ACCT567 True or False Exercise 2-3
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ACCT567 True or False Exercise 2-3
Write T if the corresponding statement is true. If the statement is false, write F and state…
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ACCT567 True or False Exercise 2-3
ACCT567 True or False Exercise 2-3
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True or False. 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.
- Activities of a general purpose government that provide the basis for GASB’s financial accounting and reporting framework consist of governmental, business-type, and fiduciary.
- The permanent fund is one of the several types of governmental funds.
- Government-wide financial statements report financial transactions related to the governmental, business-type, and fiduciary activities of the government.
- A statement of revenues, expenditures, and changes in fund balances is used to report the inflows and outflows of current financial resources of governmental funds.
- The accounting system for proprietary funds should provide for integration of budgetary accounts.
- Financial information for component units must be reported by discrete presentation.
- All assets, both current and noncurrent, and all liabilities, both current and noncurrent, are reported in the government-wide financial statements.
- All proprietary fund financial information is reported in the Business-type Activities column of the government-wide financial statements.
- Depreciation should be reported in the financial statements of the General Fund for general capital assets accounted for in the General Fund.
- In addition to the General Fund, in governmental and proprietary fund financial statements, the only individual funds for which financial information is reported in separate columns are major funds.