Governmental-type funds report on financial assets, capital assets, and near-term liabilities. True False
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Governmental-type funds report on financial assets, capital assets, and near-term liabilities.
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- In applying the current financial resources measurement focus, when are liabilities recognized in fund financial statements?capital assets used by governmental funds should be reported in?How do governmental funds report capital outlay in fund financial statements? How do government-wide financial statements report capital expenditures?
- 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 focus of governmental funds in fund accounting is a(n): a. Economic Resource Measurement Focus. b. Financial Resources Measurement Focus. c. Cash Flow Measurement Focus. d. Accrual Measurement Focus.What measurement focus and basis of accounting should be used by a local government's private-purpose trust fund? Current financial resources Modified accrual Economic resources Modified accrual Current financial resources Accrual Economic resources Accrual
- Defines the meaning of Capital Projects Fund and Debt Service Funds.Prepare a Balance Sheet for the governemental Funds assumiong all unexpended spendable net resources in the capital projects fund are classified as restricted and in the debt service fund are classified as assigned.Which of the financial statements described below is prepared by the general fund of a state or local government? Group of answer choices a.) A statement of revenues, expenses, and changes in retained earnings. b.) An income statement. c.) A statement of revenues, expenditures, and changes in fund balance.
- The long-term asset account group is used for which of the following funds? Enterprise Capital Projects Internal Service General Both b and dWhat is the basic structure of government-wide financial statements and fund financial statements (as produced for the governmental funds)?Options are Agency Fund Capital Projects Fund Capital Projects Fund and Debt Service Fund Debt Service Fund Enterprise Fund Enterprise FUnd and the General Fund The General Fund The General Fund and the Internal Service Fund Internal Service Fund and the General Fund Internal Service Fund Trust Fund (Propietary)