FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
1. _____is central to, and an essential part of adequate government financial information.
a. Auditing
b. Reporting
c. Accounting
d. Public Financial Legislation
2. Which of the following statement is incorrect:
a. Budget is a critical tool for managing government revenue.
b. Government budget is a cyclical process.
c. Revenue management is important in controlling government revenues
d. Budgets are only used for revenue controls
3. All government accounting must abide by International Public Sector Accounting
Standards (IPSAS).
Select one:
True or False
4. Accrual Accounting increase government transparency and accountability.
Select one:
True or False
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- Which of the following identifies the reason that we need reconciliations between governmental funds and government-wide governmental activities (select all that apply)? Internal service funds are often categorized as governmental funds. Governmental funds use the modified accrual basis of accounting, and the government-wide governmental activities use the accrual basis of accounting. Internal service funds are often categorized as governmental activities. Governmental funds use the accrual basis of accounting, and the government- wide governmental activities use the modified accrual basis of accounting.arrow_forwardhelp me identify wether the statement is true or falsearrow_forward19-1. The most common cause(s) of financial problems are: O a. undercapitalization. O b. inadequate expense.control. O C. credit terms. o d. all of the above. 19-2. The steps in financial planning are: O a. forecasting financial needs and developing budgets to meet those needs. O b. identifying sources of financing. O c. establishing financial controls to ensure the company is following the financial plans. O d. A & C.arrow_forward
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