Loose-leaf For Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781260190083
Author: Jacqueline L. Reck James E. Rooks Distinguished Professor, Suzanne Lowensohn, Daniel Neely
Publisher: McGraw-Hill Education
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Question
Chapter 1, Problem 6Q
To determine
Identify the purpose of operational and financial accountability and the financial statement reported under these concepts.
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Explain the concepts of fiscal and operational accountability and the basis of accounting used to capture each concept.
How can a broader conceptualization of accounts, accounting and accountability (the 3As), and the corresponding values involved, provide further understanding in relation to the public sector?
Why does the IASB’s Conceptual Framework consider the relevance and faithful representation to be the fundamental qualitative characteristics that fulfill the objectives of general-purpose financial statements? Use real examples to support your arguments.
Chapter 1 Solutions
Loose-leaf For Accounting For Governmental & Nonprofit Entities
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 can a broader conceptualization of accounts, accounting and accountability (the 3As), and the corresponding values involved, provide further understanding in relation to the public sector? please provide a detailed answerarrow_forward1. Explain the purpose of operational accountability and the purpose of fiscal accountability. Which category of financial statements is most useful in reporting on each of these accountability concepts? 2. Under GASB guidance, when should an item be recognized on the face of the financial statements? Under what conditions would the GASB indicate that a note disclosure should accompany an item that has been recognized on the financial statements?arrow_forwardWhat are the quality information with regards to financial reporting?arrow_forward
- The qualitative characteristics of relevance, reliability, and comparability identified in the IASB's framework for the preparation and presentation of financial statements ( Framework) are some of the attributes that make financial information useful to the various users of financial statements. Required: Explain what is meant by relevance, reliability, and comparability and how they make financial information useful.arrow_forwardThe qualitative characteristics of relevance, reliability and comparability identified in the IASB’s Framework for the preparation and presentation of financial statements (Framework) are some of the attributes that make financial information useful to the various users of financial statements.arrow_forwardThe qualitative characteristics of relevance, reliability and comparability identified in the IASB’s Framework for the preparation and presentation of financial statements (Framework) are some of the attributes that make financial information useful to the various users of financial statements.Required:Explain what is meant by relevance, reliability and comparability and how they make financial information useful.arrow_forward
- What is the fundamental quality in the second level of the conceptual framework for financial reporting?arrow_forwardExplain what characteristics should information have to best meet the objective of financial reporting?arrow_forwardDescribe the usefulness of a conceptual framework and the objective of financial reporting.arrow_forward
- Indicate which of the following statements are moredescriptive of management accounting than of financialaccounting. (More than one answer may be appropriate.)a. Recognized standards are used for presentation. b. Information is tailored to the needs of individual deci-sion makers.arrow_forwardDistinguish between IASB standards and the Conceptual Framework for Financial Reportingarrow_forwardGovernment financial reporting should assist report users in evaluating: a. Accountability b. Inter-period equity c. Stewardship d. Operating budgetsarrow_forward
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