ACCY 407 (Govt. and NFP) Chapter 2 Exam Questions And Answers 100% Solved

ACCY 407 (Govt. and NFP) Chapter 2 Exam Questions And Answers 100% Solved Governmental activities - answercore governmental services, together with general administrative support examples: police, fire protection, streets and highways, bridges, public buildings core services - answerprotection of life and property, public works, parks and recreation facilities and programs, educational, cultural and social services Business type activities - answerintended to be self-supporting by charging user for the services they receive - operating subsidies from general tax revenues not uncommon examples: public utilities (electric, water, gas, sewer), transportation systems, toll roads and bridges, hospitals, parking garages, liquor stores fiduciary activities - answergovernments often act either as a custodian or trustee for parties outside the government (acting on behalf of someone else) - only private-purpose custodial and trust relationships those that benefit individuals, private organizations, and other governments example: agent for collecting taxes 2 sets of "basic" financial statements for SLG: - answer1. Government-wide financial stmts. 2. Fund financial stmts. Government-wide financial statements: Measurement Focus - answereconomic resources Government-wide financial statements: Basis of ACCY - answerAccrual Basis Government-wide financial statements: Accountability - answeroperational accountability 2 types of Government-wide financial statements: - answer1. Statement of Net Position 2. Statement of Activities statement of net position - answerreports year-end f