Question: 1. What does GASB 54 require? 2. What is the accounting equation for government funds? Current Assets - Current Liabilities = Fund Balance In that

1. What does GASB 54 require?

2. What is the accounting equation for government funds?

Current Assets - Current Liabilities = Fund Balance

In that equation, what role do current assets and current liabilities play?

3. define

  • Balance Sheet
  • Statement of Revenues, Expenditures and Changes in Fund Balance
  • Statement of Net Assets
  • Statement of Revenues, Expenditures and Changes in Net Assets
  • Statement of Cash Flow
  • Statement of Fiduciary Net Assets
  • Statement of Found Changes in Fiduciary Net Assets

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