Government Accounting Fund Financial Statements

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Government and Not-for-Profit entities and Business entities all share the same organizational objectives.

False

The GASB sets financial reporting standards for both state and federal governments.

False

The GASB and the FASB are affiliated with the Federal Accounting Standards Advisory Board (FASAB).

False

The FAF oversees the GASB and the FASB.

True Signup and view all the answers

The GASB is responsible for setting accounting standards for not-for-profit organizations.

False Signup and view all the answers

The National Committee on Governmental Accounting was established after the National Committee on Municipal Accounting.

False Signup and view all the answers

The FASAB has identified five major groups of users of federal financial reports.

False Signup and view all the answers

The FASAB standards focus solely on financial accounting and reporting.

False Signup and view all the answers

The purpose of government-wide financial statements is to present a detailed view of individual funds within the government.

False Signup and view all the answers

Government fund statements focus on the flow of long-term obligations.

False Signup and view all the answers

The Statement of Net Position in government-wide financial statements includes only current assets and liabilities.

False Signup and view all the answers

The Statement of Activities in government-wide financial statements only includes operating revenues and expenses.

False Signup and view all the answers

The Statement of Fiduciary Net Position shows only the assets of the fund.

False Signup and view all the answers

The Comprehensive Annual Financial Report (CAFR) includes a section dedicated to detailed program management reports.

False Signup and view all the answers

Fiduciary Funds are used to account for resources held by the government in its general fund.

False Signup and view all the answers

The Fund financial statements provide less detailed information compared to Government-wide financial statements.

False Signup and view all the answers

Additions (contributions) and deductions (benefits paid) to the fund are reported in the Statement of Changes in Fiduciary Net Position.

True Signup and view all the answers

Noncurrent assets like buildings and equipment that provide resources to pay current obligations are included in governmental funds.

False Signup and view all the answers

Fund financial statements focus on individual people or categories within the government entity.

False Signup and view all the answers

Governmental funds are used to account for activities related to general government operations and include the general fund, special revenue funds, and debt service funds.

True Signup and view all the answers

The balance sheet in fund financial statements shows only assets and liabilities, without including fund balance (equity).

False Signup and view all the answers

Proprietary funds are used to account for activities similar to those of non-profit organizations.

False Signup and view all the answers

The statement of net position in proprietary funds presents only assets and liabilities, excluding net position (equity).

False Signup and view all the answers

Fund financial statements are used to track specific activities or resources within a government entity.

True Signup and view all the answers

Modified accrual basis of accounting recognizes revenues only if they are measurable and available for paying future obligations.

False Signup and view all the answers

Governmental fund statement of revenues, expenditures, and changes in fund balances reports expenses instead of expenditures.

False Signup and view all the answers

Proprietary fund financial statements include financial information for governmental funds.

False Signup and view all the answers

Both governmental and business-type activities report expenses classified by program or function.

True Signup and view all the answers

Under modified accrual basis, expenditures are generally recognized when they are budgeted.

False Signup and view all the answers

Government-wide financial statements do not include expenses but rather focus on outlays to acquire goods or services.

False Signup and view all the answers

Government Accounting Fund Financial Statements

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Questions and Answers

Government and Not-for-Profit entities and Business entities all share the same organizational objectives.

The GASB sets financial reporting standards for both state and federal governments.

The GASB and the FASB are affiliated with the Federal Accounting Standards Advisory Board (FASAB).

The FAF oversees the GASB and the FASB.

The GASB is responsible for setting accounting standards for not-for-profit organizations.

The National Committee on Governmental Accounting was established after the National Committee on Municipal Accounting.

The FASAB has identified five major groups of users of federal financial reports.

The FASAB standards focus solely on financial accounting and reporting.

The purpose of government-wide financial statements is to present a detailed view of individual funds within the government.

Government fund statements focus on the flow of long-term obligations.

The Statement of Net Position in government-wide financial statements includes only current assets and liabilities.

The Statement of Activities in government-wide financial statements only includes operating revenues and expenses.

The Statement of Fiduciary Net Position shows only the assets of the fund.

The Comprehensive Annual Financial Report (CAFR) includes a section dedicated to detailed program management reports.

Fiduciary Funds are used to account for resources held by the government in its general fund.

The Fund financial statements provide less detailed information compared to Government-wide financial statements.

Additions (contributions) and deductions (benefits paid) to the fund are reported in the Statement of Changes in Fiduciary Net Position.

Noncurrent assets like buildings and equipment that provide resources to pay current obligations are included in governmental funds.

Fund financial statements focus on individual people or categories within the government entity.

Governmental funds are used to account for activities related to general government operations and include the general fund, special revenue funds, and debt service funds.

The balance sheet in fund financial statements shows only assets and liabilities, without including fund balance (equity).

Proprietary funds are used to account for activities similar to those of non-profit organizations.

The statement of net position in proprietary funds presents only assets and liabilities, excluding net position (equity).

Fund financial statements are used to track specific activities or resources within a government entity.

Modified accrual basis of accounting recognizes revenues only if they are measurable and available for paying future obligations.

Governmental fund statement of revenues, expenditures, and changes in fund balances reports expenses instead of expenditures.

Proprietary fund financial statements include financial information for governmental funds.

Both governmental and business-type activities report expenses classified by program or function.

Under modified accrual basis, expenditures are generally recognized when they are budgeted.

Government-wide financial statements do not include expenses but rather focus on outlays to acquire goods or services.

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