{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Chapters 1and 2 Notes - Governmental Funds Reconciliation...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 1-2 Notes General purpose governments provide a wide array of services to inhabitants whereas special purpose governments provide only one or a few. Governments and not-for-profits differ from businesses in that benefits are not proportional to resources provided, there is no profit motive, and an absence of transferable ownership rights. Governments differ from not-for-profits in that power rests in the hands of the people but is delegated to public officials, power to tax. Sources of GAAP: FASB, GASB, FASAB Accountability is the cornerstone of all financial reporting in government. Government-wide financial statements Full accrual Economic resources focus Operational accountability Statement of Net Assets Statement of Activities Fund financial statements Governmental funds (General, Special Revenue, Capital Projects, Debt Service, Permanent) Modified accrual Fiscal accountability Current financial resources focus Balance Sheet- Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balance-
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Governmental Funds Reconciliation Proprietary funds (Internal Service, Enterprise) Full Accrual Economic resources focus Statement of Net Assets-Proprietary Funds Statement of Revenues, Expenses, and Changes in Fund Net Assets-Proprietary Funds Statement of Cash Flows-Proprietary Funds Fiduciary Funds (Agency, investment Trust, Pension Trust, Private Purpose Trust) Assets and Liabilities only Full Accrual Economic resources focus Statement of Fiduciary Net Assets Statement of Changes in Fiduciary Net Assets Comprehensive Annual Financial Reports (CAFRs) are not required by GAAP. Reporting entities consist of the primary government and any component units ( reported either by blending or discrete presentation). Fund – separate fiscal and accounting entity with self balancing set of accounts. The General Fund is always a major fund. Capital assets and long-term liabilities: distinguish between general and those specific to proprietary and fiduciary funds...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern