The federal government uses two groups of funds. Identify the two fund groups, and the funds associated with each group. Compare the funds to those used by state and local governments.
Answer to relevant QuestionsHow does operational accountability differ from fiscal accountability? Which category of financial statements is most useful in reporting on each of these accountability concepts?Why is it necessary to reconcile governmental funds total fund balances to government-wide governmental activities net position and governmental funds changes in fund balances to governmental activities changes in net ...Describe the format prescribed by the GASB for the government-wide statement of activities and how that format benefits financial statement users.What are stewardship assets? How does the accounting for a stewardship asset differ from that for general property, plant, and equipment?The complexity and uniqueness of the federal government makes it difficult to conduct a meaningful analysis of its financial condition. However, conducting a financial statement analysis does provide a better understanding ...
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