Describe the purposes of the Government Accounting Standards Board, and how the evolution of these standards has improved financial reporting for decision making.
Discuss whether and how the creation of PFR’s has helped to simplify government accountability in financial reporting.
Explain how operating revenues and expenses related to governmental activities are classified and reported in the government-wide financial statements. Understand the concepts of general capital assets, including: acquisition, maintenance, depreciation, impairment, and disposition. Explain what types of liabilities are classified as general long-term liabilities. Describe the characteristics of proprietary funds. Explain how trust and agency funds are used to report on the fiduciary activities of a government. Describe the concepts related to the financial reporting requirements of the GASB reporting model. Identify and describe the contents of a comprehensive annual financial report (CAFR). Resources: Ch. 3, 5, and 6 of Accounting For Government and Not-for-Profit Entities, Wk 2 University Library Reading. written short answers to the following assignments from Government and Not-for-Profit Accounting: