ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
18th Edition
ISBN: 9781307515596
Author: RECK
Publisher: MCG/CREATE
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Chapter 1, Problem 19.3EP
To determine
Identify the wrong statement regarding primary sources of accounting and financial reporting standards.
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The Federal Accounting Standards Advisory Board (FASAB) recommends accounting principles and standards for the federal government and its agencies and departments.
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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?
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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- How the hierarchy of U.S. generally accepted accounting principles for state and local government accounting can be used to resolve financial reporting issues?arrow_forwardThe needs of users of government financial reports are the same as those of users of business entity financial reports. True or Falsearrow_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_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_forwardIdentify the types of financial statements issued annually by federal agencies. Compare and contrast them against the financial statements issued by a state government and a for-profit business. Discuss why there is a difference between the three.arrow_forward4. 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.arrow_forward
- the conceptual framework for financial reporting states that the purpose of financial reporting is to a. provide information to management accountants for decision making b. support and enhance transparent financial reporting by governments and other public sector entities c. provide tax authorities with information to be used for tax assessment d. none of the abovearrow_forwardWhich of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? Group of answer choices 1.IRS (Internal Revenue Service) 2.SEC (Securities and Exchange Commission) 3.FASB (Financial Accounting Standards Board) 4. FDIC (Federal Deposit Insurance Corporation)arrow_forwardGAAP stands for: a. governmental auditing and accounting practices. b. generally accepted attest principles. c. government audit and attest policies. d. generally accepted accounting principles.arrow_forward
- 4 Which of the following bodies has been established to recommend accounting and financial reporting standards for the federal government? Multiple Choice Financial Accounting Standards Board (FASB). Governmental Accounting Standards Board (GASB). Federal Accounting Foundation (FAF). Federal Accounting Standards Advisory Board (FASAB).arrow_forwardWhich of the following is true regarding the government-wide financial statements? a. The government-wide financial statements include the statement of net position and the statement of activities. b. The government-wide financial statements are to be prepared using the economic resources measurement focus and the accrual basis of accounting. c. The government-wide financial statements include information for governmental activities, business-type activities, the total primary government, and its component units. d. All of the above are true.arrow_forwardWhat are the bases of accounting? Describe how government accounting systems are structured. How do they help prevent fraud and guarantee conformance with legal requirements? Give examples.arrow_forward
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