Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem 5Q
It was noted in this chapter that most of the differences between commercial accounting and accounting for G&NP organizations result from differences in (a) organizational objectives, (b) sources of financial resources, and (c) methods of evaluating performance and operating results. Explain.
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Which of the following statements is false?
Select one:
O A. Management accounting statements need not comply with Accounting regulations
O B. Financial accounting statements normally reflect more detail than would be found in management accounting reports
O C. Management accounting reports emphasise future activities and future costs
O D. Financial accounting data are directed primarily at external users rather than internal users.
Which of the following statements about GAAP is not true?
O a. GAAP impacts how companies report and what they report.
O b. GAAP allows a company's management to record and report data as it sees fit.
O c. GAAP is the principles and assumptions that the management of a company uses to record and report its financial information.
O d. GAAP is a standard set of principles and assumptions that allows for the comparison of financial performance.
Choose the correct. Which of the following is not necessarily true for an operating segment?a. An operating segment earns revenues and incurs expenses.b. The chief operating decision maker regularly reviews an operating segment to assess performance and make resource allocation decisions.c. Discrete financial information generated by the internal accounting system is available for an operating segment.d. An operating segment regularly generates a profit from its normal ongoing operations.
Chapter 1 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 1 - Discuss (a) the similarities in accounting for...Ch. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Contrast the terms expense and expenditure.Ch. 1 - It was noted in this chapter that most of the...Ch. 1 - Prob. 6QCh. 1 - Prob. 7QCh. 1 - Prob. 8QCh. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 1.1ECh. 1 - Prob. 1.2ECh. 1 - Prob. 1.3ECh. 1 - In which of the following situations would the...Ch. 1 - Legally adopted budgets of governmental funds are...Ch. 1 - Which of the following statements is false? A fund...Ch. 1 - Prob. 1.7ECh. 1 - Prob. 1.8ECh. 1 - Prob. 1.9ECh. 1 - Prob. 1.10ECh. 1 - (Expenditures vs. Expenses) Family Services, a...Ch. 1 - (Statement of Revenues and ExpendituresWorksheet)...Ch. 1 - Prob. 2P
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- Which of the following is not necessarily true for an operating segment?a. An operating segment earns revenues and incurs expenses.b. The chief operating decision maker regularly reviews an operating segment to assess performance and make resource allocation decisions.c. Discrete financial information generated by the internal accounting system is available for an operating segment.d. An operating segment regularly generates a profit from its normal ongoing operations.arrow_forwardWhich of the following is true about designing an accounting−based performance measure? A. Management's beliefs are not required during the analyses. B. The issues considered in each step are independent. C. The decisions made in steps are followed in a hierarchical order. D. Behavioral criteria are important when evaluating the stepsarrow_forwardManagement Accounting Versus Financial Accounting. Management accounting differs from financial accounting in a number of ways. Indicate whether each of the following characteristics relates to management accounting (MA) or financial accounting (FA): Publically reported - Forward looking - Usually confidential- Complies with accounting standards- Reports past performance - Uses physical measures as well as monetary ones for reports- Focus on business decision making– Driven by user needs - The Balanced Scorecard: Stakeholder Values. In the balanced scorecard approach, stakeholder groups with different perspectives value different performance goals. Sometimes, however, they may be interested in the same goal. Indicate which stakeholder groups—financial (F), learning and growth (L), internal business processes (P), and customers (C)— value the following performance goals: High wages Safe products. Low-priced products Improved return on investment Job security Cost-effective…arrow_forward
- Each of the following situations relates to a different company. A. For each of these independent situations, find the missing amounts. B. How would stakeholders view the financial performance of each company? Explain.arrow_forwardWhich of the following statements is incorrect? The practice of management accounting is fairly flexible. The information gathered from management accounting is not required by law. Management accounting focuses mainly on the internal user. Reports produced using management accounting must follow GAAP.arrow_forwardAn important goal of a responsibility accounting framework is to help ensure which of the following? A. decision-making is made by the top executives. B. investments made by each segment are minimized. C. identification of operating segments that should be closed. D. segment and company financial goals are congruent.arrow_forward
- Which of the following does not describe a management control system? A. establishes a companys strategic goals B. implements a companys strategic goals C. monitors a companys strategic goals D. a system that only measures profitabilityarrow_forwardWhich is not an objective of managerial accounting?a. To prepare external reports for investors, creditors, government agencies, and other outside users.b. To provide information for costing of services, products, and other objects of interest to management.c. To provide information for planning, controlling, evaluating and continuous improvement.d, To provide information for decision making.e. Answer not givearrow_forwardWhich of the following statements is FALSE? Select one: A. Managerial accounting information includes both historical and estimated data. B. Accounting is an information system that provides essential data about the economic activities of an entity to various users to aid them in making informed judgments and decisions. C. Managerial accounting reports are prepared according to generally accepted accounting principles. D. Since there are few rules to restrict how an organization chooses to arrange its own internal data for decision making, managerial accounting provides ample opportunity for creativity and change.arrow_forward
- Which of the following statements is incorrect? Select one: a. Reports produced using management accounting must follow GAAP. b. The information gathered from management accounting is not required by law. c. The practice of management accounting is fairly flexible. d. Management accounting focuses mainly on the internal user.arrow_forwardWhich of the following statements is incorrect?A. The practice of management accounting is fairly flexible.B. The information gathered from management accounting is not required by law.C. Management accounting focuses mainly on the internal user.D. Reports produced using management accounting must follow GAAP.arrow_forwardAre the financial reports contained in the annual report considered financial accounting reports or management accounting, clarify this and provide evidence to prove it? Can the costs contained in the income statement be used to analyze the relationship between cost, volume and profit (CVP), if the answer is yes, then the tools that can be used in this CVP analysis are clarified, and if this analysis cannot be used, the reasons will be clarified?arrow_forward
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