How are internal service funds reported on government-wide financial statements?
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How are internal service funds reported on government-wide financial statements?
A government-wide financial statement is a comprehensive summary of all the major government funds, for what they spend and how much money they have left.
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- What is the basic structure of government-wide financial statements and fund financial statements (as produced for the governmental funds)?What are the two major divisions reported in government-wide financial statements? What funds are reported in these financial statements?What are some major adjustments required when converting from fund financial statements to government-wide statements?
- How do governmental funds report capital outlay in fund financial statements? How do government-wide financial statements report capital expenditures?What is the purpose of the capital projects fund, debt service fund, and permanent fund. 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?Describe the modified accrual foundation of accounting in further detail. What is the purpose of using it in financial statements for government-sponsored 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.What are current IFRS standards for accounting for government grants?Explain the modified accrual foundation for accounting. In the context of governmental funds, why does it appear in the financial reports?
- 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?Why are budgetary entries recorded in the individual funds of a state or local government?Which of the following statements is correct about the reporting of governmental funds? Fund financial statements measure revenues and expenditures based on modified accrual accounting. Government-wide financial statements measure revenues and expenses based on modified accrual accounting. Fund financial statements measure revenues and expenses based on accrual accounting. Government-wide financial statements measure revenues and expenditures based on accrual accounting.