Exam 2 - Vocab - S1 C1 - Influences, Concepts of Fin Reporting, Standards-Setting

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Last updated 7:01 PM on 8/10/26
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4 Terms

1
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point-in-time reports

provides current information as of the date of the report

Ex: balance sheet

2
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period reports

covers the entire fiscal year

Ex: operating statement, statement of cash flows

3
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general purpose external financial reports (GPEFR)

audited financial statements with

  • notes to financial statements

  • required supplementary information

  • other accompanying information (voluntary)

4
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special purpose financial report

reports that focus on a specific portion of government operations

Ex: budgetary financial reports, project reports, grant reports