What does the management’s discussion and analysis (MD&A) normally include? Where does a state or local government present this information?

Q: Activities of a general purpose government that provide the basis for GASB's financial accounting…

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

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

A:

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

A: Comprehensive definition (with examples) of revenue appropriate for a Central Government: Revenue…

Q: Who appoints the internal auditor? a. Management b. Government c. External stakeholders d. Members

A: Internal auditor performs internal audit functions.

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: Explain the history of and the reasons for the unique characteristics of the financial statements…

A: The basic two types of financial statements that are produced by the state and local governments are…

Q: What databases are appropriate for government accounting?

A: The term "Government Accounting" refers to recording & analyzing all income , expenses &…

Q: you consider Government Accounti

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

Q: 3. A government-wide statement of net position may include a column for each of the following…

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

Q: Discuss briefly why fiscal responsibility shall to the greatest extent be shared by all those…

A: The answer is stated below:

Q: Explain why special purpose frameworks (also known as other comprehensive bases of accounting) may…

A: Special purpose framework is a non-GAAP framework which is used for financial purposes and includes…

Q: Define a financial reporting entity. Give an example of a primary government. Define and give an…

A:

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: In the governmental units all of these true about the budget except .a The budget is legally binding…

A:

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: Preparation of government-wide statement of activities

A: Here wehave to understand that the property tax and sales tax is the general government revenue…

Q: In what way Corporate governance is being applied in a government agency?

A: The corporate governance of the government authorities, through the provision of public services,…

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: 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: Complete the blank as appropriate: Governmental financial reporting focuses on stewardship and…

A: This was related to the reporting of the financial statement of the government entity.  The purpose…

Q: " Accounting is shaped by , reflects , and reinforces particular characteristics unique to its…

A: The accounting system is considered to be the backbone of the nation's development as it will…

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: 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: 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: Discuss various other government departments and their functions in cbsa/cfia

A: The CBSA is a Canadian federal agency responsible for federal law agency that is responsible for…

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 is true regarding the government-wide financial statements? a. The…

A: Government-wide Financial statement: It is the statement of consists of a statement of net assets…

Q: Which office maintains accounts of financial transactions of all national government offices,…

A: Government Accounting is a process of recording, classifying, analysing and communicating all the…

Q: Answer the following multiple-choice questions. GAAP stands for:(a) governmental auditing and…

A: Definition: Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to…

Q: All of the following are requirements unique to a government entity. Which is not?  Group of answer…

A: Government entity refers to any nation or any government who is serving for societal benefit. It…

Q: GAAP stands for: a.    governmental auditing and accounting practices. b.    generally accepted…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

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: Objectives of general purpose financial reporting is to provide information about. a. The Government…

A: Financial reporting is done to express the true and fair opinion on financial statements.

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

A: FCA is  financial conduct analysis