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8 Cards in this Set
- Front
- Back
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What is GASB
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The governmental accting standards board is the private, nonpartisan organization that works to create and improve the rules U.S. state and local gov't follow when accting for their finances and reporting to the public
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What is the basic criteria to determine the reporting entity for a gov't unit?
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financial accountability
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As far as taxes which of the following accting methods assist in assuring that these revenues are expended legally?
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Fund and budgetary accounting?
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Who are the users of governmental financial reports?
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Citizens, legislative and oversight bodies, investors and creditors and internal users
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What are the characteristics of financial reporting?
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Understandability, relability, relevance, timeliness, consistency, comparability and limitations of financial reporting
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What is the objective of GASB 34?
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estabish greater accountability by state and local gov't by providing more useful information to a wider ranger of users.
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GASB 35
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GASB 34 orginally excluded public colleges and universities but GASB 35 includes these in special purpose gov't funds
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What are the 4 required columns in GWS?
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gov't activities, business type activities, primary gov't (sum of these previous two) and component units.
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