Discuss state and local governments financial statements and what are the potentials changes to them?
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Discuss state and local governments financial statements and what are the potentials changes to them?
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- What are the basic financial statements that a state or local government now produces?What benefits are derived from including the management’s discussion and analysis in state and local governmental financial reports? What information is required to be included in the MD&A?What does the management’s discussion and analysis (MD&A) normally include? Where does a state or local government present this information?
- What are some major adjustments required when converting from fund financial statements to government-wide statements?There will be certain key modifications needed when going from fund-to-government-wide accounting. What's the rationale for these changes?Summary of objectives under new government accounting system
- List some of the major adjustments required when converting from fund financial statements to governmentwide statements. Why are these adjustments necessary?Discuss the factors affecting financial conditions of governmental organizations..Discuss the purpose of the capital projects fund, debt service fund, and permanent fund. 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?
- Explain the meaning of public expenditure and how it does expand state functions and its activities.On what should the governmental fund financial statements report? Multiple Choice Cost of government services. Net position and results of financial operations of the government as a whole. Fiscal accountability. Operational accountability.Preparation of government-wide statement of activities