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Unformatted text preview: ministrators need periodic reports in order to make day-to-day operating and
management decisions. Government council members should expect at least monthly
financial information so that they can provide oversight of the managers. Interim reports
are especially helpful in evaluating whether budgets and cash needs are being met. 9-4. According to GASB a financial reporting entity is a primary government, organizations
for which the primary government is financially accountable and other organizations for
which the nature and significance of their relationship with the primary government are
such that exclusion would make the reporting entity’s basic financial statements
misleading. Organizations making up a financial reporting entity are the primary
government and its component units. The primary government is a state, local generalpurpose government, or special-purpose government. Component units are the entities
for which the primary government is financially accountable. 9-5. A primary gov...
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This note was uploaded on 05/20/2010 for the course ACCOUNTING 580 taught by Professor Waymire during the Spring '10 term at Northern Virginia.
- Spring '10