Government Accounting and Financial Reporting Seminar

Instructions:

This activity focuses on various aspects of financial reporting in government accounting. It covers the accounting basis used for government activities in financial statements and the required fundamental financial statements. The classifications for reporting net position, major fund reporting, and fund type reporting are explained. Additionally, it discusses the differentiation between government and business-related activities, general revenues and program revenues, and the minimum classifications for program revenues. The activity also addresses the reporting of service charges, restricted grants, and contributions. Furthermore, it explores the level of functional detail required in the government-wide statement of activities and identifies expenses to be reported as discrete line items. Lastly, it touches upon reporting pension and OPEB plans in financial statements.

Answer the following questions:

What accounting basis(s) are used to report government activities in government-wide financial statements?