Exam (elaborations)
CH 10: ANALYSIS OF GOVERNMENT FINANCIAL STATEMENTS QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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CH 10: ANALYSIS OF GOVERNMENT FINANCIAL STATEMENTS QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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CH 10: ANALYSIS OF GOVERNMENTFINANCIAL STATEMENTS QUESTIONS
AND ANSWERS WITH SOLUTIONS 2024
Government financial reporting has been perceived as lacking - ANSWER Financial Transparency
Financial Transparency - ANSWER All relevant financial information is fully and freely available to users.
More important for those outside governments who need to assess government performance as they
decide whether to locate in a city, work for public entities, or invest in municipal bonds.
Financial Position - ANSWER Short-term concept that focuses on the assets that are cash or are normally
converted to cash in the near future, and liabilities that require cash in the near future
Financial Condition - ANSWER Financial condition includes both the willingness and the capacity to meet
financial and service obligations
Economic Condition - ANSWER A composite of a government's financial position and its ability and
willingness to meet its financial obligations and service commitments on an ongoing basis
Financial Position - ANSWER Deals with the status of 5 elements found on the financial statements
Fiscal Capacity - ANSWER Addresses the ability and willingness to meet financial obligations
Service Capacity - ANSWER The willingness and ability to meet its service commitment
Financial Trend Monitoring System (FTMS) - ANSWER Designed for managers to use as a tool to track
financial performance of governments
3 Groups that impact financial performance - ANSWER 1.Environment
2. Organizational
3.Financial
Environmental Factors - ANSWER Factors that demand for service.
-Community needs and resources
-Intergovernmental mandates
-Disaster risk
-Political culture
-National and regional economic conditions
Organizational Factors - ANSWER Deals with management practices and legislative policies on:
-Pension funding
-Investment in capital assets
-Issuing debt
-Deferring maintenance
-Management practices
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