AICPA每日一练之FAR【2016-2-7】

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Which event(s) should be included in a statement of cash flows for a governmental entity?

I.Cash inflow from issuing bonds to finance city hall construction.

II.Cash outflow from a city utility representing payments in lieu of property taxes.

a.I only.

b.Neither I nor II.

c.Both I and II.

d.II only.

Answer:D

Choice "D" is correct. The cash inflow from issuing bonds to finance city hall construction is a cash inflow for a governmental fund. Governmental funds do not prepare a statement of cash flows since the measurement focus is financial resources. The cash outflow from a city utility representing payments in lieu of property taxes is a cash outflow from operating activities for an enterprise fund. Enterprise funds prepare a statement of cash flows.

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