Which organization promulgates statements of Federal Financial Accounting Standards?

The agency and governmentwide financial statements are generally required to be prepared in conformity with U.S. Generally Accepted Accounting Principles (GAAP) as promulgated by the Federal Accounting Standards Advisory Board (FASAB).

Which of the following federal funds is most similar to a custodial fund used by state and local governments?

General appropriations are made from the General Fund. are established for a specific non-business-type purpose. These funds are most similar to a special revenue fund used by state and local governments.

Which of the following is one of the principal organizations that formed the Federal Accounting Standards Advisory Board?

An Overview

The Financial Accounting Standards Advisory Council, FASAC or “the Council” for short, was formed in 1973 concurrent with the establishment of the Financial Accounting Standards Board (the FASB or the Board).

What organization oversees sets the accounting standards for US government agencies?

The Government Accounting Standards Board (GASB) is a private non-governmental organization that creates accounting reporting standards, or generally accepted accounting principles (GAAP), for state and local governments in the United States.

Which of the following governmental funds must be reported as a major fund?

Both the Development Special Revenue Fund and the Debt Service Fund should be reported as major. Which of the following is not one of the seven elements defined by the GASB concept statements? A.

What are the required financial statements of a custodial fund?

Report the custodial fund on the Statement of Net Position and Statement of Cash Flows if it meets all of the following criteria: Upon receipt, assets are expected to be held for three months or less. Asset and corresponding liability presented on the Statement of Net Position.

What is governmental reporting?

Governmental Report means all regulatory reports, schedules, forms, registrations, financial statements, sales literature, statements, notices, filings and other documents, together with any amendments, that are required to be filed by any Subject Company with any Governmental Authority.

What is government financial reporting?

Government financial reporting is the process whereby governments report their financial position and activities to the public at large. These reports are the standard that citizens, oversight bodies, and other stakeholders use to judge their government’s efficiency, effectiveness, and overall financial condition.

What is federal government accounting?

Federal accounting provides the information needed for financial management as well as the information needed to demonstrate compliance with budgetary and other legal requirements. Thus, federal accounting is based on a two-track system.

What are governmental activities?

Governmental Activities means the provision of all governmental services and the conduct of all activities provided in connection or otherwise associated with the Lands and/or the NG-KIH System by any Governmental Authority; Sample 2.

Who uses government financial statements?

The Board has identified three groups as the primary users of external state and local governmental financial reports: the citizenry, legislative and oversight bodies, and investors and creditors.

What are governmental activities vs business type activities?

Government-Wide Financial Statements

Governmental activities typically include financial data for all governmental funds. Internal service fund(s) are typically incorporated into governmental activities as well. F. Business-type activities typically include financial data for all enterprise funds.

What consists of government-wide statement of activities?

The government-wide statement of activities is the operating statement of the government. The basis of accounting is full accrual – identical to commercial accounting. The net program cost format is generally not used in commercial accounting and reporting.

What statements are required for government-wide financial statements?

This article looks at the two required financial statements for the governmental funds—the balance sheet and the statement of revenues, expenditures, and changes in fund balances.

On what should the governmental fund financial statements report?

On what do the government-wide financial statements report? Operational accountability. Fiscal accountability. … The governmental fund financial statements are intended to report on fiscal accountability.

What should be the government-wide financial statements report on and why?

The reporting entity’s government-wide financial statements should display information about the reporting government as a whole distinguishing between the total primary government and its discretely presented component units as well as between the primary government’s governmental and business-type activities.

Which of the following are government-wide financial statements required by GASB standards?

Which of the following are government-wide financial statements required by GASB standards? Statement of net position and statement of cash flows.

What are the two government-wide financial statements required by GASB statement 34?

Perhaps the most significant change in Statement 34 was the addition of two government-wide financial statements—a statement of net assets and a statement of activities—that cover the entire government using full-accrual-basis information.

Which basis of accounting is required for a city’s government wide financial statements?

full accrual basis of accounting
Which basis of accounting is required for a city’s government wide financial statements? Explanation: The government wide financial statements are reported using the economic resources measurement focus and the full accrual basis of accounting.

What financial statement reconciliations are required by the GASB and why are they required?

The GASB requires two financial statement reconciliations: (1) a reconciliation of the total governmental fund balances on the governmental funds balance sheet to the total governmental activities net position on the government-wide statement of net position and (2) a reconciliation of the net change in governmental …

Which of the following financial statements are required for capital projects funds?

Which of the following financial statements are required for Capital Projects Funds? Balance Sheet.

How should governments report their capital projects and debt service activities in their government-wide statements?

How should governments report capital projects and debt service activities in the government-wide statements? In their government-wide statements, governments would consolidate their capital projects and debt service funds with their other governmental funds.

How should fund information be reported in governmental and enterprise fund financial statements?

Governmental, proprietary, and fiduciary funds should be reported in separate sets of financial statements. … Each major fund should be reported in a separate column, and nonmajor funds should be combined and reported in a separate column.