Advanced Accounting
12th Edition
ISBN: 9781305084858
Author: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Publisher: Cengage Learning
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Question
Chapter 17, Problem 4.8E
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 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 above
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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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- 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 Č. sometimes detailed int the management discussion and analysis D. sometimes reported in government activities and sometimes in business-type activitiesarrow_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_forwardPlease 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
- With respect to the content of government-wide statements, which of the following is correct? A) Internal service funds are typically reported in the governmental activities sections of the government-wide statements, while fiduciary activities are not included in the governmentwide statements. B) Fiduciary activities are included the government-wide statements and internal service funds are not included in the government-wide statements. C) Interfund transactions are not adjusted when preparing the government-wide statements because they cancel each other out. D) Interfund transaction are separately stated to show detail but do not affect the ending balances on the statements because revenues equal expenses.arrow_forwardWhich of these disclosures is not required by IAS 20? (a) The accounting policy adopted for government grants, including methods of presentation adopted in the financial statements. (b) Unfulfilled conditions and other contingencies attaching to government assistance. (c) The names of the government agencies that gave the grants along with the dates of sanction of the grants by these government agencies and the dates when cash was received in case of monetary grants. (d) The nature and extent of government grants recognized in the financial statements and an indication of other forms of government assistance from which the entity has directly benefited.arrow_forwardV6. What is the entity in charge of creating and ensuring accounting standards for government organizations? Do you understand that government accounting standards offer some benefit to users of financial statements? Explain Distingue entre fondos gubernamentales y fondos de propietario Name and explain the two types of owner funds.arrow_forward
- 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 statementsarrow_forward12. Which of the following is required by the Governmental Accounting Standards Board (GASB)? O a) Only one set of financial statements, prepared using the acerual basis of accounting. b) Only one set of financial statements, prepared using the modified acerual basis of accounting. c) Two sets of financial statements: • one that views the government as a collection of separate funds and reports using the current financial resources measurement focus and modified accrual basis of accounting for governmental funds; AND • one that views the government as a whole by combining all governmental activities in one column and all business-type activities in another column using the acerual basis of accounting for both columns. d) Two sets of financial statements: • one that views the government as a whole using the current financial resources measurement focus and modified accrual basis of accounting: AND • one that views the government by function and combines all governmental activities in…arrow_forward11. 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_forward
- Which one of the following fund activities are reported only in the fund financial statements and not reported in the government-wide financial statements? a. None of the options b. Activities of the fiduciary funds c. Activities of the proprietary funds d. Activities of the general fundsarrow_forwardTRUE OR FALSE. Please provide an explanation if false. 1. Technically, only the Journals and Ledgers are considered accounting records; the Registries are budget records. 2. Separate accounting records and budget registries are maintained for each fund cluster. 3. Government entities and business entities use term "obligation" or the phrase "incurrence of obligation" similarly. 4. The various registries maintained by government entities primarily serve as internal control for controlling and monitoring the conformance of actual results with the approved budget. 5. A check disbursement is normally recorded as a credit to the "Cash-Modified Disbursement System (MDS), Regular" account. 6. Both the ORS and RAOD are updated each time an obligation is incurred, a payable is recorded for the obligation incurred, and disbursements are made to settle the recorded payable 7. At the end of each year, an adjustment is made to revert…arrow_forwardWhich of the following funds does not get consolidated into the Governmental Activities section of the Statement of Net Position? A. Permanent B. Debt Service C. Internal Service D. Investment Trustarrow_forward
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