Government Accounting Fund Financial Statements
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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.

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.

<p>True</p> Signup and view all the answers

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

<p>False</p> Signup and view all the answers

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

<p>False</p> Signup and view all the answers

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

<p>False</p> Signup and view all the answers

The FASAB standards focus solely on financial accounting and reporting.

<p>False</p> 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.

<p>False</p> Signup and view all the answers

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

<p>False</p> Signup and view all the answers

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

<p>False</p> Signup and view all the answers

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

<p>False</p> Signup and view all the answers

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

<p>False</p> Signup and view all the answers

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

<p>False</p> Signup and view all the answers

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

<p>False</p> Signup and view all the answers

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

<p>False</p> 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.

<p>True</p> Signup and view all the answers

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

<p>False</p> Signup and view all the answers

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

<p>False</p> 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.

<p>True</p> Signup and view all the answers

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

<p>False</p> Signup and view all the answers

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

<p>False</p> Signup and view all the answers

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

<p>False</p> Signup and view all the answers

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

<p>True</p> Signup and view all the answers

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

<p>False</p> Signup and view all the answers

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

<p>False</p> Signup and view all the answers

Proprietary fund financial statements include financial information for governmental funds.

<p>False</p> Signup and view all the answers

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

<p>True</p> Signup and view all the answers

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

<p>False</p> Signup and view all the answers

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

<p>False</p> Signup and view all the answers

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