ACCOUNTING F/GOVERNMENTAL &NONPROFIT
17th Edition
ISBN: 9781308693934
Author: RECK
Publisher: MCG/CREATE
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Chapter 1, Problem 18.6EP
To determine
Identify the things included in minimum requirements for general purpose external financial reporting.
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A government entity is required to include a statement of cash flows in which of the following financial statements?
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Governmental fund financial statements.
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Government-wide financial statements.
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Proprietary fund financial statements.
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Fiduciary fund financial statements.
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Governmental financial reports are used primarily to assist in determining ...... with finance related laws, rules and regulations.
Which of the following is true regarding the government-wide financial statements?a. The government-wide financial statement includes a statement of cash flows.b. The government-wide financial statements are prepared on the financial resources measurement focus for governmental activities and the economic resources measurement focus for business-type activities.c. The government-wide financial statement includes a statement of net position.d. Infrastructure assets must be depreciated on the statement of activities.
Chapter 1 Solutions
ACCOUNTING F/GOVERNMENTAL &NONPROFIT
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Prob. 4QCh. 1 - Explain the meaning and significance of...Ch. 1 - Prob. 6QCh. 1 - Prob. 7QCh. 1 - What are the three sections of a comprehensive...Ch. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11CCh. 1 - Prob. 14CCh. 1 - Prob. 15CCh. 1 - Prob. 17EPCh. 1 - Prob. 18.1EPCh. 1 - Prob. 18.2EPCh. 1 - Prob. 18.3EPCh. 1 - Prob. 18.4EPCh. 1 - Prob. 18.5EPCh. 1 - Prob. 18.6EPCh. 1 - Prob. 18.7EPCh. 1 - Prob. 18.8EPCh. 1 - Prob. 18.9EPCh. 1 - The primary reason that not-for-profit (NFP)...Ch. 1 - Prob. 19EP
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- Which of the following best identifies the purpose of the government-wide financial statements? Multiple Choice  To provide an overview of how government would operate as a business-type entity. To provide detailed financial information on how the government’s financial performance compares to the prior reporting period. To provide an overview of the total government’s financial information.                                     To To provide detailed financial information about different funds of government.arrow_forwardDescribe the physical structure of a complete set of government-wide financial statements and a complete set of fund financial statements.arrow_forwardThe basic financial statements of a state or local government include all of the following except: a. A MD&A. b. Government-wide financial statements. c. Fund financial statements. d. Notes to the financial statements.arrow_forward
- 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?arrow_forwardDiscuss 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?arrow_forwardWhich 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.arrow_forward
- 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.arrow_forwardWhat are the two major divisions reported in government-wide financial statements? What funds are reported in these financial statements?arrow_forwardWhich 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.arrow_forward
- What is the basic structure of government-wide financial statements and fund financial statements (as produced for the governmental funds)?arrow_forwardWhich of the following would typically not be included in the introductory section of a comprehensive annual financial report?  Multiple Choice  Title and contents page.  Letter of transmittal.  A description of the government.  Summary of the government's current financial position and results of financial activities.arrow_forwardWhat 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?arrow_forward
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