QUESTION 2 Match each of the following descriptions to the specific objective of
ID: 2553182 • Letter: Q
Question
QUESTION 2 Match each of the following descriptions to the specific objective of financial reporting that applies to, according to GASB Concepts Statement No. FINANCIAL REPORTING SHOULD provide linformation to determine whether current revenues were A-fulfill government's duty to be PUBLICLY ACCOUNTABLE sufficient to pay for current services 8. help users to EVALUATE OPERATING RESULTS about sources and uses of fnancial resources C. help users assess the LEVEL OF SERVICES THAT CAN BE PROVIDED and its ABILITY TO MEET OBLIGATIONS provide information about financial position and condition provide information about nonfinancial resources having useful lives longer than the current year disclose legal or contractual restrictions on resources provide information on service e??rts and accomplishments provide information on how it financed activities and met obligations provide information on whether the financial position improved or deteriorated as a result of current operations demonstrate that resources were obtained and used in accordance with budget and demonstrate compliance with other legal or contractual requirements. LExplanation / Answer
Provide Information to determine whether current revenue were sufficient to pay for current services
A. Fulfil governments duty to be PUBLICLY ACCOUNTABLE
Provide information about the sources and uses of financial resources
B. Help users to EVALUATE OPERATING RESULTS
Provide information about the financial position and condition
C. Help users assess the LEVEL OF SERVICES THAT CAN BE PROVIDED and its ABILITY TO MEET OBLIGATIONS
Provide information about nonfinancial resources having useful life longer than the current year
C. Help users assess the LEVEL OF SERVICES THAT CAN BE PROVIDED and its ABILITY TO MEET OBLIGATIONS
Disclose legal or contractual restrictions on resources
C. Help users assess the LEVEL OF SERVICES THAT CAN BE PROVIDED and its ABILITY TO MEET OBLIGATIONS
Provide information on service efforts and accomplishments
A. Fulfil governments duty to be PUBLICLY ACCOUNTABLE
Provide information on how it financed activities and met obligations
B. Help users to EVALUATE OPERATING RESULTS
Provide information on whether the financial position improved or deteriorated as a result of current operations
B. Help users to EVALUATE OPERATING RESULTS
Demonstrate that resources were obtained and used in accordance with budget and demonstrate compliance with other legal or contractual requirements
A. Fulfil governments duty to be PUBLICLY ACCOUNTABLE
Provide Information to determine whether current revenue were sufficient to pay for current services
A. Fulfil governments duty to be PUBLICLY ACCOUNTABLE
Provide information about the sources and uses of financial resources
B. Help users to EVALUATE OPERATING RESULTS
Provide information about the financial position and condition
C. Help users assess the LEVEL OF SERVICES THAT CAN BE PROVIDED and its ABILITY TO MEET OBLIGATIONS
Provide information about nonfinancial resources having useful life longer than the current year
C. Help users assess the LEVEL OF SERVICES THAT CAN BE PROVIDED and its ABILITY TO MEET OBLIGATIONS
Disclose legal or contractual restrictions on resources
C. Help users assess the LEVEL OF SERVICES THAT CAN BE PROVIDED and its ABILITY TO MEET OBLIGATIONS
Provide information on service efforts and accomplishments
A. Fulfil governments duty to be PUBLICLY ACCOUNTABLE
Provide information on how it financed activities and met obligations
B. Help users to EVALUATE OPERATING RESULTS
Provide information on whether the financial position improved or deteriorated as a result of current operations
B. Help users to EVALUATE OPERATING RESULTS
Demonstrate that resources were obtained and used in accordance with budget and demonstrate compliance with other legal or contractual requirements
A. Fulfil governments duty to be PUBLICLY ACCOUNTABLE