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. The governmental and business-type activities combine to represent the total primary government.
What consists of government-wide statement of activities?
Government-wide Financial Statements. Statement of Activities. This statement presents the operations of an agency in a format that reports the net (expense) revenue of its individual functions in order to report the relative financial burden of each of the state’s functions on the taxpayers.
Which of the following is included in the governmental fund statements?
A) The governmental fund financial statements include the Balance Sheet, and the Statement of Revenues, Expenditures, and Changes in Fund Balances .
What are the three broad sections of a state or local government CAFR?
What are the three broad sections of a state or local government’s CAFR? A. Introductory, financial, and statistical .
What information is included in the government-wide financial statements?
The government-wide financial statements include the Statement of Net Assets, the Statement of Activities, and the Statement of Cash Flows .
What are the titles of the two government-wide statements?
Government financial statements report all financial transactions for the government for the year. Two main aspects of government-wide financial statements are the financial statement and the statement of net assets . The financial statement shows the revenue collected and the amounts that the government spent.
What is included in statement of activities?
The statement of activities focuses on the total organization (as opposed to focusing on funds within the organization) and reports the following: Revenues such as contributions, program fees, membership dues, grants, investment income, and amounts released from restrictions.
What are the three major sections of CAFR?
The Comprehensive Annual Financial Report consists of three sections: Introductory, Financial and Statistical .
What are the five categories of fund balance on a governmental funds balance sheet?
The new fund balance classifications will indicate the level of constraints placed upon how resources can be spent and identify the sources of those constraints. Constraints are broken down into five different classifications: nonspendable, restricted, committed, assigned, and unassigned .
What is the measurement focus used in the preparation of government wide financial statements?
The government-wide financial statements consist of a statement of net assets and a statement of activities and are prepared using the economic resources measurement focus and the accrual basis of accounting.
What is the hierarchy of GAAP for state and local governments?
The GAAP hierarchy identifies the sources of guidance that state and local governments follow when preparing financial statements in conformity with GAAP and lists the order of priority for pronouncements to which a government should look for guidance.
What are the broad categories of supporting service costs required to be reported?
The net increase.in Temporarily Restricted Net Assets is $17,000 – $10,000 = $7,000. On a Statement of Activities for a not-for-profit entity, what are the broad categories of supporting service costs required to be reported? Fund-raising expenses and administrative expenses.
What is a company’s functional currency?
A functional currency is the main currency that a company conducts its business . As companies transact in many currencies but report their financial statements in one currency, the foreign currencies have to be translated into the functional currency.
What should be the government-wide financial statement report on and why?
The government-wide statements bring the financial activity together in one place and report accrual-based economic resources information . The government-wide statements organize information by whether it relates to governmental activities or business-type activities.
How are fiduciary funds presented in the government-wide financial statements?
A) Fiduciary funds are included in the fund basis statements but not in the government-wide. B) Fiduciary funds are reported by fund type, not as major funds. ... Fiduciary funds include agency, pension (and other employee benefit) trust, private-purpose trust, and investment trust funds.
