List the Seven Fund Financial Statements That Are Required as Part

question 69

Essay

List the seven fund financial statements that are required as part of the basic financial statements by GASB standards. What measurement focus and basis of accounting should be used in preparing each of these statements?

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Definitions:

Lack of Capacity

The legal inability of an individual or entity to engage in certain activities or enter into contracts due to age, mental state, or other disqualifications.

Surety

Surety is a financial guarantee provided by a third party, promising to pay a debt or perform an obligation if the primary party fails to do so.

Electronic Chattel Paper

A digital form of chattel paper, which includes any record or evidence of an obligation and a security interest in specific goods.

Security Interest

A financial interest in a piece of property, granted to a creditor, ensuring claim to the property should the debtor default on their obligation.