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Does the report reflect fund financial statements for governmental, proprietary, and fiduciary funds? List those statements. List the major governmental and proprietary funds (the funds that have separate columns in the governmental and proprietary fund statements)

Does the report reflect fund financial statements for governmental, proprietary, and fiduciary funds? List those statements. List the major governmental and proprietary funds (the funds that have separate columns in the governmental and proprietary fund statements)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Does the report reflect fund financial statements for governmental, proprietary, and fiduciary funds? List those statements. List the major governmental and proprietary funds (the funds that have separate columns in the governmental and proprietary fund statements).

The State's basic financial statements are comprised of three components: (1) government-wide financial statements, (2) fund financial statements, and (3) notes to the financial statements. This Comprehensive Annual Financial Report also contains required supplementary information (RSI) and other information, in addition to the basic financial statements. Features Scope Required Financial Statements Accounting Basis and Measurement Focus Types of Asset/Liability Information OVERVIEW OF THE FINANCIAL STATEMENTS Types of Inflow/Outflow Information Major Features of the Basic Financial Statements Government-wide Financial Statements Entire State government (except fiduciary funds) and the State's component units Statement of Net Position Statement of Activities Accrual accounting and economic resources focus All assets and deferred outflows of resources and all liabilities and deferred inflows of resources, both financial and capital, and short-term and long-term All revenues and expenses during the year, regardless of when cash is received or paid Governmental Funds State activities that are not proprietary or fiduciary Balance Sheet Statement of Revenues, Expenditures, and Changes in Fund Balance Modified accrual accounting and current financial resources focus Only assets expected to be used up and liabilities that come due during the year or soon thereafter; no capital assets included Revenues for which cash is received during or soon after the end of the fiscal year Expenditures when goods or services have been received and payment is due during the year or soon thereafter Fund Financial Statements Proprietary Funds State activities that are operated similar to a private business Statement of Net Position Statement of Revenues, Expenses, and Changes in Net Position Statement of Cash Flows Accrual accounting and economic resources focus All assets and liabilities, both financial and capital, and short-term and long-term All revenues and expenses during the year, regardless of when cash is received or paid Fiduciary Funds Instances in which the State is the trustee or agent for someone else's resources Statement of Fiduciary Net Position Statement of Changes in Fiduciary Net Position Accrual accounting and economic resources focus All assets and liabilities, both short-term and long-term All revenues and expenses during the year, regardless of when cash is received or paid
Transcribed Image Text:The State's basic financial statements are comprised of three components: (1) government-wide financial statements, (2) fund financial statements, and (3) notes to the financial statements. This Comprehensive Annual Financial Report also contains required supplementary information (RSI) and other information, in addition to the basic financial statements. Features Scope Required Financial Statements Accounting Basis and Measurement Focus Types of Asset/Liability Information OVERVIEW OF THE FINANCIAL STATEMENTS Types of Inflow/Outflow Information Major Features of the Basic Financial Statements Government-wide Financial Statements Entire State government (except fiduciary funds) and the State's component units Statement of Net Position Statement of Activities Accrual accounting and economic resources focus All assets and deferred outflows of resources and all liabilities and deferred inflows of resources, both financial and capital, and short-term and long-term All revenues and expenses during the year, regardless of when cash is received or paid Governmental Funds State activities that are not proprietary or fiduciary Balance Sheet Statement of Revenues, Expenditures, and Changes in Fund Balance Modified accrual accounting and current financial resources focus Only assets expected to be used up and liabilities that come due during the year or soon thereafter; no capital assets included Revenues for which cash is received during or soon after the end of the fiscal year Expenditures when goods or services have been received and payment is due during the year or soon thereafter Fund Financial Statements Proprietary Funds State activities that are operated similar to a private business Statement of Net Position Statement of Revenues, Expenses, and Changes in Net Position Statement of Cash Flows Accrual accounting and economic resources focus All assets and liabilities, both financial and capital, and short-term and long-term All revenues and expenses during the year, regardless of when cash is received or paid Fiduciary Funds Instances in which the State is the trustee or agent for someone else's resources Statement of Fiduciary Net Position Statement of Changes in Fiduciary Net Position Accrual accounting and economic resources focus All assets and liabilities, both short-term and long-term All revenues and expenses during the year, regardless of when cash is received or paid
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