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 governmental fund that uses the current financial resources measurement focus?
Which of the following funds all use the current financial resources measurement focus? General fund, debt service fund , and capital projects fund.
What is the measurement focus for governmental funds?
The flow of financial resources measurement focus requires governmental fund operating statements to recognize the effects of transactions or events on financial resources when they take place, regardless of when cash is received or paid.
Which of the following fund types uses the accrual basis of accounting?
In the United States of America (USA), government fund such as the General Fund, Special Revenue Funds, Debt Service Funds , and Capital Projects Funds use the modified accrual basis of accounting with a measurement focus on current financial resources (Governmental Accounting Standards Board (GASB), 1998).
Which of the following is the measurement focus and basis of accounting for the government?
Which of the following would is the measurement focus and basis of accounting for governmental funds? The answer is current financial resources . Governmental funds use the modified accrual basis of accounting, which focuses on current financial resources. Revenues are recognized when they are measurable and available.
Are three key financial statements prepared by accountants?
The three key financial statements prepared by accountants are the balance sheet, the statement of cash flows , and the .... ... analyzing the firm’s financial statements to evaluate the financial condition of the firm.
What are the three major sections of CAFR?
The Comprehensive Annual Financial Report consists of three sections: Introductory, Financial and Statistical .
Does the general fund have a measurement focus?
In the general fund, the focus is on current year revenues (resources) used to provide services through current year expenditures . ... In contrast to the current financial resources measurement focus, there is an economic resources measurement focus model that is used with enterprise funds.
Which fund does not have a measurement focus?
Agency Funds are not concerned with the measurement or results of operations and, accordingly, assets always equal liabilities. They do not have fund equity and have no measurement focus. The accrual basis of accounting is used for these funds.
What assets are viewed as current financial resources?
What assets are viewed as current financial resources? Current financial resources are primarily cash, investments, and receivables because they can be quickly turned into cash for spending purposes.
What are the three fund types categories used by state and local governments?
- Governmental Funds;
- Proprietary Funds;
- Fiduciary Funds.
What is a capital projects fund?
The purpose of a capital projects fund is to account for the financial resources to be used for the acquisition, construction or improvement of major capital assets other than those acquired through proprietary or fiduciary funds. ... The proceeds of indebtedness are generally the major funding source for capital projects.
What are the types of fiduciary funds?
- Pension (and other employee benefit) trust funds,
- Investment trust funds,
- Private-purpose trust funds, and.
- Custodial funds.
Why is the measurement focus important quizlet?
The measurement focus determines what is measured , the basis of accounting determines when something is measured. The economic resources measurement focus measures all economic resources, including fixed assets and long-term debt.
What are government wide financial statements?
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.
What are internal service funds used for?
Internal service funds are established to account for any activity that provides goods or services to other funds, departments or agencies of the primary government and its component units , or to other governments, on a cost-reimbursement basis.
