the fund-based and government-wide financial statements of a state or local government and the primary differences between

Q: Which of the following funds is used to account for government sponsored investment pools that…

A: An Investment Trust Fund is a fund that develops when the government sponsors a multi-government…

Q: Which of the following funds does not get consolidated into the Governmental Activities section of…

A: Introduction: Taxes, intergovernmental income, and other nonexchangeable earnings are used to fund…

Q: Using information in the relevant IPSASs, give a comprehensive definition (with examples) of revenue…

A: Comprehensive definition (with examples) of revenue appropriate for a Central Government: Revenue…

Q: In Governmental and Nonprofit Accounting, the use of fund accounting is a unique feature, allowing…

A: In Governmental and Nonprofit Accounting, the use of fund accounting is a unique feature, allowing…

Q: xplain the financial statements that are needed for an Enterprise Fund to meet the requirements for…

A: As per Generally Accepted Accounting Principles (GAAP), companies are required to report on the…

Q: What is the reason that fund accounting has traditionally been a prominent factor in the internal…

A: Fund refers to a self-balancing set of accounts including cash as well as other financial resources,…

Q: 12) Internal Service Funds differ from Enterprise Funds because Internal Service Funds A) are a…

A: Internal Service is used to track goods and Services transferred to other government agencies on…

Q: Explain the history of and the reasons for the unique characteristics of the financial statements…

A: The basic two types of financial statements that are produced by the state and local governments are…

Q: Provide example of an internal service funds, describe the services provided and received within the…

A: Introduction:- An Internal Service Fund is one that primarily offers benefits, commodities, or…

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: how may resources in the general fund can be assigned to a specific purpose (if that is the intent…

A: The gap between assets as well as liabilities throughout the government expenditures balance sheet…

Q: Which of the following is true regarding government-wide financial statements? a. All capital…

A: The GASS is the board that provides the guideline to the governmental units about proper accounting…

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: How are budget results shown in the financial reporting of a state or local government?

A: Comparisons between the original budget, the final budget (as amended) and actual figures must be…

Q: statements

A: Net position, statement of net cost and statement of cash flows are common for both for profit…

Q: When a component unit is discretely presented in the reporting entity (under the umbrella with the…

A: Fund Financial Statement - Under Fund financial statement detailed information of government major…

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: Governmental-type funds report on financial assets, capital assets, and near-term liabilities. True…

A: There are three types of accounting used in general.Cash Basis : WHere the transaction is recorded…

Q: List and define the five classifications of government funds and provide an example for each…

A: The five classifications of governmental funds are: General Fund Special Revenue Fund Debt Service…

Q: 4. Governmental fund financial statements are prepared using: a) A current financial resources…

A: Explanation: As its preparing the Governmental fund financial statements which will be prepared…

Q: Net program expense is a measure of the extent to which a program is self-financing (versus needs…

A: A statement of activities states the reporting of the expenses and revenue of the nonprofit…

Q: What are current IFRS standards for accounting for government grants?

A: The objective of this question is to understand the current International Financial Reporting…

Q: There will be certain key modifications needed when going from fund-to-government-wide accounting.…

A: When we talk about "government accounting," we're talking about how the government's financial…

Q: Which of the following funds are classified as proprietary funds? Group of answer choices a.)…

A: The fund which is used to account for the business transactions are proprietary funds. These…

Q: General purpose financial statements in the public sector provide the following information except *…

A: Solution: General purpose financial statements in the public sector provide the following…

Q: What measurement focus and basis of accounting should be used by a local government's…

A: The appropriate measurement focus and basis of accounting for a local government's private-purpose…

Q: State and local governments and not-for-profit organizations that receive grants or contracts from…

A: State and local governments and not-for-profit organizations that receive grants or contracts from…

Q: services only to other departments or agencies of the government on a cost-reimbursement basis?…

A: Meaning of Inter Departmental Transactions Interdepartmental transactions are those transactions…

Q: Discuss the differences between governmental statements of cash flows prepared for proprietary funds…

A: I) The preparation of financial statements is a fundamental aspect of transparent and accountable…

Q: Discuss state and local governments financial statements and what are the potentials changes to…

A: The financial statement is prepared for showing the results of the business and non-business…

Q: In addition to the government-wide statements, governments are required to prepare fund financial…

A: Government wide financial statements are those financial statements of government which are prepared…

Q: Why accounting for budgetary accounts, Accounting for Disbursement, Revenue Receipts and other…

A: The government will run its operations for the welfare of the people. The government also will try…

Q: Note 32 lists “other provisions.”a. Do the beginning and ending balances of total provisions and…

A: a. Beginning current and non - current provisions and retirement benefits are €731 and €1,404. Thus,…