Question

GASB Statement No. 34 mandates that the government reconcile total governmental fund balances per the fund...

GASB Statement No. 34 mandates that the government reconcile total governmental fund balances per the fund balance sheet with net assets of governmental activities per the government-wide statements. What are likely to be the two largest reconciling items for most major cities? Why?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

When you go through the financial report of a government entity, you can see that there are 2 reports, which are government-wide statement of net assets and statement of activities.

The two largest reconciling items for most major cities are long lived assets and long term liabilities.

The government-wide financial statements are the proprietary and fiduciary fund financial statements report which provides financial information on an accrual basis. Whereas the governmental fund financial statements, provides their report on a modified accrual basis.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Prepare the reconciliation of total fund balance to net assets for governmental activities for the following...
Prepare the reconciliation of total fund balance to net assets for governmental activities for the following City, given the following information. All governmental funds' fund balances $13,000,000 Deferred revenue related to property taxes 2,000,000 Accrued interest on long-term liabilities 1,200,000 General capital assets 10,800,000 Accumulated depreciation on capital assets 4,100,000 General long-term liabilities: Bonds payable for capital assets 5,700,000 Liability for compensated absences 3,200,000 Internal service fund serving governmental activities Net assets 3,000,000 Capital assets net of accumulated depreciation 1,700,000...
The comprehensive annual financial report (CAFR) is prepared by every governmental entity. Below is a listing...
The comprehensive annual financial report (CAFR) is prepared by every governmental entity. Below is a listing of the items in the CAFR. Place them in the proper order by numbering them in the space provided. (Assign a numeral from 1 to 12 (i.e., "1", "2") in each indicated cell.) Balance sheet - governmental funds Management’s discussion and analysis (MD&A) Required supplementary information (other than MD&A) Government-wide statement of activities Statement of revenues, expenses, and changes in net position - proprietary...
Select all that apply The governmental fund Balance Sheet ______. a) uses the same basis of...
Select all that apply The governmental fund Balance Sheet ______. a) uses the same basis of accounting as the government-wide Statement of Net Position b) must reconcile total funds balance to total net position on the Statement of Net Position c) must include a total column
Impact of Government Events Indicate how each of the following transactions impacts the fund balance of...
Impact of Government Events Indicate how each of the following transactions impacts the fund balance of the general fund for fund-based financial statements, and what the impact is on the net asses balance for the governmental finds for government-wide financial statements. Fund A transfers $20,000 to Fund B. For each of the following, indicate whether the statement is true or false and, if false, explain why. a.If Fund A is the general fund and Fund B is an enterprise fund,...
The year-end balance of amounts due from an enterprise fund to the general fund is reported...
The year-end balance of amounts due from an enterprise fund to the general fund is reported A. only on the government-wide statement of net position. B. on the government-wide statement of net position and on the balance sheet of governmental funds. C. on none of the financial statements. D. only on the balance sheet of governmental funds.
According to GASB Statement No. 34, a Capital Projects Fund statement of revenues, expenditures, and changes...
According to GASB Statement No. 34, a Capital Projects Fund statement of revenues, expenditures, and changes in fund balance—budget and actual is: A. Required for each Capital Projects Fund. B. Required to be presented as a basic financial statement for each major Capital Projects Fund with a legally adopted annual budget. C. Required to be presented as a basic financial statement or required supplementary information for each major Capital Projects Fund with a legally adopted annual budget. D. Not required,...
Find the 2016 Basic Financial Report for the City of Maumee before you begin this assignment....
Find the 2016 Basic Financial Report for the City of Maumee before you begin this assignment. Go to www.maumee.org Click on the "City Departments" green button on the left side of the page. Select "Finance" from the list on the left and then “Annual Report” from the drop down box. Click on "2016 Basic Financial Report" under the Current Reports Heading on the right. QUESTION 1 Fiscal accountability can best be assessed by which of these financial statements? Statement of...
Find the 2016 Basic Financial Report for the City of Maumee before you begin this assignment....
Find the 2016 Basic Financial Report for the City of Maumee before you begin this assignment. Go to www.maumee.org Click on the "City Departments" green button on the left side of the page. Select "Finance" from the list on the left and then “Annual Report” from the drop down box. Click on "2016 Basic Financial Report" under the Current Reports Heading on the right. QUESTION 1 Compare the total assets of the governmental activities and the total assets of the...
Facts: When GASB Statement No. 34, Basic Financial Statements, was issued, it became one of the...
Facts: When GASB Statement No. 34, Basic Financial Statements, was issued, it became one of the most critical governmental accounting standards available, covering a wide range of issues on government financial statement preparation. One of the biggest issues that state and local governments faced, in adopting this guidance, was the requirement that infrastructure (such as roads, bridges, sewer systems, and rail lines) be capitalized. This standard has since been codified in the GASB Codification; therefore, any references you make to...
True or False 1. Activities a local government can engage in are classified as governmental, business-type,...
True or False 1. Activities a local government can engage in are classified as governmental, business-type, or fiduciary. 2. Only those governmental and proprietary funds that meet the GASB size criteria for major funds are reported in separate columns of the governmental and proprietary fund financial statements. 3.Governmental funds account for assets but not the liabilities. 4. The types of funds that may be used in governmental accounting are classified into the three categories of governmental, proprietary, and fiduciary.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT