ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
18th Edition
ISBN: 9781307515596
Author: RECK
Publisher: MCG/CREATE
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Chapter 1, Problem 11C
To determine
Explain the reasons for the accounting and reporting differences related to capital assets and the organizations’ major revenue sources (sales and property tax revenues).
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4. Why should persons interested in reading financial reports of governments and not-for-profit
entities be familiar with standards set by the GASB and the FASB?
5. Explain in your own words why accountability is the cornerstone of all financial reporting in
government.
Explain to a nonfinancial audience explaining how increasing scrutiny and demand for accountability by the public has influenced reporting for governmental entities.
Explain why governments use fund accounting.
Analyze the importance of budget and control of government resources.
Explain how the GASB revenue and expense recognition model may improve the usefulness of the information governments report to the public.
Format references according to APA guidelines.
Most of the revenues obtained by most governments come from:
Group of answer choices
a Taxes
b Sales of goods or services
c Borrowing
d All of these
Which of the following entities must use fund accounting for external financial reporting purposes?
Group of answer choices
a Businesses
b Nonprofit organizations
c State and local governments
d Federal government
e All of these
The FASAB establishes financial reporting standards for all governments.
Group of answer choices
a True
b False
Chapter 1 Solutions
ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Prob. 4QCh. 1 - Explain the meaning and significance of...Ch. 1 - Prob. 6QCh. 1 - Prob. 7QCh. 1 - What are the three sections of a comprehensive...Ch. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11CCh. 1 - Prob. 12CCh. 1 - Prob. 13CCh. 1 - Prob. 14CCh. 1 - Prob. 16CCh. 1 - Prob. 18EPCh. 1 - Prob. 19.1EPCh. 1 - Prob. 19.2EPCh. 1 - Prob. 19.3EPCh. 1 - Prob. 19.4EPCh. 1 - Prob. 19.5EPCh. 1 - Prob. 19.6EPCh. 1 - Prob. 19.7EPCh. 1 - Prob. 19.8EPCh. 1 - Prob. 19.9EPCh. 1 - The primary reason that not-for-profit (NFP)...Ch. 1 - Matching. (LO1-1, LO1-2, LO1-4, LO1-5) For each...Ch. 1 - Prob. 21EP
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Similar questions
- Please describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments' accounting standards?arrow_forwardWhich 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.arrow_forwardTRUE OR FALSE. Please provide an explanation if false. 1. Compared to the accounting for business entities, government accounting places greater emphasis on the sources and utilization of government funds and the management's stewardship over government resources. 2. Taxes are the main source of funds of the government. 3. Other sources of funds of the government include fees, borrowings, and grants from other governments and international bodies. 4. Currently, the financial reporting of government entities is based on NGAS. 5. The principles used in the financial reporting of government entities are very unique that only a very few of these principles are similar to those that are applied to business entities. 6. The principles in the GAM for NGAs are similar to the principles in the PFRSs. 7. The GAM for NGAs is promulgated by the Philippine Congress under the authority conferred to it under the Philippine Constitution.…arrow_forward
- The Summary of Significant Accounting Policies : not required in the CAFR Describes the methods used in the financial accounting system . a summary of the financial results of the operations of the governmental unit . usally the last note found in the CAFR .arrow_forward1 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.arrow_forward"Explain the concept of inter-period equity in governmental accounting and provide examples of how it is addressed in financial reporting. Additionally, discuss the potential challenges in achieving inter-period equity and how governments can mitigate these challenges."arrow_forward
- Activities of a general purpose government that provide the basis for GASB's financial accounting and reporting framework consist of governmental, business-type, and fiduciary. a. True b. Falsearrow_forwardUS GAAP provides the "rulebook" to help ensure all for-profit and not-for-profit entities present their _____ accurately. A. Financial performance results B. Taxes C. Government records D. Audit resarrow_forwardDiscuss the factors affecting financial conditions of governmental organizations..arrow_forward
- Complete the blank as appropriate: Governmental financial reporting focuses on stewardship and .......arrow_forwardWhich of the following best identifies the purpose of the government-wide financial statements? Multiple Choice To provide an overview of how government would operate as a business-type entity. To provide detailed financial information on how the government’s financial performance compares to the prior reporting period. To provide an overview of the total government’s financial information. To To provide detailed financial information about different funds of government.arrow_forwardThe body currently responsible for developing local governmental accounting standards is the a. Financial Accounting Standards Board (FASB) b. Governmental Accounting Standards Board (GASB) c. National Council on Governmental Accounting (NCGA) d. Municipal Finance Officers Association (MFOA)arrow_forward
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