ACC380_Week1_Discussion 1

ACC380_Week1_Discussion 1 - Guide and educate the public,...

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Sheet1 Page 1 a. The economic resources measurment focus measures economic resources including long term liabilities and fixed assets. T b. The accrual method recognizes revenue when it is earned while the modified accrual method recognizes revenue when it is c. The accrual method recognizes expenses when they are incurred and the modified accrual method recognizes expenditure s d. The economic resources measurement focus capitalizes and depreciates fixed assets while the current financial resources m e. Economic resources measurement focus records long term debt as a liability while current financial resources measuremen According to thier website, the mission of GASB is: To establish and improve standards of state and local governmental accounting and financial reporting that will: Result in useful information for users of financial reports, and
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Unformatted text preview: Guide and educate the public, including issuers, auditors, and users of those financial reports. The mission is accomplished through a comprehensive and independent process that encourages broad participation, objecti v e Source: http://gasb.org/jsp/GASB/Page/GASBSectionPage¬Īcid=1175804850352 a. The financial reporting entity is the primary government and its component units. b. A primary government is a state government, a general-purpose local government, or a special purpose government. An ex a c. A component unit is a legally separate organization for which the elected officials of the primary government are financially a d. Blended organizations are reported as though they were funds of the primary government. Blending is used when the comp o...
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This note was uploaded on 08/14/2011 for the course ACC 380 taught by Professor Any during the Spring '11 term at Ashford University.

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