Chapter 2 The Government and Not-For-Profit Environment

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1. Fund accounting promotes control and accountability over restricted resources.

2. The basis of accounting determines when transactions and events are recognized.

3. If an entity adopts a full accrual basis of accounting, its measurement focus will automatically be on all economic resources.

4. A government may report some of its funds on a full accrual basis.

5. Funds divide a government into functional departments.

6. General funds are established to account for resources legally restricted for specified purposes.

7. Fiduciary activities only benefit parties other than the government itself.

8. The Financial Accounting Standards Board requires all nongovernmental not-for-profit entities to use fund accounting.

9. In addition to preparing fund financial statements, governments should also prepare consolidated financial statements to provide information on the financial position and operating results of the government as a single economic entity.

10. Fiduciary activities should be reported in fund statements, but should be excluded from the government-wide statements.

11. At first glance, the government-wide statement of activities bears little resemblance to the income statement of a business.

12. In accounting for costs incurred on a major construction project in a capital projects fund, the construction outlays are reported as expenditures, not capital assets.

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