What measurement focus and basis of accounting should be used by a local government's private-purpose trust fund?
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What measurement focus and basis of accounting should be used by a local government's private-purpose trust fund?
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Current financial resources Modified accrual |
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Economic resources Modified accrual |
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Current financial resources Accrual |
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Economic resources Accrual |
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- capital assets used by governmental funds should be reported in?How do governmental funds report capital outlay in fund financial statements? How do government-wide financial statements report capital expenditures?In a governmental fund, which of the following is considered an expenditure? a. The purchase of a capital asset b. The consumption of supplies c. Salaries earned by employees d. All of the above
- Explain the modified accrual basis of accounting. Why is it used for governmental fund financial statements?Which Statement is presented using the accrual basis of accounting? Multiple Choice A. Governmental Fund Balance Sheet B. Government-Wide Statement of Activities C. Statement of Revenues, Expenditure and changes in Fund Balances D. Both A and B choices are true.What costs necessitate the reporting of an expenditure by a governmental fund?
- Explain the modified accrual foundation for accounting. In the context of governmental funds, why does it appear in the financial reports?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 fundsWhich of the financial statements described below is prepared by the general fund of a state or local government? Group of answer choices a.) A statement of revenues, expenses, and changes in retained earnings. b.) An income statement. c.) A statement of revenues, expenditures, and changes in fund balance.
- In applying the current financial resources measurement focus, when are liabilities recognized in fund financial statements?Which of the following is a governmental fund? Special revenue fund Internal service fund Capital projects fund Debt service fundWhich of the following statements is correct about the reporting of governmental funds? Choose the correct.a. Fund financial statements measure economic resources.b. Government-wide financial statements measure only current financial resources.c. Fund financial statements measure both economic resources and current financial resources.d. Government-wide financial statements measure economic resources.