Answered: What benefits are derived from…

What benefits are derived from including the management’s discussion and analysis in state and local governmental financial reports? What information is required to be included in the MD&A?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter2: Introduction To Financial Statements

Section: Chapter Questions

Problem 2Q: Define the term stakeholders. Identify two stakeholder groups, and explain how each group might use...

See similar textbooks

Related questions

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: The GASB identifies one of the broadest objectives of government financial reporting as: A.…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Which of the following uses the flow of current financial resources measurement focus? a. Internal…

A: Current financial resources measurement focus : The name itself specifies that financial statement…

Q: Is there a standard approach for determining when income and expenses are recognized in financial…

A: The creation of two statements – a statement of net assets and a statement of activities – is…

Q: evaluate how the government's initiatives at the time helped in improving accountability in the…

A: Accountability means answerable to the authority about the tasks and responsibility which has been…

Q: Governmental auditing can extend beyond audits of financial statements to include audits ofan…

Q: Discuss the role of the government in supporting MFIs to realize the intended goals citing what MFIs…

A: MFIs is the abbreviation used for Micro financing Institutions which are the financial organizations…

Q: What is the reason that fund accounting has traditionally been a prominent factor in the internal…

A: Fund refers to a self-balancing set of accounts including cash as well as other financial resources,…

Q: How have users’ needs impacted the development of accounting principles for state and local…

A: Accounting principles refers to the set of rules and regulations which companies must follow in…

Q: Distinguish between accounting and financial reporting for state and local governments and VHWOs for…

A: Accounting: accounting is the systematic process where the transactions are recorded, classified and…

Q: How to prepare financial statements for a government agency and non-profit organization?

A: Non-profit organization is an organization which works for the development of the society and not…

Q: On what do the government-wide financial statements report? Multiple Choice Operational…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: What is the purpose of the capital projects fund, debt service fund, and permanent fund. Please…

A: The creation of a fund is mostly done to pool up resources required for a particular purpose. funds…

Q: Using examples, explain how goals, targets, annual objectives and long-term objectives will be…

A: Goals are aimed that the organization is pursuing. The organization is established keeping in…

Q: Using information in the relevant IPSASs, give a comprehensive definition (with examples) of revenue…

A: Cash flow statement Cash flow statement which are used to assess the information of total net…

Q: How can a broader conceptualization of accounts, accounting and accountability (the 3As), and the…

A: Accounts is the individual’s personal account, real account and nominal account which is prepared to…

Q: In preparing GAAP-based financial reports, nonprofit organizations must present their expenses by…

A: All the Non profit organizations in the USA are required to express their expenses based on their…

Q: scribe the reporting of Board Designated resources.

A: Board-designated funds refer to those funds or assets which are restrictions free from the donor's…

Q: For governmental funds, what measuring emphasis is utilized in the fund financial statements, and…

A: Solution are as follows

Q: General purpose financial statements in the public sector provide the following information except *…

A: Solution: General purpose financial statements in the public sector provide the following…

Q: What are the importance of measuring and evaluating performance relating to finance and accounting…

A: Finance and accounting are important aspects of any business because it deals with overall funds and…

Q: Which of the following is true about the management’s discussion and analysis (MD&amp;A)? It is…

A: The correct answer is 2.

Q: Explain the objectives of governmental financial reporting as developed by GASB

A: The Government Accounting Standard Board (GASB) is defined as an organization that performs the…

Q: What are some major adjustments required when converting from fund financial statements to…

A: major adjustment for converting from fund financial statements to government-wide statements are…

Q: Which of the following has the least amount of official authority for the financial reporting of…

A: GASB Technical Bulletins has the least amount of official authority for the financial reporting of…

Q: Which of the following statements is correct about the reporting of governmental funds? Fund…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: Which of the pairings below related to measurement focus and basis of accounting is correct for the…

A: Solution Nonprofit entities measurement focus is economic resources. Nonprofit entities missions…

Q: Discuss the measurement focus used in governmental accounting and the financial transactions…

A: In government accounting, cash basis accounting is followed. The objective of Government accounting…

Q: What measurement focus is used in fund financial statements for governmental funds, and what system…

A: The government wide financial statements includes preparation of two statements – statement of net…

Q: Which of the following is true regarding the government-wide financial statements?a. The…

Q: State and local governments are accountable to much more than private investors. They are…

A: Comprehensive Annual Financial Report (CAFR): Using GASB criteria, a Comprehensive Annual Financial…

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

A: Honor Code: Since you have asked multiple questions, we will solve only the first question for you.…

Q: What is the composition of a state or local government’s comprehensive annual financial report…

A: Comprehensive Annual Financial Report: CAFR stands for "Comprehensive Annual Financial Report". A…

Q: The primary authoritative body for determining the measurement focus and basis of accounting…

Q: Can you explain how budgetary accounting contributes to achieving budgetary control over revenues…

A: Budgetary control: It is a financial tool for managing income and expenditure. In other words,…

Q: What are examples of various types of business-type funds used in governmental units? How are…

A: Fund used by Government Units: When the federal government completes tax-supported activities, a…

Q: Government financial reporting should assist report users in evaluating:

A: Answer

Q: Who can conduct FCA for a local government? Group of answer choices Internal management team Outside…

A: FCA is financial conduct analysis

Q: (a) Financial reporting in the public sector involves reporting on the government’s financial…

A: A. Financial reporting is simply the way to disclose all the financial statements to the end users…

Question

What benefits are derived from including the management’s discussion and analysis in state and local governmental financial reports? What information is required to be included in the MD&A?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Definition

VIEW

Step 2: Explanation

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which of the following uses the flow of current financial resources measurement focus? a. Internal Service Fund b. Agency Fund c. Special Revenue Fund d. Enterprise Fund
Explain the objectives of governmental financial reporting as developed by GASB
Complete the blank as appropriate: Governmental financial reporting focuses on stewardship and .......
Distinguish between accounting and financial reporting for state and local governments and VHWOs for the following issues: 1. Measurement focus and basis of accounting 2. Revenue recognition 3. Depreciation expense 4. Capital assets
Government financial reporting should assist report users in evaluating: a. Accountability b. Inter-period equity c. Stewardship d. Operating budgets
How to prepare financial statements for a government agency and non-profit organization?
How can a broader conceptualization of accounts, accounting and accountability (the 3As), and the corresponding values involved, provide further understanding in relation to the public sector? please provide a detailed answer
Differentiate between public sector and private sector as regard reporting financial statement.
Which of the following has the least amount of official authority for the financial reporting of state and local governments? Choose the correct.a. GASB Technical Bulletins.b. GASB Statements of Governmental Accounting Standards.c. GASB Concepts Statements.d. GASB Implementation Guides.
On what do the government-wide financial statements report? Multiple Choice Operational accountability. Fiscal accountability. The cost of government services. Budgetary compliance.
How can a broader conceptualization of accounts, accounting and accountability (the 3As), and the corresponding values involved, provide further understanding in relation to the public sector?
Discuss the factors affecting financial conditions of governmental organizations..