State the different purpose of the fund -based and government –wide financial statements of a state or local government and also provide the difference between the fund based and government-wide operating statements.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 3, Problem 1Q

To determine

State the different purpose of the fund -based and government –wide financial statements of a state or local government and also provide the difference between the fund based and government-wide operating statements.

Expert Solution & Answer

Explanation of Solution

Distinguish between the fund based and government-wide operating statements:

Basis	Fund based operating statements	Government-wide operating statements
Meaning	The fund-based financial statement provides detailed financial information on the governmental, business-type and fiduciary activities of the primary government.	This statement provides an aggregated overview of the government net position and their changes in the net position. This statement reports on the government as a whole and assess whether the government has used the resources efficiently and effectively (operational accountability) to meet the operating objectives.
Purpose	It helps the users of the information to assess the current period fiscal accountability and helps to ascertain whether the revenue is obtained for authorized sources or extended for authorized purpose.	This statement focuses on the economic resources recognized on the accrual accounting which are similar to the basis of accounting used in the business entity reporting.
Reporting	The inflow and outflow of the current financial resources and changes in the fund balance during the fiscal period are reported in the statement of revenue, expenditure and changes in the fund balances.	The net programs outflow and inflow of fund or economic resources and inflow from the non-program revenues are reported in the government-wide operation statement.

(Table 1)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Discuss the purpose of the capital projects fund, debt service fund, and permanent fund. Describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments accounting standards?

What measurement focus is used in fund financial statements for governmental funds, and what system is applied to determine the timing of revenue and expenditure recognition?

Which of the following is not part of the basic financial statements? a. Government-wide statement of net position b. Proprietary funds statement of revenues, expenses, and changes in fund net position c. Combining balance sheet—nonmajor governmental funds d. Notes to the financial statements

Answer 2

Question

Chapter 3, Problem 1Q

To determine

State the different purpose of the fund -based and government –wide financial statements of a state or local government and also provide the difference between the fund based and government-wide operating statements.

Expert Solution & Answer

Explanation of Solution

Distinguish between the fund based and government-wide operating statements:

Basis	Fund based operating statements	Government-wide operating statements
Meaning	The fund-based financial statement provides detailed financial information on the governmental, business-type and fiduciary activities of the primary government.	This statement provides an aggregated overview of the government net position and their changes in the net position. This statement reports on the government as a whole and assess whether the government has used the resources efficiently and effectively (operational accountability) to meet the operating objectives.
Purpose	It helps the users of the information to assess the current period fiscal accountability and helps to ascertain whether the revenue is obtained for authorized sources or extended for authorized purpose.	This statement focuses on the economic resources recognized on the accrual accounting which are similar to the basis of accounting used in the business entity reporting.
Reporting	The inflow and outflow of the current financial resources and changes in the fund balance during the fiscal period are reported in the statement of revenue, expenditure and changes in the fund balances.	The net programs outflow and inflow of fund or economic resources and inflow from the non-program revenues are reported in the government-wide operation statement.

(Table 1)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 3, Problem 1Q

To determine

State the different purpose of the fund -based and government –wide financial statements of a state or local government and also provide the difference between the fund based and government-wide operating statements.

Expert Solution & Answer

Explanation of Solution

Distinguish between the fund based and government-wide operating statements:

Basis	Fund based operating statements	Government-wide operating statements
Meaning	The fund-based financial statement provides detailed financial information on the governmental, business-type and fiduciary activities of the primary government.	This statement provides an aggregated overview of the government net position and their changes in the net position. This statement reports on the government as a whole and assess whether the government has used the resources efficiently and effectively (operational accountability) to meet the operating objectives.
Purpose	It helps the users of the information to assess the current period fiscal accountability and helps to ascertain whether the revenue is obtained for authorized sources or extended for authorized purpose.	This statement focuses on the economic resources recognized on the accrual accounting which are similar to the basis of accounting used in the business entity reporting.
Reporting	The inflow and outflow of the current financial resources and changes in the fund balance during the fiscal period are reported in the statement of revenue, expenditure and changes in the fund balances.	The net programs outflow and inflow of fund or economic resources and inflow from the non-program revenues are reported in the government-wide operation statement.

(Table 1)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 3, Problem 1Q

To determine

State the different purpose of the fund -based and government –wide financial statements of a state or local government and also provide the difference between the fund based and government-wide operating statements.

Expert Solution & Answer

Explanation of Solution

Distinguish between the fund based and government-wide operating statements:

Basis	Fund based operating statements	Government-wide operating statements
Meaning	The fund-based financial statement provides detailed financial information on the governmental, business-type and fiduciary activities of the primary government.	This statement provides an aggregated overview of the government net position and their changes in the net position. This statement reports on the government as a whole and assess whether the government has used the resources efficiently and effectively (operational accountability) to meet the operating objectives.
Purpose	It helps the users of the information to assess the current period fiscal accountability and helps to ascertain whether the revenue is obtained for authorized sources or extended for authorized purpose.	This statement focuses on the economic resources recognized on the accrual accounting which are similar to the basis of accounting used in the business entity reporting.
Reporting	The inflow and outflow of the current financial resources and changes in the fund balance during the fiscal period are reported in the statement of revenue, expenditure and changes in the fund balances.	The net programs outflow and inflow of fund or economic resources and inflow from the non-program revenues are reported in the government-wide operation statement.

(Table 1)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 3, Problem 1Q

To determine

State the different purpose of the fund -based and government –wide financial statements of a state or local government and also provide the difference between the fund based and government-wide operating statements.

Expert Solution & Answer

Explanation of Solution

Distinguish between the fund based and government-wide operating statements:

Basis	Fund based operating statements	Government-wide operating statements
Meaning	The fund-based financial statement provides detailed financial information on the governmental, business-type and fiduciary activities of the primary government.	This statement provides an aggregated overview of the government net position and their changes in the net position. This statement reports on the government as a whole and assess whether the government has used the resources efficiently and effectively (operational accountability) to meet the operating objectives.
Purpose	It helps the users of the information to assess the current period fiscal accountability and helps to ascertain whether the revenue is obtained for authorized sources or extended for authorized purpose.	This statement focuses on the economic resources recognized on the accrual accounting which are similar to the basis of accounting used in the business entity reporting.
Reporting	The inflow and outflow of the current financial resources and changes in the fund balance during the fiscal period are reported in the statement of revenue, expenditure and changes in the fund balances.	The net programs outflow and inflow of fund or economic resources and inflow from the non-program revenues are reported in the government-wide operation statement.

(Table 1)

Answer 6

Chapter 3, Problem 1Q

To determine

State the different purpose of the fund -based and government –wide financial statements of a state or local government and also provide the difference between the fund based and government-wide operating statements.

Expert Solution & Answer

Explanation of Solution

Distinguish between the fund based and government-wide operating statements:

Basis	Fund based operating statements	Government-wide operating statements
Meaning	The fund-based financial statement provides detailed financial information on the governmental, business-type and fiduciary activities of the primary government.	This statement provides an aggregated overview of the government net position and their changes in the net position. This statement reports on the government as a whole and assess whether the government has used the resources efficiently and effectively (operational accountability) to meet the operating objectives.
Purpose	It helps the users of the information to assess the current period fiscal accountability and helps to ascertain whether the revenue is obtained for authorized sources or extended for authorized purpose.	This statement focuses on the economic resources recognized on the accrual accounting which are similar to the basis of accounting used in the business entity reporting.
Reporting	The inflow and outflow of the current financial resources and changes in the fund balance during the fiscal period are reported in the statement of revenue, expenditure and changes in the fund balances.	The net programs outflow and inflow of fund or economic resources and inflow from the non-program revenues are reported in the government-wide operation statement.

(Table 1)

Answer 7

Chapter 3, Problem 1Q

To determine

State the different purpose of the fund -based and government –wide financial statements of a state or local government and also provide the difference between the fund based and government-wide operating statements.

Answer 8

Expert Solution & Answer

Explanation of Solution

Distinguish between the fund based and government-wide operating statements:

Basis	Fund based operating statements	Government-wide operating statements
Meaning	The fund-based financial statement provides detailed financial information on the governmental, business-type and fiduciary activities of the primary government.	This statement provides an aggregated overview of the government net position and their changes in the net position. This statement reports on the government as a whole and assess whether the government has used the resources efficiently and effectively (operational accountability) to meet the operating objectives.
Purpose	It helps the users of the information to assess the current period fiscal accountability and helps to ascertain whether the revenue is obtained for authorized sources or extended for authorized purpose.	This statement focuses on the economic resources recognized on the accrual accounting which are similar to the basis of accounting used in the business entity reporting.
Reporting	The inflow and outflow of the current financial resources and changes in the fund balance during the fiscal period are reported in the statement of revenue, expenditure and changes in the fund balances.	The net programs outflow and inflow of fund or economic resources and inflow from the non-program revenues are reported in the government-wide operation statement.