The primary authoritative body for determining the measurement focus and basis of accounting standards for governmental fund operating statements is thea. Governmental Accounting Standards Board (GASB).b. National Council on Governmental Accounting (NCGA).c. Government Accounting and Auditing Committee of the AICPA (GAAC).d. Financial Accounting Standards Board (FASB).

What are some major adjustments required when converting from fund financial statements to government-wide statements?

The Federal Accounting Standards Advisory Board (FASAB) recommends accounting principles and standards for the federal government and its agencies and departments.   True or False

Activities of a general purpose government that provide the basis for GASB's financial accounting and reporting framework consist of governmental, business-type, and fiduciary. a. True b. False

The financial accounting Standards board is responsible for

custodial fund assets and liabilities are to be recognized: When the earnings process is complete and collection is reasonably assured At the time the government becomes responsible for assets. When they are available and measurable Only in the government wide financial statements.

What is GASB, Government Accounting Standards Board ?

Choose the correct. Which of the following is true about the management’s discussion and analysis (MD&A)?a. It is an optional addition to the comprehensive annual financial report, but the GASB encourages its inclusion.b. It adds a verbal explanation for the numbers and trends presented in the financial statements.c. It appears at the very end of a government’s comprehensive annual financial report.d. It replaces a portion of the fund financial statements traditionally presented by a state or local government.

The IPSASB developed the IPSASs for government entities and departments who use the fund or cash accounting in recording and reporting transactions. Using the principles, concepts and definitions set out by the IPSASB explain in details the differences between Cash Basis and Accrual Basis , and the reasons why there is a move from the Cash Basis to the Accrual Basis.

2-Discuss  the measurement focus used in governmental accounting and the financial transactions reported in different governmental funds.  How do revenues and expenditures of governmental funds differ from the revenues and expenses of other funds?