Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Question
Chapter 3, Problem 3Q
To determine
State the format that is prescribed by the GASB for the government-wide statement of activities and also provide the manner by which the format benefits financial statement users.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
What benefits are derived from including the management’s discussion and analysis in state and local governmental financial reports? What information is required to be included in the MD&A?
Complete the blank as appropriate:
Governmental financial reporting focuses on stewardship and .......
Describe the physical structure of a complete set of government-wide financial statements and a complete set of fund financial statements.
Chapter 3 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 3 - Prob. 1QCh. 3 - Discuss the different ways in which depreciation...Ch. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Explain the essential differences between revenues...Ch. 3 - Prob. 6QCh. 3 - How do Budgetary Fund Balance and Fund Balances...Ch. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10Q
Ch. 3 - The city manager of University City is finalizing...Ch. 3 - Prob. 16.1EPCh. 3 - Prob. 16.2EPCh. 3 - Which of the following accounts neither increases...Ch. 3 - Prob. 16.4EPCh. 3 - Which of the following statements is true for...Ch. 3 - An internal allocation of funds on a periodic...Ch. 3 - Prob. 16.7EPCh. 3 - Prob. 16.8EPCh. 3 - Before placing a purchase order, a department...Ch. 3 - Prob. 16.10EPCh. 3 - Which of the following is correct concerning the...Ch. 3 - Prob. 16.12EPCh. 3 - Prob. 16.13EPCh. 3 - Prob. 16.14EPCh. 3 - Supplies ordered by the Public Works function of...Ch. 3 - Prob. 17EPCh. 3 - Prob. 18EPCh. 3 - Prob. 19EPCh. 3 - The following information is provided about the...Ch. 3 - On February 15, the Town of Evergreen police...Ch. 3 - The Town of Willingdon adopted the following...Ch. 3 - During July, the first month of the fiscal year,...Ch. 3 - The Town of Bedford Falls approved a General Fund...Ch. 3 - The printout of the Revenues and Appropriations...Ch. 3 - Review the computer-generated budgetary comparison...Ch. 3 - Prob. 27EPCh. 3 - Greenville has provided the following information...
Knowledge Booster
Similar questions
- 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_forwardWhich 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.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_forward
- How to prepare financial statements for a government agency and non-profit organization?arrow_forwardWhich 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_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
- Expenses that are specifically identified with a program or function are reported in the government-wide statement of activities as: a. Specific expenses. b. Direct expenses. c. Incremental expenses. d. Program expenses.arrow_forwardOn what should the governmental fund financial statements report? Multiple Choice Cost of government services. Net position and results of financial operations of the government as a whole. Fiscal accountability. Operational accountability.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
- 1. 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_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_forwardDiscuss the factors affecting financial conditions of governmental organizations..arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
