Homework week 1

10/28/12

Exercise 2-3

1. Activities of a general purpose government that provide the basis for GASB's financial accounting and reporting framework consist of governmental, business-type, and fiduciary. True

2. The permanent fund is one of the several types of governmental funds. True

3. Government-wide financial statements report financial transactions related to the governmental, business-type, and fiduciary activities of the government. False, because fiduciary activities are omitted from the government-wide financial statements and only reported in the fiduciary fund financial statements.

4. A statement of revenues, expenditures, and changes in fund balances is used to report the inflows and outflows of current financial resources of governmental funds. True...