show the long term implications of current spending decisions.
A baseline budget
A. is another name for a revised budget.
B. projects last year's budget into the future with no changed budget assumptions.
C. provides a spending plan for wish list items only.
D. only affects the general fund.
B. projects last year's budget into the future with no changed budget assumptions.
Long-range financial plans
A. show the long- term implications of current spending decisions.
B. are utilized by governments in place of an annual budget
C. cannot be altered once approved by the city finance director
D. project only long-term spending
A. show the long- term implications of current spending decisions.
A mid-year revision to the operating budget would likely occur in all of the following situations except
A. an emergency (i.e. hurricane, other natural disaster) occurred during the fiscal year.
B. revenues were coming in above/below projections.
C. revenues and expenditures were meeting expectations.
D. he city council decided to fund a new project mid-year.
C. revenues and expenditures were meeting expectations.
Which of the following is NOT one of the three major sections of a Comprehensive Annual Financial Report (CAFR)?
A. A Statistical Section
B. A Financial Section
C. An Introductory Section
D. A Concluding Section
D. A Concluding Section
The long range financial plan differs from the capital improvement plan because
A. the capital plan is limited to three years at most.
B. the capital plan does not include taxes.
C. the financial plan only includes "soft" expenditures.
D. the long range plan includes all projected revenue sources and spending trends.
D. the long range plan includes all projected revenue sources and spending trends.
The long range financial plan differs from the capital improvement plan because
A. the capital plan does not include taxes.
B. the financial plan only includes "soft" expenditures.
C. the capital plan is limited to three years at most.
D. the long range plan includes all projected revenue sources and spending trends.
D. the long range plan includes all projected revenue sources and spending trends.
A mid-year revision to the operating budget would likely occur in all of the following situations except
A. an emergency (i.e. hurricane, other natural disaster) occurred during the fiscal year.
B. the city council decided to fund a new project mid-year
C. revenues were coming in above/below projections
D. revenues and expenditures were meeting expectations
D. revenues and expenditures were meeting expectations
Fiscal years and calendar years are
A. always the same, January through December.
B. not used as the basis for the budgetary year.
C. different, as fiscal years for state governments run from April 1 to March 31, and is based on the calendar year for local governments.
D. different for states and the federal government, depending on federal or state law.
D. different for states and the federal government, depending on federal or state law.
Which of the following describes an unqualified opinion?
A. The auditor finds a departure from GAAP in the financial statements.
B. The auditor cannot express an opinion on one or more parts of the financial statements.
C. The auditor finds the financial statements are not presented fairly in accordance with GAAP
D. The auditor finds the financial statements are presented fairly in accordance with GAAP
D. The auditor finds the financial statements are presented fairly in accordance with GAAP
The construction costs for a new library would most likely be found in the
A. capital budget.
B. annual operating budget.
C. CAFR.
D. statement of cash flows.
A. capital budget.
An increase in assessed values while maintaining the same tax rate as last year would result in
A. no change in tax revenues.
B. an increase in tax revenues.
C. higher water and sewer revenues.
D. a loss in tax revenue.
B. an increase in tax revenues.
An auditor's letter is important because x2
A. it tells whether the auditor believes the government pays its bills on time
B. it guarantees an improvement in a government's bond rating
C. it details whether the auditor found any serious irregularities in the government's audited financial statements.
D. it details how large the government's "rainy day fund" should be.
C. it details whether the auditor found any serious irregularities in the government's audited financial statements.
The concept of generational equity means that
A. all object codes should be the same, regardless of the city's population size.
B. only the generation that built a capital project should pay for it.
C. future generations should pay for the part of a physical asset they use, even if built in the past.
D. only property owners should pay for capital projects.
C. future generations should pay for the part of a physical asset they use, even if built in the past.
Which TWO of the following statements are TRUE concerning an auditor's opinion?
I. A qualified opinion reflects a departure from GAAP
II. A government in good financial condition will always receive an unqualified opinion
III. A government in poor financial condition will always receive a qualified opinion
IV. A less stringent standard is applied to required supporting information (RSI)
A. I and III
B. II and III
C. II and IV
D. I and IV
D. I and IV
A baseline budget
A. only affects the general fund.
B. provides a spending plan for wish list items only.
C. projects last year's budget into the future with no changed budget assumptions.
D. is another name for a revised budget.
C. projects last year's budget into the future with no changed budget assumptions.
Pay-as-you-go financing refers to
A. the need of a government to meet payroll every two weeks.
B. issuing bonds for major capital projects.
C. the view that a government should only pay its bills when tax payments are due.
D. the view that the government should only develop capital projects from funds on hand.
D. the view that the government should only develop capital projects from funds on hand.
The difference between property taxes and fees is that
A. taxes are levied on all property owners, fees are not.
B. there is no difference, they are the same thing.
C. fees can be abolished, taxes cannot.
D. fees are levied in lieu of taxes
A. taxes are levied on all property owners, fees are not.
A budget that lists individual positions of various personnel in a department is called a x2
A. zero based budget.
B. line item budget.
C. program budget.
D. efficiency budget.
C. program budget.
Which TWO of the following statements are TRUE concerning an auditor's report?
I. It is an opinion of financial health
II. It is an opinion of GAAP conformity
III. An unqualified opinion is given by a non-AICPA accountant
IV. A qualified opinion reflects a departure from GAAP
A. II and IV
B. I and III
C. II and III
D. I and IV
A. II and IV
When property tax revenues from a tax increment finance district are distributed,
A. taxes on the base are used to pay debt service.
B. taxes on the base and the increment are both used for debt service.
C. taxes on the base go to the city and taxes on the increment are used for debt service.
D. taxes on growth above the base go to the city.
C. taxes on the base go to the city and taxes on the increment are used for debt service.
The cost of funding next year’s salaries for librarians hired to staff a newly constructed library would most likely be found in the
A. Annual budget.
B. Capital budget.
C. Long-range financial plan.
D. Capital improvement plan.
A. Annual budget.