Answered: The governmental fund financial…

Business

Accounting

The governmental fund financial statements are intended to report on fiscal accountability. True or False

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 2TP: It is proper budgeting procedure to begin with estimated revenues, but why might some nonprofit...

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Concept explainers

Budgeted Income Statement

Accounting is the process of recording business-related financial transactions. The process of accounting involves summarizing and analyzing the transactions. The financial statements which are prepared in accounting contain a summary of the various transactions that took place within a certain accounting period. Book-keeping or accounting is one of the most important activities of any business.

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The governmental fund financial statements are intended to report on fiscal accountability.

True or False

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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.
A statement of revenues, expenditures, and changes in fund balances is used to report the inflows and outflows of current financial resources of governmental funds. True False
Which of the following statements is correct about the reporting of governmental funds? Fund financial statements measure economic resources. Government-wide financial statements measure only current financial resources. Fund financial statements measure both economic resources and current financial resources. Government-wide financial statements measure economic resources.
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?
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 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.
In addition to the government-wide statements, governments are required to prepare fund financial statements for governmental funds only. true or false
For governmental funds, what measuring emphasis is utilized in the fund financial statements, and what mechanism is used to establish the timing of income and expenditure recognition?
What is the basic structure of government-wide financial statements and fund financial statements (as produced for the governmental funds)?
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?
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?