Govt & Not-forProfitGASB Statement 34 is a pretty big deal in government
accounting. It mandates that governments’ basic financial statementsinclude two
separate but related sets of statements.1. What are these two separate but related sets of
statements? What are their different purposes? What is the fundamental
difference between the two?2. We discussed above the different financial statements
required for all the types of funds. What financial statements are required for
government-wide statements?3. How does the statement of net assets differ from the
balance sheet of a business?4. How does the Statement of Activities differ from the
income statement of a business?5. Go to the GASB website and look up Concept Statement #4.
First what is the difference between a GASB Statement (like Statement 34) and a
Concept Statement? What does Concept Statement 4 cover? Summarize briefly and
include the link to it please.6. Let’s look at the concepts of restrictions in governmental
accounting (it is slightly different in NP accounting). What do we mean by
“restrictions”? What are the different GASB categories of restricted
net assets? To what statements do these apply?7. Go to a CAFR. Are there any restricted accounts noted?
What are they? Where are they?8. What is the difference between reserved funds and
restricted funds? The book gives some examples of reserved funds…what are
they?9. In your own words, what are internal service funds? Give
examples. Look at your CAFR and make a brief statement telling us what type of
internal service funds your CAFR uses.
10. Are internal funds classified the same in fund
statements as in government wide statements? How are they different?
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