Question: Write T if the corresponding statement is true If the

Write T if the corresponding statement is true. If the statement is false, write F and state what changes should be made to make it a true statement.
1. A general purpose government typically engages in governmental, business-type, and fiduciary activities.
2. Governmental fund types include the General Fund, special revenue funds, debt service funds, capital projects funds, and internal service funds.
3. A statement of revenues, expenditures, and changes in fund balances reports the inflows and outflows of current financial resources of governmental funds.
4. Financial information for trust and agency funds is reported on both the government-wide and fiduciary fund financial statements.
5. Revenues derived from specific programs or functions, or provided for those programs or functions by outside grantors or contributors should be reported in the government-wide statement of activities as program revenues.
6. All proprietary fund financial information should be reported in the Business- type Activities column of the government-wide financial statements.
7. A fund is both a fiscal and accounting entity.
8. The police department (a General Fund department) purchased three new police vehicles. Annual depreciation on the new vehicles will be reported in the General Fund financial statements.
9. The statement of changes in fiduciary net position reports additions to and deductions from the net position of trust funds, rather than revenues and expenses.
10. In the governmental fund financial statements, the only individual funds for which financial information is reported in separate columns are major funds.

Sale on SolutionInn
  • CreatedJanuary 11, 2014
  • Files Included
Post your question