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Professor Advised below readings :
Nature of Funds 5:52 min:  https:
www.youtube.com/watch?v=iSKBepUUg0s&t=11s
GASB 54 8:19 min:  https:
www.youtube.com/watch?v=TScQbkwrmkY&t=5s
Basis of Accounting/Measurement Issues 4:30 min:  https:
www.youtube.com/watch?v=X0hc9iNgF00&t=9s
3 Fund Types 10:16 min:  https:
www.youtube.com/watch?v=srUd9PIQo3A&t=11s  
Measurement Focus 2:21 min https:
video.search.yahoo.com/yhs/search?hsimp=yhs-att_001&hspart=att&p=reutgers+not+for+profit+you+tube+videos#id=27&vid=bdd513a37d59197aad045315d0db348c&action=click
Roger Video 29.02 Fund Types (22:43) – Roger pages 29-11 to 29-12
Roger Video 29:03 General Purpose Financial Statements (24:23) Roger pages 29-14 to 29-18
Roger Video 29.04 Fund Financial Statements and Governmental Funds (14:29) - Roger pages 29-21 to 29-23
Roger Video 29.07 Governmental Accounting:  Fund Types Class Questions (7:49)
Roger pages 29-52 – XXXXXXXXXXAlso use this as a review for Exam 1.)


ACNT 2330 Ch 2 La
Use the CAFR entity that has been assigned to you (New Mexico State assigned to me) to answer the following:
Provide the name and URL for your assigned entity. Be sure to put your name on your paper. Organize the answers using 1a, 1b, 1c, 1d, 2a, etc.
1. a. List the government-wide financial statements.*
. What is the measurement focus and basis of accounting used for these statements?
c. What is included in the ‘residual’ area of the balance sheet (statement of financial position)?
2. a. List the governmental fund financial statements.*
. What is the measurement focus and basis of accounting used for these financial statements?
c. Which funds are included in these financial statements?
d. What is included in the ‘residual’ area of the balance sheet (statement of financial position)?
3. a. List the proprietary fund statements. *
. What is the measurement focus and basis of accounting for these financial statements.
c. Which funds are included in these financial statements?
d. What is included in the ‘residual’ area of the balance sheet (statement of financial position)?
4. a. What is included as required supplementary information (other than MD&A)?
.
*Reconciliation schedules support the financial statements but are not considered financial statements. Budgetary schedules are not financial statements.
Keep in mind that you are connecting the information in chapter 2 of Granof to the CAFR entity.
Attach one doc, docx, or rtf in this assignment area of Blackboard.
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Answered Same Day Jun 05, 2020

Solution

Pulkit answered on Jun 06 2020
136 Votes
1a.) Following is the list of the government wide financial statements:-
i.) The activity statement.
ii.) The statement of net position
1b.) Measurement focus and basis for accounting:-
All the government wide financial statement is reported by using the resources of economic measurement focus and by using the accrual basis of accounting. The revenues are recorded when such are earned and expenses are recorded when the liability for it arises.
The above such statements are recorded using the measurement focus on the cu
ent financial resources and the basis of accounting is the modified accrual basis. Revenues are recognized as soon as they are available and measureable within a cu
ent period. Expenses are recorded when the liability is incu
ed. Debt service expenses, claims and judgments are recorded when payment gets due.
Link:
http:
www.nmsto.gov/wp-content/uploads/2018/02/394_Office_of_the_State_Treasurer_FY2017.pdf
1c.) Residual area of the balance sheet includes all the values that’s been left after the depreciation has been charged i.e., the scrap value of...
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