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What are fund based financial statements?

The FFS report more detailed information about the primary government. These statements present information about major funds individually and about non-major funds in the aggregate for governmental and proprietary fund types.

What are the three categories of funds?

The Generally Accepted Accounting Principles (GAAP) basis classification divides funds into three fund categories: governmental, proprietary, and fiduciary.

What are the 3 types of financial statements explain in details?

The income statement, balance sheet, and statement of cash flows are required financial statements. These three statements are informative tools that traders can use to analyze a companys financial strength and provide a quick picture of a companys financial health and underlying value.

How does an audit work?

An audit is an examination of the financial statements of a company, such as the income statement, cash flow statement, and balance sheet. Audits provide investors and regulators with confidence in the accuracy of a corporations financial reporting.

What are the three categories of funds in fund based financial statements?

In fund financial statements, governments should report governmental, proprietary, and fiduciary funds to the extent that they have activities that meet the criteria for using these funds.

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What are the three categories of funds in fund based financial statements what types of events does each report?

Principle 3 - Funds Types In fund financial statements, governments should report governmental, proprietary, and fiduciary funds to the extent that they have activities that meet the criteria for using those funds. The following fund types should be used.

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What are the three categories of funds in fund based financial statements what types of events does each report?

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