A2 Twatt - accounting used in preparing the government-wide...

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Chapter 2 Tiffany Watt Assignment: A2 February 2, 2011 AC 325 – E01   Questions 2-1. Governmental activities include core governmental services such as protection of life and property, public works, parks and recreation facilities and programs, cultural and social services. This category also includes general administrative support as well. The measurement focus of this particular category is current financial resources. Modified accrual is the basis of accounting. 2-2. Business-type activities include commercial type activities of a government, such as public utilities, transportation systems, toll roads, toll bridges, hospitals, parking garages and lots, liquor stores, golf courses, and swimming pools. Many of these activities are intended to be self supporting by charging users for the services they receive, which is why accounting and financial reporting for business-type activities differ from those for governmental activities. 2-9. Economic resources and accrual is the measurement focus and the basis of
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Unformatted text preview: accounting used in preparing the government-wide financial statements. Current financial resources and modified accrual is the measurement focus and the basis of accounting used in preparing the governmental fund financial statements. The measurement focus and the basis of accounting differ for the two statement categories because the governmental fund financial statements report on short-term fiscal accountability and the government-wide financial statements report on long-term operational accountability. Exercises & Problems 2-2. Multiple Choice. 1. C 2. B 3. B 4. C 5. D 6. B 7. A 8. B 9. D 10. A 2-4. Identification of Government-wide and Fund Financial Reporting Characteristics. 1. GF 2. GF 3. PF 4. GWGA, GWBTA, PF, FF 5. GF 6. PF Chapter 2 Tiffany Watt Assignment: A2 February 2, 2011 AC 325 E01 7. GWGA, GWBTA, PF, FF 8. GF, PF, FF 9. FF 10. GF 2-5. Matching Funds with Transactions. 1. K 2. A 3. J 4. G 5. B 6. D 7. E 8. I 9. F 10. C 11. H...
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A2 Twatt - accounting used in preparing the government-wide...

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