ADVANCED FINANCIAL ACCT.(LL) >CUSTOM<
12th Edition
ISBN: 9781260824292
Author: Christensen
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Question
Chapter 17, Problem 17.4.10E
To determine
Introduction: Financial statements of governmental organizations should be comparable so that users can compare and make effective decisions from the same. Such comparability is important to government financial report users and the Governmental Accounting Standards.
To select: The correct option about comparability of governmental financial reports.
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Students have asked these similar questions
Which of the following identifies the reason that we need reconciliations between
governmental funds and government-wide governmental activities (select all that
apply)?
Internal service funds are often categorized as governmental funds.
Governmental funds use the modified accrual basis of accounting, and the
government-wide governmental activities use the accrual basis of accounting.
Internal service funds are often categorized as governmental activities.
Governmental funds use the accrual basis of accounting, and the government-
wide governmental activities use the modified accrual basis of accounting.
12. Which of the following is required by the Governmental Accounting Standards Board (GASB)?
O a) Only one set of financial statements, prepared using the acerual basis of accounting.
b) Only one set of financial statements, prepared using the modified acerual basis of accounting.
c) Two sets of financial statements:
• one that views the government as a collection of separate funds and reports using the current
financial resources measurement focus and modified accrual basis of accounting for governmental
funds;
AND
• one that views the government as a whole by combining all governmental activities in one column
and all business-type activities in another column using the acerual basis of accounting for both columns.
d) Two sets of financial statements:
• one that views the government as a whole using the current financial resources
measurement focus and modified accrual basis of accounting:
AND
• one that views the government by function and combines all governmental activities in…
Which Statement is presented using the accrual basis of accounting? Multiple Choice A. Governmental Fund Balance Sheet B. Government-Wide Statement of Activities C. Statement of Revenues, Expenditure and changes in Fund Balances D. Both A and B choices are true.
Chapter 17 Solutions
ADVANCED FINANCIAL ACCT.(LL) >CUSTOM<
Ch. 17 - Prob. 17.1QCh. 17 - What are the nine funds that local and state...Ch. 17 - Compare the modified accrual basis with the...Ch. 17 - Prob. 17.4QCh. 17 - When are property taxes recognized as revenue in...Ch. 17 - Prob. 17.6QCh. 17 - Prob. 17.7QCh. 17 - Are all expenditures encumbered?Ch. 17 - Prob. 17.9QCh. 17 - Prob. 17.10Q
Ch. 17 - When is the expenditure for inventories recognized...Ch. 17 - Prob. 17.12QCh. 17 - Prob. 17.13QCh. 17 - Prob. 17.14QCh. 17 - Prob. 17.15QCh. 17 - Prob. 17.1CCh. 17 - Prob. 17.2CCh. 17 - Prob. 17.3CCh. 17 - Prob. 17.1.1ECh. 17 - Prob. 17.1.2ECh. 17 - Prob. 17.1.3ECh. 17 - Prob. 17.1.4ECh. 17 - Prob. 17.1.5ECh. 17 - Prob. 17.2ECh. 17 - Prob. 17.3.1ECh. 17 - Prob. 17.3.2ECh. 17 - Prob. 17.3.3ECh. 17 - Prob. 17.3.4ECh. 17 - Prob. 17.3.5ECh. 17 - Prob. 17.3.6ECh. 17 - Prob. 17.3.7ECh. 17 - Prob. 17.3.8ECh. 17 - Prob. 17.3.9ECh. 17 - Prob. 17.3.10ECh. 17 - Prob. 17.4.1ECh. 17 - Prob. 17.4.2ECh. 17 - Prob. 17.4.3ECh. 17 - Prob. 17.4.4ECh. 17 - Prob. 17.4.5ECh. 17 - Prob. 17.4.6ECh. 17 - Prob. 17.4.7ECh. 17 - Prob. 17.4.8ECh. 17 - Prob. 17.4.9ECh. 17 - Prob. 17.4.10ECh. 17 - Prob. 17.5ECh. 17 - Prob. 17.6ECh. 17 - Prob. 17.7ECh. 17 - Computation of Revenues Reported on the Statement...Ch. 17 - Prob. 17.9ECh. 17 - Prob. 17.10ECh. 17 - Prob. 17.11ECh. 17 - Prob. 17.12ECh. 17 - General Fund Entries [AICPA Adapted] The following...Ch. 17 - Prob. 17.14PCh. 17 - Prob. 17.15PCh. 17 - Prob. 17.16PCh. 17 - Prob. 17.17PCh. 17 - Prob. 17.18.1PCh. 17 - Prob. 17.18.2PCh. 17 - Prob. 17.18.3PCh. 17 - Prob. 17.18.4PCh. 17 - Prob. 17.18.5PCh. 17 - Prob. 17.18.6PCh. 17 - Prob. 17.18.7PCh. 17 - Prob. 17.18.8PCh. 17 - Prob. 17.18.9PCh. 17 - Prob. 17.18.10PCh. 17 - Prob. 17.18.11PCh. 17 - Prob. 17.18.12PCh. 17 - Prob. 17.18.13PCh. 17 - Prob. 17.18.14PCh. 17 - Prob. 17.18.15PCh. 17 - Prob. 17.18.16PCh. 17 - Prob. 17.18.17PCh. 17 - Prob. 17.18.18PCh. 17 - Prob. 17.18.19PCh. 17 - Prob. 17.18.20PCh. 17 - Prob. 17.18.21PCh. 17 - Prob. 17.18.22PCh. 17 - Prob. 17.18.23PCh. 17 - Prob. 17.18.24PCh. 17 - Prob. 17.18.25PCh. 17 - Prob. 17.18.26PCh. 17 - Prob. 17.18.27PCh. 17 - General Fund Entries [AICPA Adapted] DeKalb City...Ch. 17 - Prob. 17.18.29PCh. 17 - Prob. 17.18.30PCh. 17 - Prob. 17.18.31PCh. 17 - General Fund Entries [AICPA Adapted] DeKalb City...Ch. 17 - Prob. 17.18.33PCh. 17 - Prob. 17.18.34PCh. 17 - Prob. 17.18.35PCh. 17 - General Fund Entries [AICPA Adapted] DeKalb City...Ch. 17 - Prob. 17.18.37PCh. 17 - Prob. 17.18.38PCh. 17 - Prob. 17.18.39PCh. 17 - Prob. 17.19PCh. 17 - Prob. 17.20P
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Similar questions
- Which of the following adjustments is necessary to move from governmental fund financial statements to government-wide financial statements? a. Eliminate expenditures for debt principal b. Eliminate expenditures for capital outlay and add depreciation expense c. Both of the above d. Neither of the abovearrow_forwardMultiple choice:  In the reporting of governmental activities, fiscal accountability is demonstrated by: a. Both fund and government-wide financial statements. b. Government-wide financial statements. c. Neither fund nor government-wide financial statements. d. Fund financial statements.arrow_forwardWhich of the following statements is true regarding the basic financial statements of a state or local government? a. Separate columns must be provided in the government-wide financial statements for governmental activities, business-type activities, and fiduciary activities. b. Discretely presented component units should be reported as a separate column on the fund financial statements. c. Governmental fund financial statements should provide separate columns for each major fund. d. All of the above.arrow_forward
- Which of the following is true about the reconciliation from governmental fund changes in fund balances to governmental activities changes in net position? a. Reconciliation is required to be presented either on the face of the fund financial statement or as a separate statement. b. The reconciliation converts from modified accrual to full accrual. c. Both of the above d. Neither of the abovearrow_forwardThe governmental fund financial statements are intended to report on fiscal accountability. True or Falsearrow_forwardSummary objectives under new government accounting systemarrow_forward
- Which financial statements are prepared using modified accrual accounting? A) Proprietary fund financial statements. B) Governmental fund financial statements. C) Government-wide financial statements. D) Both A. and B. E) Both B and C.arrow_forwardA reconciliation must be shown of the items that cause the difference between the total net position that are reported for the governmental activities on the government-wide statement of net position, and the total of the fund balances that appears on the balance sheet for the governmental funds. Which of the following items would be included in this reconciliation? I. Long-term liabilities related to governmental activities II. Long-term assets used in governmental activities O A) II only. B) Both I and II. C) I only. D) Neither nor II.arrow_forwardWhich of the following funds of a governmental unit recognizes revenues in the accounting period only when they are both available and measurable? General Fund Enterprise Fund a. Yes No b. No Yes c. Yes Yes d. No Noarrow_forward
- 6) Which pronouncements have the highest level of authority for state and local governments? A) Financial Accounting Standards Board Statements B) GASB Statements C) Consensus Positions of GASB Emerging Issues Task Force D) GASB Technical Bulletins 7) The key focus of government fund accounting concerns A) capital expenditures. B) intergovernmental transfers from the general fund. C) income measurement. D) the current ability to provide and fund services and goods. 8) Governmental fund financial statements are prepared on the ________ basis of accounting. Proprietary fund financial statements are prepared on the ________ basis of accounting. A) modified accrual; modified accrual B) accrual; fund C) modified accrual; accrual D) blended; discrete 9) Governmental accounting differs from corporate financial accounting primarily because A) the size of the government and the various levels would make it unreasonable to use corporate GAAP. B) governments lack a profit motive and…arrow_forwardWhich of the following funds of a governmental unit recognizes revenues only in the accounting period in which they become available and measurable in their fund financial statements? General Fund Enterprise Fund Yes No No Yes Yes Yes No Noarrow_forwardExplain the different purposes of the fund-based and government-wide financial statements of a state or local government and the primary differences between the fund-based and government-wide operating statements.arrow_forward
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