GASB and Fund Financial Statements
Not what you're looking for?
Using the CAFR of Cook County, IL, create a presentation, the content of which includes explaining the process by which fund financial statements are converted to government-wide financial statements.
Just to review, can someone please briefly and concisely state the difference between fund financial statements and government wide financial statements?
What GASB statement requires government wide statements and why? This answer should include a comment on the measurement focus and basis of accounting used.
Please copy and paste the link to find the CAFR I used to write my papers
Link: http://legacy.cookcountygov.com/bof4/CAFR07/cc_2007CAFR.pdf
Purchase this Solution
Solution Summary
Explains which GASB statements require government-wide statements. Discusses the difference between fund financial statements and government-wide statements.
Solution Preview
The difference between fund financial statements and government-wide financial statements:
Government and non-profit organizations do not have profiteering as a major goal, so they use a system of accounting called fund accounting. Fund accounting categorizes financial data into funds or accounts that are similar to one another. For example, money for building something might go into a construction account. Fund accounting allows the organization to easily see what resources are available to it to complete a specific activity, like building a school for instance.
Source: http://www.investopedia.com/articles/basics/07/government_nonprofit_statements.asp#ixzz1biJqbylz
Governments have to present financial ...
Purchase this Solution
Free BrainMass Quizzes
Transformational Leadership
This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.
MS Word 2010-Tricky Features
These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.
Basics of corporate finance
These questions will test you on your knowledge of finance.
Business Processes
This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.
Introduction to Finance
This quiz test introductory finance topics.