Question

Fund Financial Statements for funds other than the proprietary and fiduciary funds differ from the Government-Wide...

Fund Financial Statements for funds other than the proprietary and fiduciary funds differ from the Government-Wide financial statements for which reasons?


a.The modified accrual accounting approach is used with fund accounting.

b.The current financial resources measurement basis is used with fund accounting.

c.Measurement focus is on government as a whole for fund financial statements

d.Fund Financial Statements differ from the Government-Wide financial statements for all of the above reasons.

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Answer #1
In fund-based financial statements, governmental funds adopt :  
1.the current resources measurement focus and the modified accrual basis for the timing of revenue and expenditure recognition--ie. The current financial resource- focus means to include only current assets , which are exclusively used to pay-off current liabilities .
2.The modified accrual basis recognizes revenues when they become available and measurable and expenditures when liabilities are incurred that reduce current financial resources.
3.Reporting is for the government as a whole ,instead of for different funds.
So, the ANSWER is
d.Fund Financial Statements differ from the Government-Wide financial statements for all of the above reasons.
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