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ACIS+4124_5124+Chapter+2+PowerPoints

ACIS+4124_5124+Chapter+2+PowerPoints - ACIS 4124/5124...

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1 ACIS 4124/5124 Chapter 2 Principles of Accounting and Financial Reporting for State and Local Governments
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2 Reporting Entity A reporting entity consists of: A primary government and its Component units
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3 Reporting Entity A primary government is : A state government, General purpose local government or a Special purpose government that has a separately elected governing body, is legally separate, and is fiscally independent of other state or local governments
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4 Reporting Entity A component unit is a legally separate organization for which the elected officials of a primary government are financially accountable an organization whose exclusion would cause the reporting entity’s financial statements to be misleading
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5 Reporting Entity Financial information of a component unit can be reported by: Discrete presentation Blended presentation Notes to financial statements should describe the reporting entity
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6 Required Financial Statements Government-wide financial statements: Economic resources measurement focus Accrual basis is used Primary government financial information reported in two columns governmental activities and business-type activities
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7 Required Financial Statements Government-wide financial statements: Governmental activities column includes governmental fund and internal service fund information Business-type activities column includes: enterprise fund information Fiduciary activities are not reported
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8 Governmental Funds General Fund (GF) Only one per government Most financial transactions related to general government operating activities
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9 Governmental Funds Special Revenue Funds (SRF) Used to account for financial resources raised from specific revenue sources that are restricted or committed to expenditure for specific purposes Accounting and budgeting are identical to GF
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