Explain and identify the required financial statements for state and local

Explain and identify the required financial

This preview shows page 2 - 3 out of 3 pages.

an vouchers payable for the appropriate amount. Explain and identify the required financial statements for state and local governments, the federal government, and not-for-profit organizations Chapter 2 Explain the nature of the three major activity categories of a state or local government: governmental activities, business-type activities, and fiduciary activities Explain the components of GASB’s integrated accounting and financial reporting model, including: o Government-wide financial statements o Fund financial statements o Definition of fund and principles of fund accounting o Types of funds in each fund category and characteristics of each fund type Explain major fund accounting Two tests= 10% and 5% test, if it passes then it can be considered a major fund. Greater then or equal to 10% of asset total then it passes, 5% of governmental wide…. Just needs to pass in one category, not all of them. General fund is always a major fund Chapter 3 Explain how operating expenses and revenues related to governmental activities are classified and reported in the government-wide financial statements Distinguish, in governmental funds, between revenues and other financing sources and between expenditures and other financing uses Explain how revenues and expenditures are classified in the General Fund Explain how budgetary accounting contributes to achieving budgetary control over revenues and expenditures, including such aspects as: o Recording the annual budget o
Image of page 2
Image of page 3

You've reached the end of your free preview.

Want to read all 3 pages?

  • Fall '13
  • Finance, Income Statement, Generally Accepted Accounting Principles, International Financial Reporting Standards

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes