GASB standards provide that accounting systems of governmental funds are designed to measure:
A) The extent to which financial resources obtained during a period are sufficient to cover claims incurred during that period against financial resources
B) The acquisition and disposal of net assets
C) The net financial resources available for future periods.
D) The receipt and expenditure of resources. These resources are generally restricted to current assets and liabilities.

Question

Quizplus · Accepted Answer

GASB standards provide that accounting systems of governmental funds are designed to measure a) the extent to which financial resources obtained during a period are sufficient to cover claims incurred during that period against financial resources and b) the net financial resources available for future periods. Activities of governmental funds are said to be expendable, that is, the focus is on the receipt and expenditure of resources. These resources are generally restricted to current assets and liabilities.

GASB Standards Provide That Accounting Systems of Governmental Funds Are