Basics of governmental financial statements
5 important questions on Basics of governmental financial statements
- Management's discussion and analysis.
- The basic financial statements.
- Government-wide financial statements; Fund financial statements.
- Required supplementary information.
What statement is described above?
- Government-wide financial statements; Fund financial statements.
What statement is described above?
- Brief, objective, and easily readable analysis.
- Government's financial performance for the year.
- Comparison of current year results - prior year.
- Focuses on primary government.
What is described above?
What is described above?
What do government-wide financial statements provide?
- Financial information about the government as a whole.
- Primary government > total government activities and business-type activities. The fiduciary fund activities are not included in the government-wide financial statements.
- Component units included. Legally separate entities that because their relation to the government is included in the financial statements.
- Using the accrual basis of accounting and economic resources focus.
- The government will need to convert the governmental fund financial information from modified accrual basis to accrual basis and from current financial resources focus to economic resources focus.
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There are two government-wide financial statements. Describes those two:
- Statement of net assets.
- Statement of activities.
Describe program revenues:
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