What are government-wide financial statements?
The GWFS are reported using the economic resources measurement focus and the full accrual basis of accounting. GWFS report information about the government as a whole without displaying individual funds or fund types.
What should basic government financial statements include?
Required governmental fund statements are a balance sheet and a statement of revenues, expenditures, and changes in fund balances. Required proprietary fund statements are a statement of net assets; a statement of revenues, expenses, and changes in fund net assets; and a statement of cash flows.
What are the three types of government funds?
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.
Which funds are eliminated when preparing government-wide financial statements?
When preparing the government-wide statements, an adjustment is required to eliminate the charge to expenditures for capital outlay and to record those expenditures as capital assets. : GASB requires that general capital assets be included in the government-wide financial statements.
On what should the government-wide financial statements report?
On what do the government-wide financial statements report? Operational accountability. Fiscal accountability. The governmental fund financial statements are intended to report on fiscal accountability.
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.
Why is GASB 34 important?
Why is GASB 34 important? The goal of GASB 34 was to improve financial transparency within state and local governments fiscal reports. The GASB 34 increases governmental accountability by allowing citizens to participate in deciding operating budgets of state and local governments.
What are the two types of government-wide financial statements?
Two main aspects of government-wide financial statements are the financial statement and the statement of net assets. The financial statement shows the revenue collected and the amounts that the government spent.
What are the 5 main types of government?
This lesson will discuss and differentiate between the five main forms of power, or government, utilized in past and present societies: monarchy, democracy, oligarchy, authoritarianism, and totalitarianism.
What makes up a government wide financial statement?
As a government-wide financial statement, it is designed to report the economic resources of the government as a whole (except for the fiduciary funds, which are not included because those assets must be used for a purpose outside the primary government).
What kind of accounting is used in government funds?
At the fund level, the measurement focus and the method of accounting depend on the fund in question. For governmental funds, the current financial resources measurement focus is used with modified accrual accounting. However, both proprietary funds and fiduciary funds use accrual accounting to measure economic resources.
Who are the members of the Governmental Accounting Standards Board?
FAF (Financial Accounting Foundation) created the Governmental Accounting Standards Board (GASB) in 1984 which replaced the NCGA in setting accounting principles for governments. GASB is composed of 7 members with various backgrounds including state and local governments, public accounting, academe, and user groups.
How does the accounting basis of the government work?
The accounting basis is intended to measure how the government spent the resources given to it and how much it currently has available to spend. When budgets are established, they are compiled at the fund level. Fund balance, then, generally measures how much a government has available to appropriate into the future budgets.
