A statement of activities II. answer : ... a GASB's first accounting and reporting principle requires that the accounting system used by a state or local governments must make it possible: a.To prepare consolidated modified accrual basis statements for the governmental unit as a whole.
a) Funds received from the federal government to support public transportation activities. The reporting entity’s fund financial statements should present the primary government's (including its blended component units, which are, in substance, part of the primary government) major funds individually and nonmajor funds in the aggregate. The required financial statements for a fiduciary fund are as follows: Statement of fiduciary net position. Governments offering postemployment benefits to their retired employees must present two financial statements related to their plans: the Statement of Fiduciary Net Position and the Statement of Changes in Fiduciary Net Position, as well as additional required supplementary information.

1. The fiduciary funds classification includes the following funds: Agency funds. 40. Which of the following activities of a governmental entity should be accounted for in a fiduciary fund? Touring the Financial Statements, Part III: The Governmental Funds. The focus of governmental and proprietary fund financial statements is on major funds. Which of the following financial statements is prepared by fiduciary Fiduciary funds' financial statements include the Statement of Fiduciary Net Position, the Statement of Revenues, Expenditures and Changes in Fiduciary Net Position, and the Statement of Fiduciary Cash Flows. In fund financial statements, governments should report governmental, proprietary, and fiduciary funds to the extent that they have activities that meet the criteria for using these funds. The fund-based statements separately present the governmental funds, the proprietary funds, and the fiduciary funds.

A statement of cash flows Governmental fund reporting focuses primarily on the sources, uses and balances of current financial resources and often has a budgetary orientation. The governmental fund financial statements, however, report what is commonly referred to as current financial resources on a modified accrual basis. A statement in net assets or balance sheet format III. In which of the following circumstances would it be inappropriate to report the assets in the fiduciary fund financial statements? B) Fiduciary funds' financial statements include the Statement of Fiduciary Net Position, the Statement of Revenues, Expenditures and Changes in Fiduciary Net Position, and the Statement of Fiduciary Cash Flows. When assets are held for other funds of the same government. Fiduciary funds' financial statements include the Statement of Fiduciary Net Position, the Statement of Changes in Fiduciary Net Position, and the Statement of Fiduciary Cash Flows.

Combining statements of nonmajor governmental funds, nonmajor enterprise funds, internal service funds, trust funds, and agency funds are included as part of the financial section of the comprehensive annual financial report. Government-wide statements present financial information for both governmental activities and business-type activities.

41.
View Notes - LP8 Assignment Various Agency and Trust Fund Issues from ACCT 3201 at National American University, Rapid City. B.