Advanced Accounting
Advanced Accounting
12th Edition
ISBN: 9781305084858
Author: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Publisher: Cengage Learning
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Chapter 17, Problem 17.1.11P
To determine

Introduction: As per GASB, the accounting for funds of a governmental unit is different from that of private units.

To select: The correct option.

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GASB provides guidance for reporting by special-purpose entities. That guidance depends upon whether special-purpose entities are engaged in activities that are governmental-type, business-type only, or fiduciary-type only. Discuss the guidance and list required basic financial statements for: a. Governments engaged in governmental-type activities. Include those that are engaged in governmental- and business-type activities, more than one governmental activity, and only one governmental activity. b. Governments engaged in business-type activities only. c. Governments engaged in fiduciary-type activities only
V5. Describes required reporting for governmental and non-governmental non-profit entities
4.Internal service fund activities are: A. not allowed to be reported as part of businessotype activities B. required to be reported as part of governmental activities ÄŚ. sometimes detailed int the management discussion and analysis D. sometimes reported in government activities and sometimes in business-type activities
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