Which of the following uses the flow of current financial resources measurement focus? a. Internal Service Fund b. Agency Fund c. Special Revenue Fund d. Enterprise Fund

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: The modified accrual method of accounting is applied to which of the following funds or asset…

A: The correct answer is: (B) Governmental funds  The modified accrual method of accounting is a…

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: l assets used by governmental funds should be reporte

A: Since capital assets are used to create revenue, they are crucial to businesses. They also offer…

Q: Use the following information to determine whether the Development Special Revenue and the Debt…

A: According to the GASB, a fund should be considered major if it meets any one of the following:The…

Q: Is there a standard approach for determining when income and expenses are recognized in financial…

A: The creation of two statements – a statement of net assets and a statement of activities – is…

Q: Multiple choice:  The accrual basis of accounting is used to account for revenues and expenditures…

A: Following is the answer to the given question

Q: In a governmental fund, which of the following is considered an expenditure? a. The purchase of a…

A: Expenditure: It can be defined as a payment that is made either via cash or credit card to purchase…

Q: The long-term asset account group is used for which of the following funds? Enterprise Capital…

A: Introduction: Long-term assets are investments in a firm that will benefit it for a long time.…

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: -------- is the sacrifice resources of the government Select one: a. Owners Equity b. Income c.…

A: Assets means the resources owned by company for doing business activities. Owner equity mean the…

Q: Which of the following is budgetary account: a. Budgetary fund balance b. Revenue- fines and fees c.…

A: Budgetary accounts are those accounts that are used to reflect the operations in budget and budget…

Q: Distinguish between accounting and financial reporting for state and local governments and VHWOs for…

A: Accounting: accounting is the systematic process where the transactions are recorded, classified and…

Q: Objective of public financial management

A: Financial management helps in the success of the business. It helps in planning and controlling 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: True or False questions D. The government-wide financial statements report the economic resources…

A: There are two methods of recording accounting, Cash basis & accrual basis. Cash Basis Revenue…

Q: rces in the general fund get assigned to a specific

A: Resource  allocation is considered to  important  part of business and investment . it is important…

Q: Traditional Approach of finance was limited to Select one: O a. Utilization of Funds

A: The traditional approach of finance deals only with the raising of funds to meet the financial…

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: 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: 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: As used in governmental accounting, expenditures are decreases in…

A: As per the governmental accounting, in order to recognise expenditure, the modified accrual basis is…

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: governmental funds

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

Q: The billings for transportation services provided to other governmental units are recorded by the…

A: Internal service funds play a crucial role in governmental accounting by documenting operations that…

Q: statements

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

Q: A government entity is required to include a statement of cash flows in which of the following…

A: The proprietary funds of a government entity include enterprise funds and internal service funds.…

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: Define tapping fund assets

A: Fund asset: It can be defined as the value of cash, securities, and other holdings related to a…

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: 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: governmental funds in fund accounting is a(n): a. Economic Resource Measurement Focus. b.…

A: For government to achieve  faith and accountability it is important to provide the data which are…

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: What is the basic structure of government-wide financial statements and fund financial statements…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

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

A: Fiscal accountability refers to developing and maintaining budget and independent fiscal review.

Q: Unreserved Fund Balance in Governmental entities is equal to which of the following in commercial…

A: Correct Answer = Option B = Retained Earnings Explanation Unreserved Fund Balance is the portion of…

Q: The funds allocated to products and services used to satisfy citizens' needs are classified as…

A: Solution: Government spends money from its treasuries to fulfil various needs for people in economy.

Q: Governmental financial statements report whether financial resources received during a period were…

A: Answer:-  Financial statement:- The business operations and financial performance of an organization…

Q: What benefits are derived from including the management’s discussion and analysis in state and local…

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

Flow of Funds

The flow of funds is the financial accounts of the nation, which monitor and control the cash flow among various sectors or industries, or markets. Central banks use these flow of funds statements to acquire macroeconomic data, to publish cash inflow and cash outflow statements of the nation. This flow of funds system is utilized to identify economic activity and changes in the economy. It is used by Federal Reserve to determine the Gross Domestic Product (GDP) of the nation and to implement monetary policy and fiscal policies.