What is Statement of revenues, expenditures and changes in fund balances?
In short
This is the operating statement for governmental funds. It reports revenues, expenditures, other financing sources and uses, and special items, giving the net change in fund balance for the period.
Key takeaways
- Expenditures are classified by function and by character, such as current, debt service and capital outlay.
- It uses the modified accrual basis and the current financial resources focus.
- It is reconciled to the government-wide statement of activities.
Where it's tested
BAR: Governmental Fund Accounting — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
A city's General Fund purchases a fire truck for $400,000 cash. How is this recorded in the General Fund?