Describe what the government-wide statements are intended to convey to readers and contrast with the intent of the fund financial statements.
What will be an ideal response?
Government-wide statements are designed to demonstrate operational accountability; that is, information useful in assessing operating results and short- and long-term financial position and the cost of providing government services from an economic perspective reported in entity-wide financial statements. Governmental fund financial statements are designed to demonstrate fiscal accountability; that is, current-period financial position and budgetary compliance. Proprietary fund financial statements focus on total economic resources and, like government-wide financial statements, are designed to convey operational accountability.
You might also like to view...
The process of preparing and integrating a company's advertising efforts with the overall IMC message is the:
A) message theme B) advertising management program C) executional framework D) communication analysis
The buying center is a fixed and formally identified unit within the buying organization
Indicate whether the statement is true or false
Which of the following is an advantage of parent-country nationals?
A. Minimizes language and culture problems B. Allows managers to gain international experience C. Compensation is generally easier and is based on local pay scale D. Less expensive than moving someone to the country E. Better understanding of local business laws, culture, and customs
Which of the following is an accounting transaction?
A. A manager signs a promissory note and receives cash. B. A manager orders supplies. C. A manager agrees to deliver their product in three weeks. D. A manager hires an employee.