ACCOUNTING F/GOVT+NONPROFIT CONNECT+>I
17th Edition
ISBN: 9781308820217
Author: RECK
Publisher: Mcgraw-Hill/Create
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Chapter 1, Problem 18.6EP
To determine
Identify the things included in minimum requirements for general purpose external financial reporting.
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1. What are the components that are included in the minimum requirements for general purpose external financial reporting?a. Introductory section, financial section, and statistical section.b. MD&A, government-wide financial statements, fund financial statements, notes to the financial statements, and RSI.c. Letter from the chief financial officer, government financial statements, notes to the financial statements, and RSI.d. MD&A, government-wide financial statements, notes to the financial statements, and RSI
2. Which of the following is not a required section of a federal agency or department’s performance and accountability report (PAR)?a. A performance section, which includes an annual performance report (APR).b. An MD&A.c. A basic financial statements section.d. A statement of nonparticipation in political matters.
3. The basic financial statements of a not-for-profit include all of the following excepta. Statement of financial position.b. Statement of activities.c.…
Which financial statements are prepared using modified accrual accounting?
A)
Proprietary fund financial statements.
B) Governmental fund financial statements.
C) Government-wide financial statements.
D) Both A. and B.
E) Both B and C.
Which of the following groups sets standards for audits of federal financial assistance recipients? a. U.S. General Accounting Office b. U.S. Office of Management and Budget c. Governmental Accounting Standards Board d. Financial Accounting Standards Board
Chapter 1 Solutions
ACCOUNTING F/GOVT+NONPROFIT CONNECT+>I
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. 14CCh. 1 - Prob. 15CCh. 1 - Prob. 17EPCh. 1 - Prob. 18.1EPCh. 1 - Prob. 18.2EPCh. 1 - Prob. 18.3EPCh. 1 - Prob. 18.4EPCh. 1 - Prob. 18.5EPCh. 1 - Prob. 18.6EPCh. 1 - Prob. 18.7EPCh. 1 - Prob. 18.8EPCh. 1 - Prob. 18.9EPCh. 1 - The primary reason that not-for-profit (NFP)...Ch. 1 - Prob. 19EP
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- Describe the physical structure of a complete set of government-wide financial statements and a complete set of fund financial statements.arrow_forwardWhich of the following items are included in the governmental activities column of the government- wide financial statements through worksheet journal entries? A) General Capital Assets. B) General Long-Term Debt. C) Internal Service Funds servicing governmental departments. D) All of the choices are correct.arrow_forwardWhat are the two major divisions reported in government-wide financial statements? What funds are reported in these financial statements?arrow_forward
- A government entity is required to include a statement of cash flows in which of the following financial statements? Governmental fund financial statements. Government-wide financial statements. Proprietary fund financial statements. Fiduciary fund financial statements.arrow_forwardThe basic financial statements of a state or local government include all of the following except: a. A MD&A. b. Government-wide financial statements. c. Fund financial statements. d. Notes to the financial statements.arrow_forwardWhich of the following is not part of the basic financial statements? a. Government-wide statement of net position b. Proprietary funds statement of revenues, expenses, and changes in fund net position c. Combining balance sheet—nonmajor governmental funds d. Notes to the financial statementsarrow_forward
- Complete the blank as appropriate: Governmental financial reports are used primarily to assist in determining ...... with finance related laws, rules and regulations.arrow_forwardWhat is the basic structure of government-wide financial statements and fund financial statements (as produced for the governmental funds)?arrow_forwardWhich of the following is true regarding the organization of the comprehensive annual financial report?a. The three major sections are introductory, financial, and statistical.b. The management’s discussion and analysis is considered to be part of the introductory section.c. The auditor’s report is considered to be part of the statistical section.d. Basic financial statements include the government-wide statements, the budgetary statement, and the notes to the financial statements.arrow_forward
- Explain the objectives of governmental financial reporting as developed by GASBarrow_forwardWhat objectives does the Statement of Federal Financial Accounting Concepts (SFFAC) No. 1 for federal financial reporting identify?arrow_forwardPlease 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_forward
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