services only to other departments or agencies of the government on a cost-reimbursement basis? Group of answer choices
Q: The GASB identifies one of the broadest objectives of government financial reporting as: A.…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Which of the following funds does not get consolidated into the Governmental Activities section of…
A: Introduction: Taxes, intergovernmental income, and other nonexchangeable earnings are used to fund…
Q: Which of the following uses the flow of current financial resources measurement focus? a. Internal…
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Q: Which of the following statements is true? O a. The principal of permanent funds are classified as…
A: Permanent Funds: It may be referred to as a fund wherein the principal amount isn't being utilized…
Q: Which of the following statements is true regarding the basic financial statements of a state or…
A: Basic financial statements of government includes fund financial statement, government wide…
Q: In a governmental fund, which of the following is considered an expenditure? a. The purchase of a…
A: Expenditure: It can be defined as a payment that is made either via cash or credit card to purchase…
Q: Which of the following adjustments is necessary to move from governmental fund financial statements…
A:
Q: Which of the following is budgetary account: a. Budgetary fund balance b. Revenue- fines and fees c.…
A: Budgetary accounts are those accounts that are used to reflect the operations in budget and budget…
Q: Which of the following is true regarding government-wide financial statements? a. Internal service…
A: Funds refers to an amount of money which is set aside or saved by individuals, government,…
Q: Which of the following is not a governmental fund? Choose the correct.a. Special revenue fundb.…
A:
Q: What is the purpose of a special revenue fund? Choose the correct.a. To account for revenues legally…
A: Special revenue fund refers to fund used within governmental body to record proceeds from certain…
Q: Which of the following would not be included as a reconciling item in reconciling the governmental…
A: Reconciliations helps in detecting the mistakes, errors, frauds by checking the accuracy of the data…
Q: Under the reporting model required by GASB Statement No. 34, fund statements are required for…
A: 1.
Q: With respect to the content of government-wide statements, which of the following is correct? A)…
A: Government wide financial statements are those statements which provide the detailed summary of all…
Q: What are the measurement focuses and basis of accounting of governmental funds? What is the…
A: It is necessary that every government agency and department maintain accurate financial accounting…
Q: Complete the blank as appropriate: Internal Service funds account for activities in which goods or…
A: The government uses a different way to report their financial statements than the private sector…
Q: Using information in the relevant IPSASs, give a comprehensive definition (with examples) of revenue…
A: Cash flow statement Cash flow statement which are used to assess the information of total net…
Q: Net program expense is a measure of the extent to which a program is self-financing (versus needs…
A: A statement of activities states the reporting of the expenses and revenue of the nonprofit…
Q: Which of the following statements is correct about the reporting of governmental funds? Choose the…
A: Financial statements are condensed summary of transactions communicated in the form of reports for…
Q: If not expenditure driven, a grant approved and paid by the federal government to assist in a city’s…
A: As reimbursable expenditure is required to be prior recorded, revenues are the grants from outside…
Q: Which of the following is true regarding government-wide financial statements? a. Internal service…
A: Internal service funds are normally classified as governmental types activities. Component units are…
Q: Which of the following is not part of the basic financial statements? a. Government-wide statement…
A: Basic financial statements are those statements which provide view of financial position of the…
Q: Special revenue funds are created by the government for the use of special purposes. Why are those…
A: special revenue fund are used to record an account for and report the specific proceeds of revenue…
Q: n accordance with gasb 34 basic financial statements and management's discussion and analysis for…
A: Solution Concept GASB 34 basically has required a separate column to be prepared for the activities…
Q: What is the purpose of enterprise funds? To account for operations that provide services to other…
A: An enterprise fund is a fund collected separately from the main government fund to support the…
Q: Discuss the measurement focus used in governmental accounting and the financial transactions…
A: In government accounting, cash basis accounting is followed. The objective of Government accounting…
Q: Which of the following statements is correct about the reporting of governmental funds? Choose the…
A:
Q: In addition to the government-wide statements, governments are required to prepare fund financial…
A: Government wide financial statements are those financial statements of government which are prepared…
Q: The commercial business activities are governed by the market places then the government…
A: Fund financial statements are a record of individual major funds and non major funds. Government…
Q: What measurement focus is used in fund financial statements for governmental funds, and what system…
A: The government wide financial statements includes preparation of two statements – statement of net…
Q: What is the purpose of enterprise funds? Choose the correct.a. To account for operations that…
A: The correct answer is Option (d).
Q: lain briefly why Government funds or property shall be spent or used solely for public purposes.
A: A government fund is a grouping used in accounting for tax-supported operations undertaken by the…
Q: Which one of the following fund activities are reported only in the fund financial statements and…
A:
Q: Which of the following is not a category of program revenue reported on the statement of activities…
A: Answer: Option A is the Correct Answer i.e General program revenue.
Q: Assets and liabilities of activities for which the government is acting in either an agency or…
A: The government uses a different way to report their financial statements than the private sector…
Q: Which of the following identifies the reason that we need reconciliations between governmental funds…
A: To identifies the reason that we need reconciliations between governmental funds and government-wide…
Q: Which of the following funds of a governmental unit recognizes revenues in the accounting period…
A: General fund: It is the basic fund of the government. It is a fund used by the government to…
Q: Expenses that are specifically identified with a program or function are reported in the…
A: Direct expenses are the Expenses that are specifically identified with a program or function are…
Which of the following funds provides goods and services only to other departments or agencies of the government on a cost-reimbursement basis?
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- Which of the following is not a category of program revenue reported on the statement of activities at the government wide level? a. General program revenue b. Charge for services c. Operating grants and contribution d. Capital grants and contributionWhich of the following is true regarding government-wide financial statements? a. Internal service funds are normally included with governmental-type activities. b. Component units and fiduciary funds are not included. c. Both of the above d. Neither of the aboveWhich of the following funds of a governmental unit recognizes revenues in the accounting period only when they are both available and measurable? General Fund Enterprise Fund a. Yes No b. No Yes c. Yes Yes d. No No
- Governments often provide goods and services to citizens or other governmental units at a fee. These activities are accounted for in: a. the general fund b. governmental funds c. proprietary funds d. special revenue fundsWhich 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 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 following is not part of the basic financial statements? a. Government-wide statement of net position b. Proprietary funds statement of revenues, expenses, and changes in fund net position c. Combining balance sheet—nonmajor governmental funds d. Notes to the financial statementsDiscuss 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 statements is correct about the reporting of governmental funds? Choose the correct.a. Fund financial statements measure economic resources.b. Government-wide financial statements measure only current financial resources.c. Fund financial statements measure both economic resources and current financial resources.d. Government-wide financial statements measure economic resources.
- Which of the following is true regarding government-wide financial statements? a. Internal service funds are not included with governmental-type activities. b. Component units and fiduciary funds are not included. c. Both of the above d. Neither of the aboveGovernment-wide financial statements make a distinction between program revenues and general revenues. How is that difference shown? Choose the correcta. Program revenues are offset against the expenses of a specific function; general revenues are assigned to governmental activities and business-type activities in general.b. General revenues are shown at the top of the statement of revenues and expenditures; program revenues are shown at the bottom.c. General revenues are labeled as operating revenues; program revenues are shown as miscellaneous income.d. General revenues are broken down by type; program revenues are reported as a single figure for the government.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