Reconcile government-wide financial statements
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Why is it necessary to reconcile government-wide financial statements with fund statements?
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Solution Summary
The solution explains why the government-wide financial statements are reconciled with fund statements.
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The governmental funds balance sheet includes reconciliation between Fund balance - total governmental funds and net assets - governmental activities as reported in the government-wide statement of net assets.
One element of that reconciliation explains that long-term liabilities, including bonds payable, are not due and are payable in the current period. Therefore are not reported in the funds. Another element of the reconciliation explains that internal service funds are used by management to charge the costs of information systems to ...
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