Answered: The governmental fund financial…

Business

Accounting

The governmental fund financial statements are intended to report on fiscal accountability. True or False

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Which among the following process is related to fund allocation for different activities? a.…

A: The fund is a fiscal and bookkeeping substance with a self-adjusting set of accounts recording cash…

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: accounts o

A: Modified accrual basis of accouting is generally used by the government agency or say government. it…

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: 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: the fund-based and government-wide financial statements of a state or local government and the…

A: Not-for-profit (NFP) entities:It is an individual or group of people who work together to attain…

Q: rnings per Share, Price-Earnings Ratio, Dividend Yield The following information was taken from the…

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: 11. Depreciation of general capital assets should be reported in the Governmental Activities column…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: How are internal service funds reported on government-wide financial statements?

A: A government-wide financial statement is a comprehensive summary of all the major government funds,…

Q: Which Statement is presented using the accrual basis of accounting? Multiple Choice A. Governmental…

A: The accrual basis of accounting is a system of documenting and reporting financial transactions in…

Q: governmental funds

A: Government uses income and expenditure account, general fund, receipts and payments account etc. to…

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 of the following is true regarding capital projects funds?

A: Capital projects funds are used to finance large-scale capital projects such as building…

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: Which of the following is incorrect with respect to fund balances? Multiple Choice Restricted…

A: It is the total amount accumulated or deficit incurred from operating surpluses from the beginning…

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: examples of items (transactions) that would require reconciliation of total governmental fund…

A: GIVEN 3 examples of items (transactions) that would require reconciliation of total governmental…

Q: What are the purpose and financial reporting requirements for the General and Special Revenue Funds?…

A: The general fund is the primary operating fund of a government, and it is responsible for anything…

Q: Which basis of accounting should be used when preparing a budgetary comparison schedule (or…

A: Answer:- Budgetary meaning:- To put it succinctly, budgetary refers to everything associated with a…

Q: For governmental funds, what measuring emphasis is utilized in the fund financial statements, and…

A: Solution are as follows

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: 8) Governmental fund financial statements are prepared on the ________ basis of accounting.…

A: Modified Accrual Accounting is alternative method of book keeping. This method combines accrual…

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

Q: Which of the following is not an objective of financial reporting by state and local governments?

A: The objective of financial reporting by state and local governments includes: (1) To provide…

Q: Why are budgetary entries recorded in the individual funds of a state or local government?

A: Funds: Funds refers to an amount of money which is set aside or saved by individuals, government,…

Concept explainers

Budgeted Income Statement

Accounting is the process of recording business-related financial transactions. The process of accounting involves summarizing and analyzing the transactions. The financial statements which are prepared in accounting contain a summary of the various transactions that took place within a certain accounting period. Book-keeping or accounting is one of the most important activities of any business.

Question

The governmental fund financial statements are intended to report on fiscal accountability.

True or False

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The cornerstone of external financial reporting for governmental units and not-for-profit organizations is: a. to show the flow of financial resources b. to determine profit or loss c. to compare budgeted to actual resources d. accountability
Describe the modified accrual foundation for accounting. For what purposes does it appear in the financial accounts of government-sponsored funds?
Which of the following is not a category of program revenue reported on the statement of activities at the government wide level? a. General program revenue b. Charge for services c. Operating grants and contribution d. Capital grants and contribution
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.
Discuss 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?
The cost accountant for M. Company wants to determine the cost of factory overhead. Based on observation and discussions with plant workers, you feel that five accounts are most relevant. Two are fixed- supervisory salaries and depreciation- and the remaining three are variable. Indirect labor is primarily used to move materials and varies with a number of moves. The largest component of utilities is electricity to run production machinery; which is driven by machine hours. Purchasing seems to be driven by the number of purchase orders. The accounts and their balances for the past six months are shown below: Indirect Plant and Labor Supervisory Equipment Cost Utilities Purchasing Salaries Depreciation July $14,250 $12,000 $38,200 $20,000 $6,500 Aug 15,800 10,600 35,400 23,000…
7) Explain the government fund financial statement?
List some of the major adjustments required when converting from fund financial statements to governmentwide statements. Why are these adjustments necessary?
On 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.
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.