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?

---

Definitions:

Division of Labor

is the allocation of different tasks and responsibilities to different individuals or groups, typically to increase efficiency and productivity.

Status Inconsistency

Occurs when an individual's social positions have both high and low ranks, leading to a disparity in their expected social status.

Role Conflict

The stress or strain experienced by an individual when confronted with incompatible demands, obligations, or expectations across different social statuses or roles.

Ascribed Status

A status determined at birth.