Exercise 8-5 (Static)

Under the reporting model required by GASB Statement 34, fund statements are required for governmental, proprietary, and fiduciary funds. Governmentwide statements include the Statement of Net Position and Statement of Activities. Answer the following questions related to the reporting model: 1. What is the measurement focus and basis of accounting for governmental fund statements; proprietary fund statements; fiduciary fund statements; and government-wide statements?

2. Indicate differences between fund financial statements and governmentwide statements with regard to component units; fiduciary funds; and location of internal service funds.

3. Indicate what should be included in the Statement of Net Position categories: Net Investment in Capital Assets; Restricted; and Unrestricted.