Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Chapter 10, Problem 17.14EP
To determine
Identify the factor not considered by the rating agencies during rating assessment.
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Which of the following is not included in the standard (unmodified) report on the financialstatements?a. An identification of the financial statements that were audited.b. A general description of an audit.c. An opinion that the financial statements present financial position in accordance withGAAP.d. An emphasis-of-matter paragraph commenting on the effect of economic conditions onthe entity
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Chapter 10 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 10 - The GASB indicates that economic condition is...Ch. 10 - What is the Financial Trend Monitoring System and...Ch. 10 - The International City/County Management...Ch. 10 - Prob. 4QCh. 10 - Prob. 5QCh. 10 - Prob. 6QCh. 10 - Prob. 7QCh. 10 - Illustration 104, adapted front Crawford and...Ch. 10 - What is EMMA and when would someone want to use...Ch. 10 - Prob. 10Q
Ch. 10 - Prob. 11QCh. 10 - Prob. 17.1EPCh. 10 - Which of the following terms or concepts focuses...Ch. 10 - Prob. 17.3EPCh. 10 - Prob. 17.4EPCh. 10 - Prob. 17.5EPCh. 10 - Prob. 17.6EPCh. 10 - Prob. 17.7EPCh. 10 - Prob. 17.8EPCh. 10 - Prob. 17.9EPCh. 10 - Prob. 17.10EPCh. 10 - Prob. 17.11EPCh. 10 - Which of the following would be considered a sign...Ch. 10 - Prob. 17.13EPCh. 10 - Prob. 17.14EPCh. 10 - What is Electronic Municipal Market Access, or...Ch. 10 - Prob. 18EPCh. 10 - Examine the following tables from the Financial...Ch. 10 - Prob. 20EPCh. 10 - Prob. 21EP
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- The performance of an attestation engagement on prospective financial information does not require which of the following?a. If the basis of the prospective financial information is different from the financial statements, a reconciliation of the two must be provided.b. Management must disclose all significant assumptions used in generating the prospective financial information.c. Management must disclose significant accounting policies and procedures used in generating the prospective financial information.d. Management must disclose the probability of obtaining the results included in the prospective financial information.arrow_forwardThe subject matter of an attestation can be one of the following Except a. Financial statements or future projections b. Internal Control c. Risk Assessment d. Bookkeeping or Taxesarrow_forwardWhat is the qualitative characteristic of financial statements according to the Framework? a. Qualitative characteristics are broad classes of financial effects of transactions and other events b. Qualitative characteristics are the attributes that make the information provided in financial statements useful to others c. Qualitative characteristics measure the extent to which an entity has complied with all relevant standards. d. Qualitative characteristics are non-quantitative aspects of an entity’s position and performance and changes in financial position.arrow_forward
- Which of the following accounting concepts do accountantsand auditors assess by using financial analyses?a. Time period. c. Full disclosure.b. Separate entity. d. Going-concern assumption.arrow_forwardWhich of the following is the best description of reliability in relation to information in financial statements? Comprehensibility to users Influence on the economic decisions Freedom from material error and bias Inclusion of degree of caution of usersarrow_forwardIn your opinion, what is the most important statement in the financial statements that a financial analyst will use as the reference in assessing the company’s assets and liabilities? Justify your opinion with reason/s.arrow_forward
- Which of the following services provides the lowest level of assurance on a financial statement Select one: a. Neither service provides assurance on financial statements b. review c. Each service provides the same level of assurance on financial statements d. auditarrow_forwardWhich of the following is the least independent piece of information to collect about a company that is a potential M&A target? A. Internal audits B. Fun and Bradstreet reports C. Audited financial statements D. Relevant macroeconomics outlooks from an independent research organizationarrow_forward1. Explain the quantitative threshold of a reportable operating segment. 2. Differentiate management control from joint control. 3. When does an activity be part of related party transaction? 4. In case of erroneous recording or omission of reportable segments , how does it affect the financial position and financial operation. 5. What is the general purpose of financial disclosures of financial statements?arrow_forward
- What are the qualitative characteristics of financial statements according to the Framework? Qualitative characteristics are broad classes of financial effects of transactions and other events Qualitative characteristics are the attributes that make the information provided in financial statements useful to others. Qualitative characteristics measure the extent to which an entity has complied with all relevant Standards and Interpretations. Qualitative characteristics are non-quantitative aspects of an entity’s position and performance and changes in financial positionarrow_forwardThe objective of general-purpose financial reporting is? to provide users with financial information that implies total freedom from error to provide companies with the option to select information that favors one set of interested parties over another O to provide financial information about the reporting entity that is useful to present and potential equity investors, lender and other creditors in making decisions in their capacity as capital providers to provide a metric for financial information used to determine when the boundary between two or more entities should disregarded and the entities considered to be a licensing arrangementarrow_forward5. According to PFRS 9, on initial recognition, the entity has the option of designating financial assets to be measured at FvrLarrow_forward
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