Chapter 02 - Principles of Accounting and Financial Reporting for State and Local Governments CHAPTER 2: PRINCIPLES OF ACCOUNTING AND FINANCIAL REPORTING FOR STATE AND LOCAL GOVERNMENTS Answers to Questions 2-1. Accordingly, in June 1999, GASB introduced a new financial reporting model in Statement 34, Basic Financial Statements—and Management's Discussion and Analysis—for State and Local Governments (GASB 1999). Answers to Questions.
Chapter 02 Principles of Accounting and Financial Reporting for State and Local Governments True / False Questions 1. Chapter 02 - Principles of Accounting and Financial Reporting for State and Local Governments 2-3 Ch. Chapter 1: Introduction.
Chapter 02 -Principles of Accounting and Financial Reporting for State and Local Governments 2-1 CHAPTER 2: PRINCIPLES OF ACCOUNTING AND FINANCIAL REPORTING FOR STATE AND LOCAL GOVERNMENTS State and Local Government Accounting Principles ... Accounting & Financial Reporting 1. Governmental activities include administrative support and core government services. Full file at https://testbankuniv.eu/ The GASB issued additional accounting and financial reporting standards for state and local governments from 1984 through 2014.
Chapter 02 - Principles of Accounting and Financial Reporting for State and Local Governments 2-4 Ch. Types of funds 5. Fund categories 4.
CHAPTER 2 STATE AND LOCAL GOVERNMENT ACCOUNTING AND FINANCIAL REPORTING MODEL: THE FOUNDATION SOLUTIONS MANUAL ANSWERS TO QUESTIONS Question 2-1 Governments operate in a different environment than businesses. Answer: False 2. 2, Answers (Cont’d) 2-4.
2-1. 2, Answers (Cont’d) 2-8. The handbook will receive periodic updates to ensure that contemporary issues are regularly incorporated … The three categories of broad service activities of a general purpose government are governmental, business-type, and fiduciary. The 2014 edition of the National Center for Education Statistics (NCES) handbook Financial Accounting for State and Local School Systems reflects changes in accounting and financial reporting guidance that have been made since the 2009 edition was released. Fund accounting 3. It provides an overview of generally accepted governmental accounting and financial reporting principles, and OSC’s interpretations of such principles, where pronouncements are silent or do not address problems common among jurisdictions within New York State. GAAP & legal compliance 2. 2. Annual financial reporting.
Chapter 2 Principles of Accounting & Financial Reporting for State & Local Governments. 3 Governmental Activities! Certain core services are provided by most general purpose governments—those related to the protection of life and property (e.g., police and fire protection), public works (e.g., Comparative financial statement formats 6. Fund accounting 3. Annual financial reporting.
State and local government audit and accounting is changing rapidly. Chapter 02 - Principles of Accounting and Financial Reporting for State and Local Governments Ch. As explained in Chapter 2, fiduciary fund resources belong to external parties, not the government. True False 2. 2 Types of Activities! New York State. Chapter 2: Principles of Accounting and Financial Reporting for State and Local Governments Chapter 3: Governmental Operating Statement Accounts; Budgetary Accounting Chapter 4: Accounting for Governmental Operating Activities Illustrative Transactions and Financial Statements Chapter 5: Accounting for General Capital Assets and Capital Projects A reporting entity consists of the primary government and all other legally separate organizations for which the government is financially accountable. Chapter 02 Principles of Accounting and Financial Reporting for State and Local Governments 2 1 CHAPTER 2: PRINCIPLES OF ACCOUNTING AND FINANCIAL REPORTING FOR STATE AND LOCAL GOVERNMENTS. 37 Principles of Accounting and Financial Reporting for State and Local Governments Learning Objectives After studying this chapter, you should be able to: 1.
Governmental activities are to be classified as governmental or business-type. Separately Elected Governing Board! As of December 31, 2014 the GASB codified all accounting and reporting standards for state and local governments currently effective as of that date.
After studying Chapter 2, you should be able to: Explain the nature of the three major activity categories of a state or local government: governmental activities, business-type activities, and fiduciary activities Explain the components of GASB’s integrated accounting and financial reporting model, including: The reporting … The Governmental Accounting Standards Board sets financial reporting standards for all units of government: federal, state, and local.
Legal Separation! Comparative financial statement formats 6. A) The financial reporting entity might include a primary government, component units, joint ventures, or a jointly governed organization. This new model integrated the traditional focus of governmental fund financial statements relating to fiscal accountability (and the modified accrual basis of accounting) …
GAAP & legal compliance 2.
Fiduciary. CHAPTER 2: PRINCIPLES OF ACCOUNTING AND FINANCIAL REPORTING FOR STATE AND LOCAL GOVERNMENTS Answers to Questions 2-1.
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