Describe the modified accrual foundation of accounting in further detail. What is the purpose of using it in financial statements for government-sponsored funds
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Describe the modified accrual foundation of accounting in further detail. What is the purpose of using it in financial statements for government-sponsored funds?
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- Explain the modified accrual foundation for accounting. In the context of governmental funds, why does it appear in the financial reports?Explain the modified accrual accounting method. Why is it utilized in financial statements for government funds?Explain the modified accrual basis of accounting. Why is it used for governmental fund financial statements?
- What are some major adjustments required when converting from fund financial statements to government-wide statements?The modified accrual foundation of accounting should be explained. When preparing financial accounts for government entities, why is this method employed?Please describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments' accounting standards?
- Complete the blank as appropriate: Governmental financial reports are used primarily to assist in determining ...... with finance related laws, rules and regulations.List some of the major adjustments required when converting from fund financial statements to governmentwide statements. Why are these adjustments necessary?What are the two major divisions reported in government-wide financial statements? What funds are reported in these financial statements?
- What is the basic structure of government-wide financial statements and fund financial statements (as produced for the governmental funds)?A government entity is required to include a statement of cash flows in which of the following financial statements? Governmental fund financial statements. Government-wide financial statements. Proprietary fund financial statements. Fiduciary fund financial statements.The modified accrual method of accounting is applied to which of the following funds or asset groups? a. Proprietary funds b. Governmental funds c. Fiduciary funds d. Government trust funds