Question
Why are fiduciary funds excluded from government-wide statements?
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Answer
They are held in a fiduciary capacity, not for the government itself.
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Question
Why is the General Fund treated differently in major fund reporting?
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Answer
It is always major.
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Question
What two statements are included in the government-wide financial statements?
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Answer
Statement of Net Position and Statement of Activities.
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Question
How do proprietary fund cash flows differ from FASB cash flows?
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Answer
They use four categories and the direct method.
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