The cornerstone of external financial reporting for governmental units and not-for-profit organizations is:
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The cornerstone of external financial reporting for governmental units and not-for-profit organizations is:
|
a. |
to show the flow of financial resources |
|
b. |
to determine profit or loss |
|
c. |
to compare budgeted to actual resources |
|
d. |
accountability |
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- Government financial reporting should assist report users in evaluating: a. Accountability b. Inter-period equity c. Stewardship d. Operating budgetsOn what do the government-wide financial statements report? Multiple Choice Operational accountability. Fiscal accountability. The cost of government services. Budgetary compliance.Critically appraise the strengths and weaknesses of public financial management at the local government level.
- Budgets in governmental organizations serve :as all of the following except .a Control mechanisms .b Management policy .C Means of communications .d ContractAnother term used for performance audit is *a. Agency activity auditb. Value for money auditc. Program implementation auditd. Regulation compliance auditFinancial performance analysis includes analysis and interpretation of financial statements in such a way that it undertakes full diagnosis of the capital budgeting, income and expenditure, profitability and financial soundness of the business. Discuss its relationships to other factors of internal organizational analysis
- Describe the primary characteristics for governmental and not-for-profit entities. How does this differ from the primary characteristics for business organizations? Can you explain how budgetary accounting contributes to achieving budgetary control over revenues and expenditures for governmental entities and not-for-profit entities pleaseIt is a process needed in financial planning that examines the objectives using the individual's resources and limitation. data gathering data implementation data analysis objective settingDescribe the primary characteristics for governmental and not-for-profit entities. How does this differ from the primary characteristics for business organizations? In your discussion, explain how budgetary accounting contributes to achieving budgetary control over revenues and expenditures for governmental entities and not-for-profit entities.
- Objective of public financial management1 Which of the following is not an objective of financial reporting by state and local governments? Multiple Choice To assist users in assessing the adequacy of systems and controls. To assist users in assessing financial condition and results of operations. To assist financial report users in comparing actual financial results with the legally adopted budget. To assist in determining compliance with finance-related laws, rules, and regulations.GAAP provides rules for entities to follow when preparing financial statements which assist external users with: A.analysing owner's personal transactions. B.interpreting bank statements C.making comparisons between an entity’s budgeted and actual results. D.making comparisons between the financial information of different entities.
