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- Discuss the various types of business-type funds used in governmental units and provide an example of when each is appropriate. Include how monitoring and reporting of business-type funds is similar and how it differs from the same functions in a corporation.
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- Discuss the various types of business-type funds used in governmental units and provide an example of when each is appropriate. Pleae include how monitoring and reporting of business-type funds are similar and how it differs from the same functions in a corporation.What are examples of various types of business-type funds used in governmental units? How are monitoring and reporting of business-type funds similar and how do they differ?Respond to the following in a minimum of 175 words: Discuss the various types of business-type funds used in governmental units and provide an example of when each is appropriate. Include how monitoring and reporting of business-type funds is similar and how it differs from the same functions in a corporation.
- V6. What is the entity in charge of creating and ensuring accounting standards for government organizations? Do you understand that government accounting standards offer some benefit to users of financial statements? Explain Distingue entre fondos gubernamentales y fondos de propietario Name and explain the two types of owner funds.Governmental funds are identical to governmental activities, proprietary funds are identical to business-type activities, and fiduciary funds are identical to fiduciary activities of a government. True or False(a) Financial reporting in the public sector involves reporting on the government’s financial position and its financial performance. Essentially, it concerns a process of communicating the financial information, whereby elected official make informed choices about how to use the government’s limited resources to best serve the interest of the public. Discuss FOUR (4) objectives of financial reporting. (b) All government revenues and monies received have to be accounted for into a fund known as the Consolidated Fund. Fund Accounting is a self-contained accounting entity with its own assets, liabilities, revenues, expenditures and fund balance. It is the financial accounting techniques adopted and reported in terms of funds in the operating statements and balance sheet of public sector organizations. There are three types of Consolidated Account in the fund. Discuss the THREE (3) accounts of Consolidated Fund.
- What is the reason that fund accounting has traditionally been a prominent factor in the internal recording of state and local governments?Describe the primary characteristics for governmental and not-for-profit entities. How does this differ from the primary characteristics for business organizations? Can you explain how budgetary accounting contributes to achieving budgetary control over revenues and expenditures for governmental entities and not-for-profit entities pleaseA 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.
- Which of the following is true regarding the incorporation of internal service funds into government-wide financial statements?a. Internal service funds are not included in the government-wide financial statements.b. Internal service funds are incorporated into the business-type activities section of the government-wide financial statements.c. Both of the aboved. Neither of the abovePlease 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?What are the measurement focuses and basis of accounting of governmental funds? What is the traditional rationale for this basis of accounting (used in governmental fund statements)--as opposed to, for example, either a full accrual basis or budgetary basis?