Chapters 1and 2 Notes

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

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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-
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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...
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This note was uploaded on 03/16/2012 for the course ACCOUNTING acc taught by Professor Sign during the Spring '10 term at S. Alabama.

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

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