Write a 350-word summary in which you:
- Describe the purposes of the Government Accounting Standards Board, and how the evolution of these standards has improved financial reporting for decision making
- Discuss whether and how the creation of PFR’s has helped to simplify government accountability in financial reporting.
Answer the following with very short answers:
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A. Explain the different purposes of the fund-based and government-wide financial statements of a state or local government and the primary differences between the fund-based and government-wide operating statements.
B. In relation to the government-wide statement of activities, define direct expenses and indirect expenses and why it is important to distinguish between them.
C. Describe the format prescribed by the GASB for the government-wide statement of activities and how that format benefits financial statement users.
D. Indicate whether the following revenues should be classified as program revenues or general revenues on the government-wide statement of activities:
Unrestricted operating grants that can be used at the discretion of the city council.
Capital grants restricted for highway construction.
Charges to other governments for police assistance at a special event.
A special assessment for snow removal.
Licenses and permits.
Motor vehicle fuel taxes restricted for road repair.
Investment earnings restricted for art preservation.
E. Explain the essential differences between revenues and other financing sources and between expenditures and other financing uses. How is each of these items reported on the governmental funds statement of revenues, expenditures, and changes in fund balances.
F. Indicate whether each of the following expenditure items should be classified as a function, program, organization unit, activity, character, or object:
Residential trash disposal.
Salaries and wages.
Health and Welfare.
Printing and postage.