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MSB WTR10 AC330 XM2
MSB GOVNFP UNIT 1
Question | Answer |
---|---|
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 |