What Is Included In Governmental Funds? The governmental fund category includes the general fund, special revenue funds, capital projects funds, debt service funds and permanent funds. Which financial statement must be presented for governmental funds? Required governmental fund statements are a balance sheet and a statement of revenues, expenditures, and changes in fund balances. Required
Which Of The Following Attributes Of A Special Purpose Government Must Be Met If The Special Purpose Government Is Reported As A Primary Government? A special purpose government can be considered a primary government if it has a separately elected governing body, is legally separate from other entities, and is fiscally independent of other state
Are Fiduciary Funds Reported In Government Wide Statements? The fiduciary funds (such as pension trusts and agency funds) are not included in the government-wide statements, because the resources they account for do not belong to the government. Where are fiduciary type funds reported in the government wide statements? In government wide statements. info about fiduciary
How Are General Capital Assets Reported In The Fund And Government-wide Financial Statements? How are they reported in the fund and government-wide financial statements? General capital assets in simple sense the assets that are acquired by the government using government funds. These assets will be reported and will be shown under the governmental activities of
Which Of The Following Fund Types Uses The Current Financial Resources Measurement Focus? What funds use the current financial resources measurement focus? Governmental fund types (general, special revenue, debt service, capital projects, and permanent trust) use the current financial resources measurement focus and the modified accrual basis of accounting. Which of the following is a
Is The Basis Of Accounting For Preparing Governmental Fund Financial Statements? a. Financial statements for governmental funds should be presented using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues should be recognized in the accounting period in which they become available and measurable. What financial statements are required for
On What Do The Government Wide Financial Statements Report? The government-wide financial statements and the proprietary and fiduciary fund financial statements report financial information on a full accrual basis. The governmental fund financial statements, however, report what is commonly referred to as current financial resources on a modified accrual basis. What should be the government-wide
What Are The Four Types Of Fiduciary Funds And The Function Of Each? The Statement describes four types of fiduciary funds: Pension (and other employee benefit) trust funds, … Private-purpose trust funds, and. Custodial funds. Which of the following are fiduciary type funds? Agency Funds. Investment Trust Funds. Pension and Employment Benefit Trust Funds. Private-Purpose
What Is The Primary Reason Government Entities Use Funds For Financial Reporting Why Do Governments Use The Modified Accrual Method Of Accounting? The objective of governmental fund financial reporting is to report on the government’s fiscal accountability. Thus, governmental fund financial reporting helps users evaluate the short run objective of whether financial resources were raised
What Funds Are Included In The Governmental Funds Category Of State And Local Governments? General Fund. A general fund is the chief operating fund for the entire government. … Special Revenue Funds. … Debt Service Fund. … Capital Projects Fund. … Permanent Fund. … Enterprise Fund. … Internal Service Fund. What is included in governmental