What are the 2 government-wide financial statements?
The government-wide financial statements are as follows: statement of net assets; and. statement of activities.
On what do the government-wide financial statements report quizlet?
The governmental fund financial statements are intended to report on fiscal accountability. Both the GASB and the FASB require entities to include a management discussion and analysis in the financial reports.
What are 3 types of governmental fund statement?
There are several types of government funds, which are groupings used in accounting for tax-supported activities completed by the federal government. There are three major types of funds. These types are governmental, proprietary, and fiduciary.
How is government wide financial statements prepared?
The government-wide financial statements are prepared using the economic resources measurement focus and the accrual basis of accounting, as are the Enterprise Funds, Component Units and the Fiduciary Funds financial statements.
Which of the following are government wide financial statements required by GASB standards?
Which of the following are government-wide financial statements required by GASB standards? Statement of net position and statement of cash flows.
On what do the government-wide financial statements primarily report?
government-wide financial statements only. Assets and liabilities of activities for which the government is acting in either an agency or trustee capacity for individuals organizations or other governments should be reported in: The fiduciary fund financial statements.
What are the two major divisions reported in government-wide financial statements what funds are not reported in these financial statements?
In the government-wide financial statements, both the debt and the infrastructure asset are recorded. Amounts are assessed, reported as revenues, collected, and used to pay the debt. Even if the government has liability, the infrastructure asset and long-term debt are not recorded in the fund financial statements.
On what do the government wide financial statements primarily report?
What items are reconciled when preparing the government wide financial statements?
The reconciliation also explains adjustments made to the net change in fund balances on the statement of revenues, expenditures, and changes in fund balances of the governmental funds to arrive at the change in net position on the government-wide statement of activities.
Which of the following are government wide financial statements required by GASB standards quizlet?
Statistical section. Which of the following are government-wide financial statements required by GASB standards? Statement of net position and statement of cash flows.