How has the dual system of financial statements impacted the financial reporting of state and local governments?
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How has the dual system of financial statements impacted the financial reporting of state and local governments?
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- Differentiate between the two sets of financial statements produced by state and local governments.How the hierarchy of U.S. generally accepted accounting principles for state and local government accounting can be used to resolve financial reporting issues?Explain the history of and the reasons for the unique characteristics of the financial statements produced by state and local governments.
- In government-wide financial statements, how do intra-activity and interactivity transactions differ? How is each type of transaction reported?What are the basic financial statements that a state or local government now produces?What are the two government-wide financial statements? What does each normally present?
- What are two major legal differences between state governments, and businesses, that would affect the financial reporting needs of governments?What are the two major divisions reported in government-wide financial statements? What funds are reported in these financial statements?What are the key sources of revenues among the federal, state, and local governments? What are the key differences?
- 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?Which of the following has the least amount of official authority for the financial reporting of state and local governments? Choose the correct.a. GASB Technical Bulletins.b. GASB Statements of Governmental Accounting Standards.c. GASB Concepts Statements.d. GASB Implementation Guides.Which of the following is true regarding the government-wide financial statements? a. The government-wide financial statements include the statement of net position and the statement of activities. b. The government-wide financial statements are to be prepared using the economic resources measurement focus and the accrual basis of accounting. c. The government-wide financial statements include information for governmental activities, business-type activities, the total primary government, and its component units. d. All of the above are true.