ent must be both legally separate and fiscally independent. B. A primary government, although legally separate, may be fiscally dependent upon another governmental entity. C. Although a primary government

Q: 6) Which pronouncements have the highest level of authority for state and local governments? A)…

A: GASB statements means Governmental Accounting Standards Board Statements. These statements are…

Q: Presented below are three models for setting GAAP. 1.    The purely political approach, where…

A: The public/private mixed approach appears to be the way rules are established in the United States.…

Q: Why have accountability and control been so important in the traditional accounting for state and…

A: The GASB is the board that provides the guideline to the governmental units about proper accounting…

Q: 1A. Why have accountability and control been so important in the traditional accounting for state…

A: Accepting responsibility for one's own conduct is known as accountability. It suggests a willingness…

Q: What are the four classifications of nonexchange revenues that a state or local government can…

A: Revenue: Revenue refers to the income received from the business activity or sale of the output,…

Q: What are two major legal differences between state governments, and businesses, that would affect…

A: Financial reporting is defined as the financial results of the firm that are released for its…

Q: which concerns with revenue and disbursement of government such as central government , state…

A: Finances are referred as the management of money from investing activities, borrowing, lending,…

Q: will there be an instance where in the government may consider as primary user? please provide…

A: Government is defined as the group of people or the system that is used to govern the organised…

Q: Which of the following best indicates that two parties are related for purposes of PAS 24?   The…

A: Accounting standard means the standard which define how the accounting work flow in any country.…

Q: What are the key sources of revenues among the federal, state, and local governments? What are the…

A: Federal Government revenue comes from individual income taxes, corporate income taxes, and payroll…

Q: Which of the following is not necessary for a special purpose local government to be viewed as a…

A: The GASB is the board that provides the guideline to the governmental units about proper accounting…

Q: Multiple choice:  In the reporting of governmental activities, fiscal accountability is…

A: Multiple choice Question is to be answered :In the reporting of governmental activities, fiscal…

Q: you consider Government Accounti

A: Governmental accounting keeps strict control over resources while also categorizing operations into…

Q: Briefly describe the service type activities that most general purpose governments perform?

A: Governmental accounting standard board is established in United States, used by the state and local…

Q: Under what condition is the modified approach applied by a state or local government?

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the expenses and…

Q: What topic is Henry David Thoreau's "Resistance to Civil Government" primarily about? O A. The…

A: This is an essay by Henry David Thoreau which was published in 1849. This is also called as " On the…

Q: A governmental agency can best be described by which of the following statements? A. has a primary…

A: Governmental agency: A governmental agency provides services to the general public i.e. (taxpayers).…

Q: Board of Director

A: Correct Answer :- D Board  of Director.

Q: Which of the following statements about desirable attributes of accounting standards boards is most…

A: Accounting standards boards should not concede to political pressures because then it will not be…

Q: Which of the following is not an inherent power of a government?

A: The inherent power of a government are:- 1. Eminent domain  2. Police power 3. Taxation

Q: In which of the following business organization is the business considered separate from the owners:…

A: Hello, I am only answering first question as per the policy and If you want other to be answered…

Q: What are some ways an audit report for a government differs form an audit report for a for-profit…

A: An evaluator's report is a composed letter from the reviewer containing their assessment on whether…

Q: Special purpose governments differ from general purpose governments in that special purpose…

A: Answer:

Q: Explain the makeup of a primary government and its relationship to component units and related…

A: The government uses a different way to report their financial statements than the private sector…

Q: entity's control environment.

A: Control environment is a component of internal control system.

Q: Which of the following is necessary for a special purpose local government to be viewed as a primary…

A: Introduction:   The GASB is the board that provides the guideline to the governmental units about…

Q: The objective of a government is to provide services to its citizens a. True b. False

A: The public sector entities being established by the government of the particular state or city for…

Q: Authoritative GAAP for state and local governments is divided into two categories with the first…

A: GAAP:   It stands for Generally Accepted Accounting Principles. They are established guidelines to…

Q: What are the salient features and changes in the Government Accounting Manual? What problems or…

A: Government accounting manual shows and presents the guidelines and basic accounting policies and…

Q: What does the management’s discussion and analysis (MD&A) normally include? Where does a…

A: Management Discussion and Analysis (MD&A):   Management Discussion and Analysis (MD&A) is…

Q: Which of the following government-wide accounts reflects amounts owed between governmental…

A: The internal balances account will be reported as an asset in the government wide financial…

Q: Discuss some of the differences in the preparation and presentation of the operating statements of…

A: An operational statement is used to evaluate a company's performance and financial status. It is a…

Q: Taxation is NOT: a. A contribution for the support of a government required of persons, groups,…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: A primary government can be either a general purpose government or a special purpose government.…

A: Difference between Primary purpose government and specific purpose government: General Purpose…

Q: Explain the governmental Units , business type and fiduciary type with example?

A: Fund accounting is a system put in place in order to record the funds available to the government…

Q: government

A: Answer: Government accounting: Government accounting is accounting methods that are being followed…

Q: Separate accounting standards exist for the U.S. federal government in contrast to state and local…

A: Accounting:  It is the process of recording, classifying, summarizing all transactions of a business…

Q: why you think each state is responsible for issuing CPA licenses.

A: The prerequisites for taking the CPA exam and receiving a license vary by state. Many states have…

Q: Can an entity go into a joint arrangement with the government? how do you account for that?

A: Joint Arrangement The term Joint arrangement in business to take part in other business with their…