Question

Governmental Accounting Funds used in state and local government accounting and financial reporting are classified into...

Governmental Accounting

Funds used in state and local government accounting and financial reporting are classified into three categories: (1) governmental funds, (2) proprietary funds, and (3) fiduciary funds. 1.What measurement focus is used for each of these three categories

2.what types of assets and liabili- ties are reported for each measurement focus?

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Answer #1

Answer:(1)

1. Governmental funds : the current Financial Resources measurement focus.

2. Proprietary: Economic Resources (revenues and expenses) measurement focus, which is the measurement focus used by business enterprises.

3. Fiduciary: the same measurement focus as proprietary funds—the Economic Resources measurement focus.

Answer:(2)
An Economic Resources measurement focus results in accounting for all assets—both current and noncurrent—and all liabilities—both current and long-term.

A current Financial Resources measurement focus results in accounting for financial assets and related liabilities. Noncurrent assets and long-term liabilities are not reported under a current financial resources measurement focus.

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