Questions from Advanced Accounting

Q: What measurement focus is used in fund financial statements for governmental funds

What measurement focus is used in fund financial statements for governmental funds, and whatsystem is applied to determine the timing of revenue and expenditure recognition?

Q: In applying the current financial resources measurement focus, when are liabilities

In applying the current financial resources measurement focus, when are liabilities recognized infund financial statements?

Q: What are the three categories of funds? What funds are included

What are the three categories of funds? What funds are included in each of these three?

Q: What are the five fund types within the governmental funds? What

What are the five fund types within the governmental funds? What types of events does each ofthese report?

Q: Fund financial statements have separate columns for each activity. Which activities

Fund financial statements have separate columns for each activity. Which activities are reported inthis manner?

Q: At what point in time does a governmental fund report an expenditure

At what point in time does a governmental fund report an expenditure?

Q: What measurement focus is used in government-wide financial statements,

What measurement focus is used in government-wide financial statements, and what system isapplied to determine the timing of revenue and expense recognition?

Q: What assets are viewed as current financial resources?

What assets are viewed as current financial resources?

Q: What is a partnership dissolution? Does dissolution automatically necessitate the cessation

What is a partnership dissolution? Does dissolution automatically necessitate the cessation of businessand the liquidation of partnership assets?

Q: The City of Gargery has a fiscal year ending December 31,

The City of Gargery has a fiscal year ending December 31, Year 5. If the city were to producefinancial statements right now, the following figures would be included: – Governmental activities: Assets...