Who should set accounting standards? A government agency or private body such as the FASB?

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: What are some of the functions of a state board of public accountancy?

A:

Q: Differentiate accounting for government and not-for-profit organization from a business enterprise.

A: Business enterprises are those organisation which run and execute their business for the purpose of…

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

A: Internal auditor performs internal audit functions.

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: Is the principles for recognizing revenue the same in government accounting and accounting for…

A: Revenue is the economic inflows of benefit in the form of increasing assets or decreasing…

Q: What databases are appropriate for government accounting?

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

Q: What provisions of the AICPA Council Resolution on form of organization place control of…

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Q: Setting accounting standards by the private sector is

A: The common law is developed on the basis of the particular case. It represents the development of…

Q: How the hierarchy of U.S. generally accepted accounting principles for state and local government…

A: Financial reporting issues Financial reporting involves communicating the results and information…

Q: What is the meaning of Chief accountant of the SEC?

A: Securities Exchange Commission (SEC): This is the government agency that governs the working of…

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

A: These 3As like Accounts, Accounting and Accountability are three different concept and it must be…

Q: Explain the purpose of Generally Accepted Accounting Principles (GAAP), including the organization…

A: Generally Accepted Accounting Principles:   GAAP (Generally Accepted Accounting Principles) is a…

Q: 4. Why should persons interested in reading financial reports of governments and not-for-profit…

A: GASB stands for Governmental Accounting Standards Boards. It is an independent and private sector…

Q: Who among the following is a direct user of accounting information? Labor association Financial…

A: Users of accounting information is classified into 2 categories:  a. Direct users  b. Indirect users…

Q: What should you tell your friend about the presence of accounting standards in the UnitedStates and…

A: Every countries have their own accounting standards. Example -  US GAAP - US Generally Accepted…

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: What are the responsibilities of the Board of Directors for the financial statements? Or…

A: Financial statements are important because they provide vital information related to the financial…

Q: What is the difference between accounting and business government

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

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: How should an accounting professional go about determining whether a proposed action is in the…

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Q: Why is there a need or why is it a requirement for banking institution, building and loan…

A: Every  banking institution, building and loan association, trust company, insurance company, must…

Q: Compare the use of accrual accounting in federal government financial reporting with the use of…

A: Accrual basis of accounting:  The revenues and corresponding expenses of the firm are reported…

Q: Identify the different entities that makeethics rules for CPAs and public accountingfirms.

A: Ethics:     “That branch of philosophy which is the systematic study of reflective choice, of the…

Q: What is GASB, Government Accounting Standards Board ?

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

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: GENERAL PROVISIONS, BASIC STANDARDS AND POLICIES OF GOVERNMENT ACCOUNTING IMPORTANCE AS A WHOLE AND…

A: In the public monetary administration cycle, bookkeeping follows planning and and surveying an…

Q: Explain the roles of the SEC and the FASB in the setting of accounting standards.

A: Securities Exchange Commission (SEC): This is the government agency governs the working of financial…

Q: How has the Sarbanes-Oxley Act changed Public Accounting? Cite examples.

A: Sarbanes-Oxley Act (SOA)The Sarbanes-Oxley Act is the most far-reaching and significant federal…

Q: Explain the difference between public and private accounting

A: SOLUTION-   ACCOUNTING  IS THE PROCESS OF RECORDING FINANCIAL TRANSACTIONS PERTAINING TO A BUSINESS.

Q: Government entities are interested in financial statements to determine compliance of business…

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Q: The needs of users of government financial reports are the same as those of users of business entity…

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: government

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

Q: What is a basic financial statement that is required for federal agencies?

A: Financial statement refers to those statements which are prepared through the business at the end of…

Q: What should you tell your friend about the presence of accounting standards in theUnited States? Who…

A: Worldwide monetary scene huge change. These advancements have been inferable, to some degree, to…