Financial Reporting - Measurement Focus
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What are the 2 types of transactions that are measured?
- –Economic resources
- Proprietary & fiduciary funds
- –Current financial resources
- Governmental funds
What does economic resources measure?
- –Measure inflows & outflows of economic resources
- Current (i.e. financial ) & noncurrent (i.e. economic)
- Capital assets & long-term debt
What does economic resources focus on?
- –Focuses on operational accountability
- Whether management efficiently uses resources in providing services
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