which of the following is true regarding the government-wide statement of net position course hero

What does the government-wide statement of net position reflect?

Jan 19, 2015 · Which of the following is true regarding the government wide Statement of Net from ACCT 560 at American University

Which statements are included in the government-wide statement?

Nov 15, 2016 · Which of the following is true regarding the government-wide Statement of Net Position? A) Discretely presented component units are included in a separate column (or columns). B) Net Position is displayed in three categories: net investment in capital assets, reserved, and unreserved.

Are the government's discretely presented component units included in the statements?

a) The government-wide statements include a Statement of Net Position and a Statement of Activities. b) The governmental activities portion of the government-wide statements is prepared using the current financial resources measurement focus and modified accrual basis of accounting. c) Both statements are true. d) Both statements are false.

What is the statement of net position illustration 2-9?

10. Which of the following is true regarding the government-wide Statement of Net Position? a. The government-wide Statement of Net Position reflects capital assets, net of accumulated depreciation, for both governmental and business-type activities. b. The government-wide Statement of Net Position must be prepared in a classified format that ...

Which of the following is true regarding the government-wide statement of net position?

Which of the following is true regarding the government-wide Statement of Net Position? The government-wide Statement of Net Position reflects capital assets, net of accumulated depreciation, for both governmental and business-type activities.

What is a government-wide statement?

A government-wide financial statement is a detailed summary of all the major government funds, what they have spent, and how much money they have left. This statement shows in detail each aspect the government has spent money on and how much money is left, if any.

What is government net position?

Net position in the balance sheet (or statement of net position) of a local and state government is the difference between total assets plus deferred outflows of resources, and total liabilities plus deferred inflows of resources. It is similar to equity is the balance sheet of a business entity.Feb 17, 2021

What are the two types of government-wide financial statements?

Two main aspects of government-wide financial statements are the financial statement and the statement of net assets. The financial statement shows the revenue collected and the amounts that the government spent.

Which of the following are included in a local government's government-wide financial statements?

The government-wide financial statements include a Statement of Net Assets, Statement of Activities, and Statement of Cash Flows. C) The government-wide financial statements include capital assets, including infrastructure, and reflect depreciation, except for infrastructure using the modified approach.

What is statement of net asset?

The statement of net assets presents the same information as a balance sheet: It assesses the balance of a government's assets—the resources it can use to provide service and operate the government—against its liabilities—its obligations to turn over resources to other organizations or individuals.

What does the statement of net position reflect?

The statement of net position presents the financial position of the governmental entity and its discretely presented component units. This statement is required to present all financial and capital resources using an economic resources measurement focus and the accrual basis of accounting.

How is net position computed in the statement of net position?

Government-Wide Financial Statements: Statement of Net Position. The difference between an entity's assets plus deferred outflows of resources and its liabilities plus deferred inflows of resources represents its net position.

What should be included in a comprehensive annual financial report?

A Comprehensive Annual Financial Report for a state or local governmental unit should contain an introductory section, a financial section, and a statistical section. True. A government may not selectively designate any fund to be a major fund even if reporting the fund separately would be useful. False.

What is CAFR in accounting?

A Comprehensive Annual Financial Report (CAFR) would include an introductory section, management's discussion and analysis, basic financial statements, required supplementary information other than MD&A, combining and individual fund statements, narrative explanations, and statistical section.

Is the General Fund considered a major fund?

False. The General Fund is not always considered to be a major fund when preparing fund basis financial statement s.

What is the purpose of a cash flow statement?

One purpose of a cash flow statement is to help in explaining changes between the beginning and ending balances of assets and liabilities. Differences resulting in cash inflows and outflows are reflected in the body of the statement. However, some investing, and financing activities may not affect cash.

Is the General Fund a major fund?

The General Fund is considered to be a major fund when preparing fund basis financial statements only if the total assets, liabilities, revenues, or expenditures of that individual governmental or enterprise fund are 5% of the total of the governmental and enterprise categories, combined. 3.