Which Of The Following Financial Statements Are Prepared For Governmental Funds?

Explanation: The governmental fund financial statements include the Balance Sheet, and the Statement of Revenues, Expenditures, and Changes in Fund Balances and are prepared on the current financial resources measurement focus and modified accrual basis of accounting.

On what should the governmental fund financial statements report?

On what do the government-wide financial statements report? Operational accountability . Fiscal accountability. ... The governmental fund financial statements are intended to report on fiscal accountability.

Which of the following is true regarding the government-wide statement of net position?

Which of the following is true regarding the government-wide Statement of Net Position? ... The government-wide Statement of Net Position reflects capital assets, net of accumulated depreciation , for both governmental and business-type activities.

What funds are included in the government-wide financial statements?

Governmental Fund Financial Statements.

Governmental fund financial statements (including financial statements for the general, special revenue, capital projects, debt service, and permanent funds ) should be prepared using the current financial resources measurement focus and the modified accrual basis of accounting.

Which of the following funds is a governmental fund type?

The governmental funds category includes the General Fund , special revenue funds, debt service funds, capital projects funds, and internal service funds.

What are the fund financial statements?

The FFS report more detailed information about the primary government . These statements present information about major funds individually and about non-major funds in the aggregate for governmental and proprietary fund types.

What is fund in governmental accounting?

A fund is an accounting entity with a self-balancing set of accounts that is used to record financial resources and liabilities, as well as operating activities, and which is segregated in order to carry on certain activities or attain targeted objectives.

How should fund information be reported in governmental and enterprise fund financial statements?

How should fund information be reported in governmental and enterprise fund financial statements? Each major fund should be reported in a separate column , and nonmajor funds should be combined and reported in a separate column.

Do governments have financial statements?

The accrual-based financial statements present historical information on what the federal government owns (assets) and owes (liabilities) at the end of the year, what came in (revenues) and what went out (net costs) during the year, and how accrual-based net operating costs of the federal government reconcile to the ...

Which fund type generally include statement of cash flows in its individual fund financial statements?

A) The proprietary fund financial statements include the Statement of Net Assets, the Statement of Revenues, Expenses, and Changes in Fund Net Assets, and the Statement of Cash Flows.

Which of the following funds does not focus on financial resources measurement?

This fund type includes both Private-Purpose Trust Funds, Pension Trust Funds, and Agency Funds. Proprietary Funds, Private Purpose Trust Funds, and Pension Trust Funds are reported using the economic resources measurement focus. All proprietary and fiduciary funds use the full accrual basis of accounting.

What are the 5 types of governmental funds?

According to the GAAFR (the Blue Book), governmental funds are “used to account for activities primarily supported by taxes, grants, and similar revenue sources.” Within the category of Governmental Funds, there are five types: General Fund, special revenue funds, debt service funds, capital projects funds, and ...

How are fiduciary funds presented in the government wide financial statements?

Fiduciary funds are reported by fund type, not as major funds. ... A) Fiduciary funds are not included in the government-wide financial statements. B) Fiduciary funds include agency, pension (and other employee benefit) trust, private-purpose trust, and investment trust funds.

Why governments use fund accounting?

Fund accounting is the way governments track revenues with purpose restrictions against the expenditures made for those g p purposes . Fund accounting makes it easier to identify which monies are available for specific purposes. Villages generally have one checking account that is used for all funds.

What are 3 types of governmental fund statement?

There are several types of government funds, which are groupings used in accounting for tax-supported activities completed by the federal government. There are three major types of funds. These types are governmental, proprietary, and fiduciary .

What are the three main types of fund financial statements?

The balance sheet, income statement, and cash flow statement each offer unique details with information that is all interconnected. Together the three statements give a comprehensive portrayal of the company’s operating activities.

What are the types of government fund?

Which basis of accounting is used when presenting governmental and proprietary funds in the fund financial statements?

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.

When preparing governmental fund financial statements for a city the general fund is considered a major fund?

Both With respect to fund basis financial statements, governmental funds are considered to be a major fund when total assets, liabilities, revenues, or expenditures of that individual governmental fund constitutes 10% of the total for the governmental fund category; and with respect to fund basis financial statements, ...

Which governmental funds must be reported as a major fund?

Major fund reporting is applied only to governmental funds (i.e., general, special revenue, debt service, capital project, and permanent funds ) and enterprise funds. Internal service funds are excluded from the major fund reporting requirements.

What is an enterprise fund of government?

An enterprise fund is a separate accounting and financial reporting mechanism for which revenues and expenditures are segregated into a fund with financial statements separate from all other governmental activities.

Which of the following funds would not be eligible for major fund reporting?

Which of the following funds would not be eligible for major fund reporting? Internal Service Fund . Which of the following types of revenue would always be reported as a general revenue in the government-wide financial statements?

What are the financial statements of nonprofit organizations?

Nonprofits use four main financial reporting statements: balance sheet, income statement, statement of cash flows and statement of functional expenses .

What are nonprofit financial statements?

• Statement of financial position (SOP) The SOP is the nonprofit’s equivalent of a for-profit company’s balance sheet. ...
• Statement of activities. ...
• Statement of functional expenses. ...
• Statement of cash flows. ...
• Annual report.

Is the general fund always considered a major fund?

Major funds met two thresholds: 10% of combined balances (e.g., revenues) of all governmental fund types and 5% of combined balances of governmental and enterprise fund. The general fund is always a major fund .

What are the fiduciary fund financial statements?

What is a Fiduciary Fund? A fiduciary fund is used in governmental accounting to report on assets held in trust for others . When financial statements are prepared for fiduciary funds, they are presented using the economic resources measurement focus and the accrual basis of accounting.

Which of the following funds of a governmental unit uses the same basis?

Which of the following funds of a governmental unit uses the same basis of accounting in its fund financial statements as a special revenue fund? Capital projects funds .

Which of the following fund types uses the current financial resources measurement focus and the modified accrual basis of accounting?

Fiduciary funds use the: economic resources measurement focus and accrual basis of accounting.

Which of the following fund types uses the current financial resources measurement focus and modified?

Fund financial statements

At the fund statement level, governmental funds use the current financial resources measurement focus and the modified accrual basis of accounting. Proprietary funds use the economic resources measurement focus and the accrual basis of accounting.

Which of the following are required financial statements of fiduciary funds?

Which of the following are required financial statements of fiduciary funds? A. Fiduciary funds’ financial statements include the Statement of Fiduciary Net Position, the Statement of Changes in Fiduciary Net Position, and the Statement of Fiduciary Cash Flows .

Where in the government wide financial statements are fiduciary funds reported?

The presentation of fiduciary funds in the government’s basic financial statements is consistent with Statement 14 , which requires a government to report legally separate organizations as fiduciary funds “if the primary government has a fiduciary responsibility for them,” even if the organizations do not meet other ...

What are the five categories of fund balance on a governmental funds balance sheet?

GAAP financial statements report up to five separate categories of fund balance based on the type and source of constraints placed on how resources can be spent (presented in descending order from most constraining to least constraining): nonspendable fund balance, restricted fund balance, committed fund balance, ...