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MSB WTR10 AC330 XM2

MSB GOVNFP UNIT 1

QuestionAnswer
Governments that provide many categories of services to their residents general purpose government
Governments that provide only a single function or a limited number of functions special purpose government
Set of accounting standards for state and local governments Governmental Accounting Standards Board (GASB)
Set of accounting standards for the federal government Federal Accounting Standards Advisory Board (FASAB)
Accounting standard that provides the minimum requirements of general purpose external financial reporting under the governmental financial reporting model GASB Statement No. 34
Provide an aggregrated overview of a government's net assets and change in net assets - assesses operational accountability Government-wide financial statements
Provide an assessment of whether the government raised and spent financial resources in accordance to budget - assesses fiscal accountability Fund financial statements
financial reporting package for governmental reporting entities Comprehensive Annual Financial Report (CAFR)
What is the focus of governmental financial reporting? Stewardship and accountability
According GASB No. 1 what is the cornerstone of governmental financial reporting accountability
separate self-balancing sets of accounts used to account for resources segregated for specific purposes or restricted as to use by donors or grantors fund accounting
Created by: wachilles