Statement of Revenues, Expenditures, and Changes in Fund Balance Essay

Submitted By Whenimdone1
Words: 528
Pages: 3

Latasha Jones
Assignment 1–3.

Financial Statements | Activities or Funds Reported | Basis of Accounting | Measurement Focus | Statement of net assets-government wide | BTA,GA,GF | A | ER | Statement of activities-government wide | BTA,GA,GF | A | ER | Balance sheet-governmental funds | GF | MA | CFR | Statement of revenues, expenditures, and changes in fund balance | GF | MA | CFR | Statement of net asset-proprietary funds | PF | A | ER | Statement of revenue, expenses and changes in fund net assets-proprietary funds | PF | A | ER | Statement of cash flows-proprietary funds | PF | A | ER | Statement of fiduciary net assets | FF | A | ER | Statement of changes in fiduciary net assets | FF | A | ER |

1. 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. True

2. The permanent fund is one of the several types of governmental funds. True

3. Government-wide financial statements report financial transactions related to the governmental, business-type, and fiduciary activities of the government. False
As shown in Illustrations A1–1 and A1–2, as well as in Illustration 2–1, the government-wide statements present the financial information of the governmental activities and business-type activities of the primary government in separate columns, although there is a total column for the primary government.

4. A statement of revenues, expenditures, and changes in fund balances is used to report the inflows and outflows of current financial resources of governmental funds. True

5. The accounting system for proprietary funds should provide for integration of budgetary accounts. True

6. Financial information for component units must be reported by discrete presentation. True

7. All assets, both current and noncurrent, and all liabilities, both current and noncurrent, are reported in the government-wide financial statements. True

8. All proprietary fund financial information is reported in the Business-type Activities column of the government-wide financial statements. False internal service fund financial information is generally reported in the Governmental Activities column of the government-wide statements, unless an internal service fund predominantly serves a proprietary…