Governmental fund balance

    Identify the governmental fund balance classifications and give an example of what might be included in each classification identified:    

Deferred outflows of resources

  What is meant by the terms deferred outflows of resources and deferred inflows of resources? When are these accounts used? Where are they reported on the financial statements?    

Objectives of Federal Financial Reporting

  Research Case—Federal Financial Reporting Objectives. Statement of Financial Accounting Concepts 1, “Objectives of Federal Financial Reporting,” identifies accountability and decision usefulness as the fundamental values of federal government financial...

Primary financial reporting objective

  What is the primary financial reporting objective for not-for-profit organizations? How does this differ from the primary financial reporting objective for a government?