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Which the classification of leases under the gam for nga

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Reference no: EM132787769

Question 1: Which of the following statements is incorrect regarding the accounting for unreleased checks by a government entity?

a. The accounting procedures for unreleased checks prescribed under the GAM for NGAs apply only to commercial checks.

b. Unreleased checks are reverted back to cash.

c. Unreleased checks are perforated.

d.A t the start of the year, a reversing entry is made for the unreleased checks in the previous year.

Question 2: The classification of leases under the GAM for NGAs is based on

a. the significance in value of the leased asset and the length of the lease term.

b. the form of the contract rather than the substance of the transaction.

c.bthe extent of transfer of risks and rewards incidental to ownership of the leased asset from the lessor to the lessee.

d. the significance in value of the leased asset.

Question 3: This is attached to the annual general purpose financial statements of a government entity as a cover letter.

a. Dedications, acknowledgments and best wishes.

b. Report on Highlights and Executive Summary

c. President's Budget Message

d. Statement of Management Responsibility for Financial Statements

Reference no: EM132787769

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