Upgrade to remove ads
Gov. & Nonprofit Ch. 1
Terms in this set (13)
Provide an aggregated overview of a government's net position and change in net position
Provide more detailed financial information about a government
The cornerstone of all financial reporting in government; Requires governments to answer to the citizenry to justify the raising of public resources and the purposes for which they are used
Whether government has used its resources efficiently and effectively in meeting service obligations
What uses Operational Accountability?
Whether government raised and spent financial resources in accordance with budgetary, legal, and regulatory constraints
What uses Fiscal Accountability?
Flow of Economic Resources
What is the measurement focus of Government-Wide Statements?
Short-Term Flow of Current Financial Resources
What is the measurement focus of Fund Statements?
What accounting basis is used for Government-Wide Statements?
Modified Accrual Basis
What accounting basis is used for Fund Statements?
A governments obligation to disclose whether current year revenues were sufficient to pay for current year benefits -- or will taxpayers be required to pay for them instead?
Management's Discussion & Analysis (MD&A)
Government-Wide F/S or Fund F/S
Notes to the F/S
Required supplementary information (other than MD&A)
What are the minimum components used for general purpose financial reporting?
YOU MIGHT ALSO LIKE...
Governmental Accounting Midterm
Governmental - Chapter 1
Government and Not-for-Profit - Chapter 1
OTHER SETS BY THIS CREATOR
Capital Budgeting & Cost Analysis Terms
Exam 2 Problems
Cost CH.11 Terms
Cost CH.3 Terms