Question

In: Accounting

Discuss what type of asset are reported and how they are reported for government wide financial...

Discuss what type of asset are reported and how they are reported for government wide financial statement and fund statement.

Solutions

Expert Solution

Basically three types of assets are reported?

1. Government Funds which include Balance Sheet, Statement of Revenue, Expenditure and Change in Fund Balance.

2. Proprietary Funds which includes Statement of Net Position, Statement of Revenue,Expense and Change in Net Position and Casf Flow Statement.

3. Fiduciary Funds which includes Statement of Net Position, Statement of Change in Net Position.

In Government wide financial statement will be on government as a whole, those statement will distiguish governemnt activities (government funds) from business type activities (enterprises fund).

In Government Wide Financial Statement :

1. Required Financial Statement : Statement of Net Position & Statement of Activites.

2. Accural Basis Accounting

3. Exclusion or limitation of Fiduciary Funds.

4. Permanment Funds

5. Private Purpose Trust Funds

6. Reporting of Enterprise Funds

Fund Financial Statement

1. Finacial Reporting will shift from fund base reporting to major individual reporting.

2. Permanent Funds

3. Removal of Accounts Groups Reporting.

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Discuss and explain the process and journal entries required to prepare Government-Wide Financial Statements?
Discuss and explain the process and journal entries required to prepare Government-Wide Financial Statements?
1-Discuss the differences between the fund financial statements and the government-wide financial statements. 2-Give an example...
1-Discuss the differences between the fund financial statements and the government-wide financial statements. 2-Give an example of a government’s Management’s Discussion and Analysis. Explain the basics that are covered in their Management’s Discussion and Analysis. 3-Barry City has a governmental fund that provides loans to commercial businesses operating in Jerome County (Barry City is within Jerome County). This year, Barry City made loans totaling $1,000,000. How should Barry City classify the disbursements of loans on the statement of cash flows?...
What are the requirements for reporting pension and OPEB plans in the government-wide and fund financial...
What are the requirements for reporting pension and OPEB plans in the government-wide and fund financial statements? Discuss the importance and reasoning behind the requirements.
Why are governments required to produce both fund and government-wide financial statements? What is the major...
Why are governments required to produce both fund and government-wide financial statements? What is the major difference between the two sets of statements?
Reporting reconciliation between fund and government-wide financial statements Sai-Tu Village reported outstanding long-term bonds payable of...
Reporting reconciliation between fund and government-wide financial statements Sai-Tu Village reported outstanding long-term bonds payable of $6,000,000 in the governmental activities column of its government-wide statement of net position for the year ended December 31, 2019. During 2020, Sai-Tu Village sold $500,000 of new general obligation bonds and repaid $300,000 of bonds outstanding at the beginning of the year. Based on this information, determine the reconciliation amounts reported in the two funds’ financial statements to the two government-wide financial statements....
1. Are capital assets reported as a line-item in the government-wide statement of net position? Are...
1. Are capital assets reported as a line-item in the government-wide statement of net position? Are nondepreciable capital assets reported on a separate line from depreciable capital assets, or are they separately reported in the notes to the financial statements? Does the disclosure show beginning balances, increases and decreases, and ending balances for each major class of capital assets, as well as the same information for accumulated depreciation for each major class? Are these disclosures presented separately for the capital...
What type of asset depreciates
What type of asset depreciates
The following information is available for the preparation of the government-wide financial statements for the City...
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020: Cash and cash equivalents, governmental activities $ 580,000 Cash and cash equivalents, business-type activities 1,220,000 Receivables, governmental activities 690,000 Receivables, business-type activities 2,033,000 Inventories, business-type activities 800,000 Capital assets, net, governmental activities 20,763,000 Capital assets, net, business-type activities 10,920,000 Accounts payable, governmental activities 993,000 Accounts payable, business-type activities 859,000 General obligation bonds, governmental activities 11,983,000 Revenue...
The following information is available for the preparation of the government-wide financial statements for the City...
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020: Cash and cash equivalents, governmental activities $ 470,000 Cash and cash equivalents, business-type activities 989,000 Receivables, governmental activities 558,000 Receivables, business-type activities 1,648,000 Inventories, business-type activities 646,000 Capital assets, net, governmental activities 16,770,000 Capital assets, net, business-type activities 8,819,000 Accounts payable, governmental activities 806,000 Accounts payable, business-type activities 694,000 General obligation bonds, governmental activities 9,684,000 Revenue...
The following information is available for the preparation of the government-wide financial statements for the City...
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020: Cash and cash equivalents, governmental activities $ 520,000 Cash and cash equivalents, business-type activities 1,094,000 Receivables, governmental activities 618,000 Receivables, business-type activities 1,823,000 Inventories, business-type activities 716,000 Capital assets, net, governmental activities 18,585,000 Capital assets, net, business-type activities 9,774,000 Accounts payable, governmental activities 891,000 Accounts payable, business-type activities 769,000 General obligation bonds, governmental activities 10,729,000 Revenue...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT