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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 17.1.7P
To determine
Introduction: The GASB is the board that provides the guideline to the governmental units about proper accounting of transactions. 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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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. All capital assets, including infrastructure, are required to be reported. b. Internal service funds are not included. c. Both of the above d. Neither of the above
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.
Chapter 17 Solutions
Advanced Accounting
Ch. 17 - Prob. 1UTICh. 17 - Prob. 2UTICh. 17 - Prob. 3UTICh. 17 - Prob. 4UTICh. 17 - Prob. 5UTICh. 17 - Prob. 6UTICh. 17 - Prob. 4.1ECh. 17 - Prob. 4.2ECh. 17 - Prob. 4.3ECh. 17 - Prob. 4.4E
Ch. 17 - Prob. 4.5ECh. 17 - Prob. 4.6ECh. 17 - Prob. 4.7ECh. 17 - Prob. 4.8ECh. 17 - Prob. 4.9ECh. 17 - Prob. 4.10ECh. 17 - Prob. 5ECh. 17 - Prob. 6.1ECh. 17 - Prob. 6.2ECh. 17 - Prob. 6.3ECh. 17 - Prob. 6.4ECh. 17 - Prob. 6.5ECh. 17 - Prob. 6.6ECh. 17 - Prob. 7ECh. 17 - Prob. 17.1.1PCh. 17 - Prob. 17.1.2PCh. 17 - Prob. 17.1.3PCh. 17 - Prob. 17.1.4PCh. 17 - Prob. 17.1.5PCh. 17 - Prob. 17.1.6PCh. 17 - Prob. 17.1.7PCh. 17 - Prob. 17.1.8PCh. 17 - Prob. 17.1.9PCh. 17 - Prob. 17.1.10PCh. 17 - Prob. 17.1.11PCh. 17 - Prob. 17.1.12PCh. 17 - Prob. 17.3PCh. 17 - Prob. 17.4PCh. 17 - Prob. 17.5PCh. 17 - Prob. 17.7PCh. 17 - Prob. 17.8PCh. 17 - Prob. 17.9PCh. 17 - Prob. 17.11.1PCh. 17 - Prob. 17.11.2PCh. 17 - Prob. 17.11.3PCh. 17 - Prob. 17.12.1PCh. 17 - Prob. 17.12.2P
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- What are the differences between a cash flows statement prepared for a governmental electric utility versus one prepared for an investor-owned utility? What are five types of information must be presented in Management’s Discussion and Analysis (MD&A)? Which financial statement is each type of information derived from, if any? GASB Statement No. 34 mandates that the government reconcile total governmental fund balances per the fund balance sheet with net assets of governmental activities per the government-wide statements. What are likely to be the two largest reconciling items for most major cities? Why?arrow_forward1. What are the components that are included in the minimum requirements for general purpose external financial reporting?a. Introductory section, financial section, and statistical section.b. MD&A, government-wide financial statements, fund financial statements, notes to the financial statements, and RSI.c. Letter from the chief financial officer, government financial statements, notes to the financial statements, and RSI.d. MD&A, government-wide financial statements, notes to the financial statements, and RSI 2. Which of the following is not a required section of a federal agency or department’s performance and accountability report (PAR)?a. A performance section, which includes an annual performance report (APR).b. An MD&A.c. A basic financial statements section.d. A statement of nonparticipation in political matters. 3. The basic financial statements of a not-for-profit include all of the following excepta. Statement of financial position.b. Statement of activities.c.…arrow_forward6 Which of the following is a primary objective of financial reporting by state and local governments? Multiple Choice To provide information that can be used for capital allocation decisions made by external investors. To report on the legal requirements imposed on the government by its elected officials. To provide information that can be used to assess a government's accountability. To fulfill the government's statutory duty to report on cash received and cash disbursed.arrow_forward
- Which Statement is presented using the accrual basis of accounting? Multiple Choice A. Governmental Fund Balance Sheet B. Government-Wide Statement of Activities C. Statement of Revenues, Expenditure and changes in Fund Balances D. Both A and B choices are true.arrow_forwardThe commercial business activities are governed by the market places then the government organizations activities are governed by___________ a. Fund financial statements b. Governmentwide financial statement c. None of the options d. Appropriations and encumbrancesarrow_forwardWhich 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 statementsarrow_forward
- Which of the following items are included in the governmental activities column of the government- wide financial statements through worksheet journal entries? A) General Capital Assets. B) General Long-Term Debt. C) Internal Service Funds servicing governmental departments. D) All of the choices are correct.arrow_forwardWhich 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 abovearrow_forward1 Which of the following is not an objective of financial reporting by state and local governments? Multiple Choice To assist users in assessing the adequacy of systems and controls. To assist users in assessing financial condition and results of operations. To assist financial report users in comparing actual financial results with the legally adopted budget. To assist in determining compliance with finance-related laws, rules, and regulations.arrow_forward
- 11. Depreciation of general capital assets should be reported in the Governmental Activities column of the government-wide financial statements. FALSE) (TRUE / 12. The accounting system for proprietary funds shouldn't provide for integration of budgetary accounts. (TRUE / FALSE) 13. Separate columns must be provided in the government-wide financial statements for governmental activities, business-type activities, and fiduciary activities. (TRUE / FALSE) 14. 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) 15. Government-wide financial statements report financial transactions related to the governmental, business-type, and fiduciary activities government. (TRUE / FALSE) of thearrow_forwardHow to record a trade-in? A.) Government Wide :Record at ticket price of the new asset B.) Fund statement: only the cash aspects of the transaction be recognized as expenditures C.) Losses and gains should be recognized on fund statements. D.) No losses and gains should be recognized on government wide financial statementarrow_forwardUsing information in the relevant IPSASs, give a comprehensive definition (with examples) of revenue and expenditure appropriate for a Central Government. The IPSASs indicated some benefits of Cash Flow Information. State any two of these benefits to an entity and also the general public.arrow_forward
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