What is the measurement focus and basis of accounting for: (a) governmental fund statements, (b) Proprietary fund statements, (c) fiduciary fund statements, and (d) government-wide statements?

From Chapter 8 complete Exercise 8-4 and Exercise 8-5, and from Chapter 9 complete Exercise 9-2 and post the answers to the discussion board. Do not forget to show all necessary steps and explain how you attained the outcome.

 

8-4 Answer the following questions with regard to infrastructure:

 

  1. A) What is infrastructure?
  2. B) What are two methods that might be used to record infrastructure expense from year to year? How is the accounting different under the two methods?
  3. C) What conditions must exist in order to use the modified approach to record and report infrastructure?
  4. D) What are the disclosed requirements if the modified approach is used?

 

8-5 Under the reporting model required by GASB Statement 34, fund statements are required

for governmental, proprietary, and fiduciary funds. Government-wide statements include the

Statement of Net Position and Statement of Activities. Answer the following questions related to

the reporting model:

  1. What is the measurement focus and basis of accounting for: (a) governmental fund

statements, (b) Proprietary fund statements, (c) fiduciary fund statements, and (d)

government-wide statements?

  1. Indicate differences between fund financial statements and government-wide statements

with regard to: (a) component units, (b) fiduciary funds, and (c) location of internal

service funds.

  1. Indicate what should be included in the Statement of Net Position categories: (a) Net Investment in Capital Assets; (b) Restricted, and (c) Unrestricted.

 

9–2 GASB provides guidance for reporting by special-purpose entities. That guidance depends upon whether special-purpose entities are engaged in activities that are governmental-type, business-type only, or fiduciary-type only. Discuss the guidance and list required basic financial statements for:

  1. Governments engaged in governmental-type activities. Include those that are engaged in governmental- and business-type activities, more than one governmental activity, and only one governmental activity.
  2. Governments engaged in business-type activities only.

 

  1. Governments engaged in fiduciary-type activities only.
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