Which of the following best describes the recommended format for the government-wide statements of activities?

Which of the following best describes the recommended format for the government-wide statement of activities? Expenses minus program revenues equals net (expense) revenue.

Which of the following accounts neither increase nor decrease the fund balance of the General Fund during the fiscal year?

Encumbrances

Which of the following funds are governmental funds?

The governmental funds category includes the General Fund, special revenue funds, debt service funds, capital projects funds, and internal service funds.

Which of the following is one of the two basic criteria that makes a primary government financially accountable for a legally separate entity?

Which of the following is one of the two basic criteria that makes a primary government financially accountable for a legally separate entity? The primary government appoints a voting majority of the entity's governing body. A state has different relationships with many legally separate organizations.

What is a blended component unit?

Blended component units are component units that are so intertwined with the primary government that they are, in substance, the same as the primary government and are presented as part of the primary government.

What is the general rule for reporting on funds in the fund level?

Individual non-major funds must be reported in the fund-level financial statements if, in total, they are more than 50 percent of the total assets or liabilities of the fund category.

Why is unassigned fund balance reported only in the general fund?

Because unassigned fund balance represents amounts that are not constrained in any way, not even by an intention to use them for a specific purpose, the general fund is the only appropriate place to report this classification of fund balance.

What are the five categories of fund balance?

The new fund balance classifications will indicate the level of constraints placed upon how resources can be spent and identify the sources of those constraints. Constraints are broken down into five different classifications: nonspendable, restricted, committed, assigned, and unassigned.

Which of the following types of government is always considered to be a primary government for financial reporting purposes?

For financially reporting purposes, a town government is always considered to be a primary government.

What are the three classifications of funds?

There are three major types of funds. These types are governmental, proprietary, and fiduciary.

What is the general fund used for?

As “America's Checkbook,” the General Fund of the Government consists of assets and liabilities used to finance the daily and long-term operations of the U.S. Government as a whole. It also includes accounts used in management of the budget of the U.S. Government.

What are the three types of government funds?

The three types of governmental funds are governmental, proprietary, and fiduciary funds.

What are the three fund types categories used by state and local governments?

The three categories of funds are governmental, proprietary, and fiduciary. The fund types included in each category are shown below: The basis of accounting used by governmental funds is modified accrual. Proprietary funds use the accrual basis of accounting as do fiduciary funds.

What are the different activities that are funded?

Sources of funding include credit, venture capital, donations, grants, savings, subsidies, and taxes. Fundings such as donations, subsidies, and grants that have no direct requirement for return of investment are described as "soft funding" or "crowdfunding".

What is meant by public account?

Article 266 of the Constitution defines the Public Account as being those funds that are received on behalf of the Government of India. ... Public Account funds do not belong to the government and have to be finally paid back to the persons and authorities that deposited them.

What does public account do?

It accounts for flows for those transactions where the government is merely acting as a banker. ... Examples of those are provident funds, small savings and so on. These funds do not belong to the government.

What is public account liability?

The debt contracted against the Consolidated Fund of India is defined as public debt and includes all other funds received outside Consolidated Fund of India under Article 266 (2) of the Constitution, where the government merely acts as a banker or custodian. The second type of liabilities is called public account.

Who maintains public account of India?

The Secretary to the Government of India, Ministry of Finance, Department of Economic Affairs holds the Fund on behalf of the President of India.

What are the types of government funds?

According to the GAAFR (the Blue Book), governmental funds are “used to account for activities primarily supported by taxes, grants, and similar revenue sources.” Within the category of Governmental Funds, there are five types: General Fund, special revenue funds, debt service funds, capital projects funds, and ...

Who controls Consolidated Fund of India?

The comptroller (who is also auditor general and head of the National Audit Office) controls both the Consolidated Fund and the National Loans Fund.