What are the two types of government-wide financial statements?

What are the two types of government-wide financial statements?

Two main aspects of government-wide financial statements are the financial statement and the statement of net assets. The financial statement shows the revenue collected and the amounts that the government spent.

How do you teach government in a fun way?

Six Ways to Teach Government in a Fun Way:

  1. Focus on Projects Instead of Branches.
  2. Don’t Be Afraid to Talk Controversial Issues.
  3. Use Simulations and Role Plays.
  4. Make Time for Current Events.
  5. What’s More Fun than Games?
  6. Use Movies to Spark Discussions.

What are the common types of current assets?

Current assets include cash, cash equivalents, accounts receivable, stock inventory, marketable securities, pre-paid liabilities, and other liquid assets. Current assets are important to businesses because they can be used to fund day-to-day business operations and to pay for the ongoing operating expenses.

During which period the role of government intervention emerge in the economy?

The 1980s were a period during which both governments encountered threats to their economic stability.

What are the 3 main accounting elements?

The three major elements of accounting are: Assets, Liabilities, and Capital. These terms are used widely in accounting so it is necessary that we take a close look at each element. But before we go into them, we need to understand what an “account” is first.

What is a category or element of the balance sheet?

It’s a snapshot view of your business’s overall financial situation for a particular period of time. The balance sheet consists of three major elements: assets, liabilities and owners’ equity.

What is the purpose of government-wide financial statements?

The purpose of government-wide financial statements is to present the financial position and the operating results of the governmental entity as a whole.

What are government activities?

1. government activity – the act of governing; exercising authority; “regulations for the governing of state prisons”; “he had considerable experience of government” governing, government, governance, administration. land reform – a redistribution of agricultural land (especially by government action)

Should the government intervene in the economy?

Without government intervention, firms can exploit monopoly power to pay low wages to workers and charge high prices to consumers. Government intervention can regulate monopolies and promote competition. Therefore government intervention can promote greater equality of income, which is perceived as fairer.

What are the main elements of balance sheet?

A standard company balance sheet has three parts: assets, liabilities and ownership equity. The main categories of assets are usually listed first, typically in order of liquidity.

What are the key elements of government financial statements?

These Financial Statements contain five main elements of the entity’s financial information, and these five elements of financial statements are:

  • Assets,
  • Liabilities,
  • Equities,
  • Revenues, and.
  • Expenses.

How do you account for current liabilities?

Current liabilities could also be based on a company’s operating cycle, which is the time it takes to buy inventory and convert it to cash from sales. Current liabilities are listed on the balance sheet under the liabilities section and are paid from the revenue generated from the operating activities of a company.

What is a government wide financial statement?

The government-wide statements bring the financial activity together in one place and report accrual-based economic resources information. The government-wide statements organize information by whether it relates to governmental activities or business-type activities.