Accounting for Governmental and Nonprofit Entities+Chapter+4+Solutions教程.docVIP

CHAPTER 4: ACCOUNTING FOR GOVERNMENTAL OPERATING ACTIVITIES—ILLUSTRATIVE TRANSACTIONS AND FINANCIAL STATEMENTS Answers to Questions Under the GASB financial reporting model, governmental activities are reported on a long-term perspective at the government-wide level using the economic resources measurement focus and the accrual basis of accounting, similar to business accounting. This means that both current and noncurrent assets and liabilities are reported on the statement of net position. Revenues and expenses, recognized on the accrual basis, are reported on the statement of activities.