Under the reporting model required by GASB Statement No. 34, fund statements are required for governmental, proprietary,

Question:

Under the reporting model required by GASB Statement No. 34, fund statements are required for governmental, proprietary, and fiduciary funds. Government-wide statements include the statement of net assets and the statement of activities.
Required
1. Explain the measurement focus and basis of accounting for governmental fund statements, proprietary fund statements, fiduciary fund statements, and government-wide statements.
2. Explain some differences between fund and government-wide statements with regard to component units, fiduciary funds, and location of internal service funds.
3. What should be included in the statement of net assets categories invested in capital assets, net of related debt, restricted, and unrestricted?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...