Explain the modified accrual foundation for accounting. In the context of governmental funds, why does it appear in the financial reports?
Q: Aside from issuing bonds, what do you suggests as other means of funding or can government source…
A: Bonds can be referred to as the instruments which are issued by entities and government for raising…
Q: The modified accrual foundation of accounting is used by which fund category? Under the modified…
A: Introduction: Another accounting approach that combines accumulation premise bookkeeping and cash…
Q: Which of the following uses the flow of current financial resources measurement focus? a. Internal…
A: Current financial resources measurement focus : The name itself specifies that financial statement…
Q: At what point in time does a governmental fund report an expenditure?
A: Definition: Governmental (expendable) funds: Governmental (expendable) funds are used in the state…
Q: Which of the following statements is correct about the reporting of governmental funds? Fund…
A:
Q: What are the two fund financial statements for governmental funds? What information does each…
A: Introduction Government Fund Financial statements includes General Funds, Special Revenue Fund, Debt…
Q: Which of the following adjustments is necessary to move from governmental fund financial statements…
A:
Q: accounts o
A: Modified accrual basis of accouting is generally used by the government agency or say government. it…
Q: Which of the following is an example of an interactivity transaction?a. Money is transferred from…
A: Interactivity transactions: The transactions which occur between the government funds and the…
Q: IPSASB developed
A: The IPSASB's current activities area unit centered on the event of International Public Sector…
Q: Revenues that are legally restricted to expenditures for specified purposes should be accounted for…
A: Revenue: It is the amount earned by a company or governmental organization on the delivery of goods…
Q: Describe the physical structure of a complete set of government-wide financial statements and a…
A: This question is answered generally by giving an overview of Governmental financial statements of…
Q: Which of the following would not be included as a reconciling item in reconciling the governmental…
A: Reconciliations helps in detecting the mistakes, errors, frauds by checking the accuracy of the data…
Q: What costs necessitate the reporting of an expenditure by a governmental fund?
A: In a government fund, expenditures are recognised in the accounting period in which goods and…
Q: How do governmental funds report capital outlay in fund financial statements? How do government-wide…
A: Explain how governmental funds report capital outlay in fund financial statements and how government…
Q: What are the two different ways that supplies and prepaid items can be recorded on fund financial…
A: There are two different methods to record supplies and prepaid items on fund financial statements:…
Q: It is important to understand the difference between custodial and trust funds. How many financial…
A: However, custodial funds are not covered in any trust fund types under the GASB criteria. People,…
Q: Which of the financial statements described below is prepared by the general fund of a state or…
A: The annual financial reports prepared by the government bodies are referred as governmental…
Q: What are the measurement focuses and basis of accounting of governmental funds? What is the…
A: It is necessary that every government agency and department maintain accurate financial accounting…
Q: Which fund category uses modified accrual basis of accounting? What are the recognition rules of…
A: The government uses a different way to report their financial statements than the private sector…
Q: What is the appropriate accounting for each of the phases, Capital projects funds and Debt services…
A: Investing in a built environment represents short-term costs that return only benefits on long-term…
Q: Explain the adjustments necessary to convert to a government-wide statement of activities, assuming…
A: The GASB is the board that provides the guideline to the governmental units about proper accounting…
Q: Discuss the various types of business-type funds used in governmental units and provide an example…
A: The two types of business-type funds used in governmental units are-: 1. Enterprise funds 2.…
Q: Accounting for permanent funds closely resembles the accounting for a. internal service funds. b.…
A: Fund: Funds refer to an amount of money which is set aside or saved by individuals, government, and…
Q: Explain t
A: Modified accrual accounting combines aspects of accrual basis accounting with cash basis accounting…
Q: For governmental funds, what measuring emphasis is utilized in the fund financial statements, and…
A: Solution are as follows
Q: Which of the following funds of a governmental unit recognizes revenues only in the accounting…
A: correct option with proper explanation are as follows
Q: Which of the following is not part of the basic financial statements? a. Government-wide statement…
A: Basic financial statements are those statements which provide view of financial position of the…
Q: Explain the modified accrual basis of accounting. Why is it used for governmental fund financial…
A: Modified accrual basis of accounting is a method of accounting where the revenues are recorded when…
Q: Which of the following statements is correct about the reporting of governmental funds? Fund…
A: Financial statements: Financial statements are condensed summary of transactions communicated in the…
Q: The IPSASB developed the IPSASs for government entities and departments who use the fund or cash…
A: SOLUTION BASIS OF ACCOUNTING IS THE TIME VARIOUS FINANCIAL TRANSACTIONS ARE RECORDED . THE CASH…
Q: Describe the disclosure requirements for an Enterprise Fund. Explain how disclosure assists users of…
A: Agencies reporting enterprise funds (a type of proprietary fund) or using enterprise fund accounting…
Q: Which of the following statements is correct about the reporting of governmental funds? Choose the…
A:
Q: What measurement focus is used in fund financial statements for governmental funds, and what system…
A: The government wide financial statements includes preparation of two statements – statement of net…
Q: Which of the following is true regarding the government-wide financial statements?a. The…
A:
Q: Which of the following is an example of an interactivity transaction? Money is transferred from the…
A: Interactivity transactions: The transactions which occur between the government funds and the…
Q: Which of the following is a governmental fund? Special revenue fund Internal service fund Capital…
A: The different types of Governmental funds are explained below: General Fund- This fund is used to…
Q: List some of the major adjustments required when converting from fund financial statements to…
A: Government accounting refers to the accounting under which all the financial transactions of the…
Explain the modified accrual foundation for accounting. In the context of governmental funds, why does it appear in the financial reports?
Step by step
Solved in 2 steps
- Explain the modified accrual accounting method. Why is it utilized in financial statements for government funds?Describe the modified accrual foundation of accounting in further detail. What is the purpose of using it in financial statements for government-sponsored funds?Explain the modified accrual basis of accounting. Why is it used for governmental fund financial statements?
- Is there a standard approach for determining when income and expenses are recognized in financial statements for governmental funds?Which financial statements are prepared using modified accrual accounting? A) Proprietary fund financial statements. B) Governmental fund financial statements. C) Government-wide financial statements. D) Both A. and B. E) Both B and C.What are some major adjustments required when converting from fund financial statements to government-wide statements?
- What are the purpose and financial reporting requirements for the General and Special Revenue Funds? Please include the way the modified basis of accounting is used to account for revenues and expenditures along with the use of budgetary accountsThe modified accrual foundation of accounting is used by which fund category? Under the modified accrual basis of accounting, what are the revenue and expenditures recognition rules?Which fund category accounts on a modified accrual basis? What are the revenue and expense recognition requirements for the modified accrual basis of accounting?
- The modified accrual method of accounting is applied to which of the following funds or asset groups? a. Proprietary funds b. Governmental funds c. Fiduciary funds d. Government trust fundsthe account deffered inflows of resources-unavailable revenues is used in governmental funds to record?Describe the purpose and the financial reporting requirements for the General and Special Revenue Funds. Include the way the modified basis of accounting is used to account for revenues and expenditures along with the use of budgetary accounts in your discussion.