Problem 2 True false questions Type the entire word, not T or F The measurement focus for governmental funds is on reporting current economic resources Operating revenues and operating expenses are reported for proprietary funds The Governmental Accounting Standards Board provides the guidance on the content and format for the Comprehensive Annual Financial Reports that are issued by state and local governments In governmental funds, fund balance represents the difference between the amount reported for assets and deferred inflows of resources and the amount reported for liabilities and deferred outflows of resources The financial reporting for fiduciary funds focuses on the determining net position and the changes in net position In governmental funds, expenditures are recognized in the period in which the fund liability is paid Proprietary funds report both financial assets and nonfinancial assets On the balance sheet of governmental funds, capital assets may be reported if the amounts are material A school district is an example of a special purpose government On the balance sheet of governmental funds, general obligation bonds payable due in 10 years are reported under long term liabilities Enterprise funds provide services primarily to the citizens of the government The economic resources measurement focus and the modified accrual basis of accounting are used to report the financial activities of a custodial fund The financial statements for proprietary funds include a statement of cash flows When a fund is defined as an accounting entity, it means that resources flow into and out of the fund Fiduciary funds are not reported on the government wide financial statements Internal service funds are reported as governmental activities on the government wide financial statements The government wide financial statements report the economic resources measurement focus and the accrual basis of accounting 18 The Certificate of Achievement for Excellence in Financial Reporting is awarded to state and local governments by the Government Finance Officers Association 19 To be awarded the Certificate for Excellence in Financial Reporting, a general purpose government is required to report a minimum of 9 fund types in its Comprehensive Annual Financial Report 20 Internal service funds provide services exclusively to other funds in the government

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Problem 2: True / false questions. Type the entire word, not T or F. The measurement focus for governmental funds is on reporting current economic

Problem 2: True / false questions. Type the entire word, not T or F.

The measurement focus for governmental funds is on reporting current economic resources.

Operating revenues and operating expenses are reported for proprietary funds.

The Governmental Accounting Standards Board provides the guidance on the content and format for the Comprehensive Annual Financial Reports that are issued by state and local governments.

In governmental funds, fund balance represents the difference between the amount reported for assets and deferred inflows of resources and the amount reported for liabilities and deferred outflows of resources.

The financial reporting for fiduciary funds focuses on the determining net position and the changes in net position.

In governmental funds, expenditures are recognized in the period in which the fund liability is paid.

Proprietary funds report both financial assets and nonfinancial assets.

On the balance sheet of governmental funds, capital assets may be reported if the amounts are material.

A school district is an example of a special purpose government.

On the balance sheet of governmental funds, general obligation bonds payable due in 10 years are reported under long-term liabilities.

Enterprise funds provide services primarily to the citizens of the government.

The economic resources measurement focus and the modified accrual basis of accounting are used to report the financial activities of a custodial fund.

The financial statements for proprietary funds include a statement of cash flows.

When a fund is defined as an accounting entity, it means that resources flow into and out of the fund.

Fiduciary funds are not reported on the government-wide financial statements.

Internal service funds are reported as governmental activities on the government-wide financial statements.

The government-wide financial statements report the economic resources measurement focus and the accrual basis of accounting.

18. The Certificate of Achievement for Excellence in Financial Reporting is awarded to state and local governments by the Government Finance Officers Association.

19. To be awarded the Certificate for Excellence in Financial Reporting, a general purpose government is required to report a minimum of 9 fund types in its Comprehensive Annual Financial Report.

20. Internal service funds provide services exclusively to other funds in the government.