Explain the modified accrual foundation for accounting. In the context of governmental funds, why does it appear in the financial reports?

Q: Which of the following funds does not get consolidated into the Governmental Activities section of…

A: Introduction: Taxes, intergovernmental income, and other nonexchangeable earnings are used to fund…

Q: l assets used by governmental funds should be reporte

A: Since capital assets are used to create revenue, they are crucial to businesses. They also offer…

Q: Complete the blank as appropriate: Governmental financial reports are used primarily to assist in…

A: Complete the blank as appropriate: Governmental financial reports are used primarily to assist in…

Q: The __________ is the governing body which investigates and reports on the use of public funds while…

A: Regulatory authorities in accounting are government agencies or other bodies that are responsible…

Q: What databases are appropriate for government accounting?

A: The term "Government Accounting" refers to recording & analyzing all income , expenses &…

Q: What are the two government-wide financial statements? What does each normally present?

A:

Q: Which of the following is true regarding government-wide financial statements? a. All capital…

A: The GASS is the board that provides the guideline to the governmental units about proper accounting…

Q: Explain the distinction/s between custodial funds and trust funds. What financial statements…

A:

Q: What are the measurement focuses and basis of accounting of governmental funds? What is the…

A: It is necessary that every government agency and department maintain accurate financial accounting…

Q: Which of the following is true regarding the incorporation of internal service funds into…

A: Internal service funds are the funds which are used in governmental accounting in order to track…

Q: What measurement focus and basis of accounting should be used by a local government's…

A: The appropriate measurement focus and basis of accounting for a local government's private-purpose…

Q: Discuss the differences between governmental statements of cash flows prepared for proprietary funds…

A: I) The preparation of financial statements is a fundamental aspect of transparent and accountable…

Q: 8) Governmental fund financial statements are prepared on the ________ basis of accounting.…

A: Modified Accrual Accounting is alternative method of book keeping. This method combines accrual…

Q: custodial fund assets and liabilities are to be recognized: When the earnings process is complete…

A: Custodial funds are used to account for resources held by a government unit in a trustee or…

Characteristics of Bonds