GASB Statement No. 34 requires reporting using both the financial resources measurement focus and the economic resources measurement focus. How do these two focuses differ, and what impact do they have on the presentation of financial information? Why would the addition of reporting under the economic resources focus provide added value to the understanding of the governmental operations? Identify two accounts that would be accounted for differently under the two focuses.
Answer to relevant QuestionsName three advantages gained by government reporting through the use of the three different fund types and the account groups. Explain why this method of reporting is advantageous. What is the source of the 13 basic governmental accounting principles, and what benefit is there to studying these principles? Indicate the part [(a) through (e)] of the general fund statement of revenues, expenditures, and changes in fund balance affected by transactions (1) through (7). a. Revenues b. Expenditures c. Other financing sources and ...Select the best answer for each of the following multiple-choice questions. 1. What is the underlying reason a governmental unit uses separate funds to account for its transactions? a. Governmental units are so large that ...The general fund trial balance of the city of Oakpark at December 31, 2018, was as follows: The following data pertain to 2019 general fund operations: a. Budget adopted: Revenues and other financing sources: Taxes .. . . . ...
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