Statement of net assets-government-wide
Statement of activities-government-wide
Balance sheet-government funds
Statement of revenues, expenditures, and changes in fund balance- governmental funds
Statement of net assets-proprietary funds
Statement of revenues, expenses, and changes in fund net assets- proprietary funds
Statement of cash flows-proprietary funds
Statement of fiduciary net assets
E 2-3 True or False
True or False. Write T if the corresponding statement is true. If the statement is false, write F and state what changes should be made to make it a true statement.
1. Activities of a general purpose government that provide the basis for GASB’s financial accounting and reporting framework consist of governmental, business-type, and fiduciary.
2. The permanent fund is one of the several types of governmental funds.
3. Government-wide financial statements report financial transactions related to the governmental, business-type, and fiduciary activities of the government.
4. A statement of revenues, expenditures, and changes in fund balances is used to report the inflows and outflows of current financial resources of governmental funds.
5. The accounting system for proprietary funds should provide for integration of budgetary accounts.
6. Financial information for component units must be reported by discrete presentation.
7. All assets, both current and noncurrent, and all liabilities, both current and noncurrent, are reported in the government-wide financial statements.
8. All proprietary fund financial information is reported in the Business-type Activities column of the government-wide financial statements.
9. Depreciation should be reported in the financial statements of the General Fund for general capital assets accounted for in the General Fund.
10. In addition to the General Fund, in governmental and proprietary fund financial statements, the only individual funds for which financial information is reported in separate columns are major funds.
E 2-5 Matching Funds with Transactions
Matching Funds with Transactions. Choose the letter of the sample transaction in the right-hand column that would most likely be reported in the fund listed in the left-hand column.