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Chapter 11

Granof-5e

Chapter 11

Granof-5e

Summary

Governments typically maintain their accounts on a fund basis. At year end they convert the accounts from a fund (modified accrual) basis to a government-wide (full accrual) basis.

According to GASB, a primary government should include a potential component unit in it’s reporting entity if the unit is financially accountable to it.

The Comprehensive Annual Financial Report (CAFR) has three sections: Introductory, Financial and Statistical.

The Basic financial statements consist of the two government-wide statements (the statement of net assets and statement of activities) and the fund statements for each of the three group of funds.

Special-Purpose governments must prepare the same financial statements as general-purpose governments.

In assessing a city’s fiscal condition, analysts should consider the current environment in which a government operates.

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