Q27. A state had problems with its cash reconciliation resulting in a difference between the total cash per books versus cash balance with banks. The possible loss could only be estimated within a range of $100 million to
$300 million with no amount within the range considered a better estimate than any other. The state should recognize a minimum liability of

Q28. What is the maximum period of subscription-based information technology agreement (SBITA), including any options to extend, that is classified as short term?

Q29. A local government is evaluating different financing options for an upcoming capital project. Which of the following debt instruments will typically offer the lowest interest rate?

Q30. Government, public, private and not-for-profit entities all share which common goal of financial reporting?

Q31. Accounts that are closed at year-end include

Q32. The Department of the Interior has the following costs associated with the development of a new visitor tracking system.
Research cost determining if system should be internally or externally developed $100,000 Software configuration and system development $750,000 Cost of testing the new system for fiscal usage $225,000 Converting data from old tracking system to new tracking system $500,000 How much should be capitalized as the cost of the asset?

Q33. A municipality would establish an internal service fund to capture the activities of a data processing center, in order to account for

Q34. Which of the following fund types would be used to collect water utility user fees?

Q35. State and local governments account for budgeted and actual expenditures to ensure that

Q36. The footnotes to audited financial statements disclose

Q37. In exchange and exchange-like transactions the government

Q38. A budget document that lists the budget by social services, affordable housing and supplies includes which of the following significant elements?

Q39. of the following are integral parts of state governments* formal financial statements EXCEPT the

Q40. Based on FASAB standards, calculate the full cost of 1 unit of an output using the following information:

Q41. Which entity assists the president in overseeing the preparation of the President’s Budget?

Q42. GASB establishes standards through a

Q43. A basic financial statement that includes a budgetary comparison serves to

Q44. The major difference in applying the accrual concept in governmental fund accounting, as opposed to private- sector accounting, is that revenues are

Q45. Which of the following events is an example of an expenditure but not an expense?

Q46. What is the term used to describe categories that present obligations by the items or services purchased by the federal government?

Q47. A state department has been developing a new computer system for managing federal grants. The project has the following costs:

What amount should be recorded as the value of the intangible asset?

Q48. The capitalization of interest begins when all of the following conditions are met EXCEPT

Q49. A city issues S100,000 of 10-year general obligation bonds on April 1, 2024. Debt service of $10,000 must be paid each year on March 31, with 5% interest paid on the unpaid balance. Based upon this information, the interest expense reported on the government-wide statement for fiscal year ending March 31, 2025, is

Q50. The quarterly inventory record below has been provided for use in preparing the organization’s financial statements. Based upon the information provided, what method of inventory valuation is used by the organization?