List some of the major adjustments required when converting from fund financial statements to governmentwide statements. Why are these adjustments necessary?
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Q: What are some major adjustments required when converting from fund financial statements to…
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List some of the major adjustments required when converting from fund financial statements to governmentwide statements. Why are these adjustments necessary?
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- What are some major adjustments required when converting from fund financial statements to government-wide statements?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?Which of the following adjustments is necessary to move from governmental fund financial statements to government-wide financial statements? a. Eliminate expenditures for debt principal b. Eliminate expenditures for capital outlay and add depreciation expense c. Both of the above d. Neither of the above
- There will be certain key modifications needed when going from fund-to-government-wide accounting. What's the rationale for these changes?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?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.
- Explain the modified accrual basis of accounting. Why is it used for governmental fund financial statements?Describe the modified accrual foundation of accounting in further detail. What is the purpose of using it in financial statements for government-sponsored funds?Which of the following statements is correct about the reporting of governmental funds? Choose the correct.a. Fund financial statements measure revenues and expenditures based on modified accrual accounting.b. Government-wide financial statements measure revenues and expenses based on modified accrual accounting.c. Fund financial statements measure revenues and expenses based on accrual accounting.d. Government-wide financial statements measure revenues and expenditures based on accrual accounting.
- What is the basic structure of government-wide financial statements and fund financial statements (as produced for the governmental funds)?What measurement focus is used in fund financial statements for governmental funds, and what system is applied to determine the timing of revenue and expenditure recognition?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.