QUESTION: 17

Other factors being equal, when the cost of inventory has increased over several financial statement periods, an agency using LIFO will:

need to restate their financial statements after five years of cost increases.
show a higher value of ending inventory than a similar agency that uses FIFO.
need to increase the audit frequency.
reflect lower net income than an agency that uses the average cost inventory method.

Answer(s): D

Reveal Solution Next Question

A county fire department receives property tax revenue on a 55% (December), 40% (April), 5% (June) basis. The uncollectible portion is .05%. If the department received $5.1 million in December, the annual property tax revenues will be:

$10,200,000.
$ 9,272,727.
$ 9,268,091.
$ 8,809,091.

Answer(s): C

Reveal Solution Next Question

QUESTION: 19

The CAFR includes all of the following EXCEPT the:

basic financial statements.
MD&A.
RSI.
PAR.

Answer(s): D

Reveal Solution Next Question

QUESTION: 20

Fund-level financial statements are prepared to present:

both a short and long term perspective on governmental finances.
information on financing activities.
information that is more narrowly focused than mandated by government standards.
a detailed short term view of government services.

Answer(s): D

Reveal Solution Next Question

Free CPFO Exam Braindumps (page: 6)

QUESTION: 17

QUESTION: 18

QUESTION: 19

QUESTION: 20

CPFO Exam Discussions & Posts