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 12, Problem 16.8EP
To determine
Choose the rule that government should choose to report service efforts and accomplishments (SEA).
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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
The Federal Accounting Standards Advisory Board (FASAB) recommends accounting principles and standards for the federal government and its agencies and departments.
True or False
Who should set accounting standards? A government agency or private body such as the FASB?
Chapter 12 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 12 - Are governments and not-for-profit organizations...Ch. 12 - What is the difference between two types of...Ch. 12 - Prob. 3QCh. 12 - Robert Bland suggested that tensions may exist...Ch. 12 - Identify some essential components of the annual...Ch. 12 - Prob. 6QCh. 12 - Prob. 7QCh. 12 - What are the three broad categories of service...Ch. 12 - Prob. 9QCh. 12 - Prob. 10Q
Ch. 12 - Prob. 14CCh. 12 - Budgets of government entities a. Are integrated...Ch. 12 - Which of the following statements regarding...Ch. 12 - Which of the following steps would not usually be...Ch. 12 - The budgeting principle in generally accepted...Ch. 12 - Prob. 16.5EPCh. 12 - An approach to budgeting that requires the very...Ch. 12 - Which of the following does not represent a...Ch. 12 - Prob. 16.8EPCh. 12 - Prob. 16.9EPCh. 12 - Prob. 16.10EPCh. 12 - Prob. 16.11EPCh. 12 - Which of the following is not one of the general...Ch. 12 - Prob. 16.13EPCh. 12 - The police chief of the Town of Meridian submitted...Ch. 12 - The City of Manhattan, Kansas, prepares an annual...Ch. 12 - The City of Ashcroft has produced a Service...Ch. 12 - Prob. 20EPCh. 12 - Prob. 21EPCh. 12 - The U.S. Office of Management and Budget (OMB)...
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Similar questions
- Both the GASB and the FASB require entities to include a management discussion and analysis in the financial reports. True or False True Falsearrow_forwardA.66. What is due process in the context of standard-setting at the IASB? A. IASB operates in full view of the public.B. Interested parties can make their views known.C. Public hearings are held on proposed accounting standards.D. All of these.arrow_forwardExplain why special purpose frameworks (also known as other comprehensive bases of accounting) may be used by a state or local government instead of GASB standards, which are generally accepted accounting principles (GAAParrow_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_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_forwardWhat should you tell your friend about the presence of accounting standards in theUnited States? Who has the authority for standard setting? Who has the responsibility?arrow_forward
- Which of the following is not a criterion that must be met under FASB ASC 958-605-25-16 for contributed services? a. They are provided by persons possessing required skills. b. They are provided by licensed professionals. c. They create or enhance nonfinancial assets. d. They would typically have to be purchased if not provided by the donors/volunteers.arrow_forwardThe objective of IFRS 1 is to ensure that an entity's first IFRS financial statements contain high quality information to users. Explain how the standard achieves this objective. Do you think a reporting entity's financial statements could still be of "high quality" even if it does not comply with IFRS 1? Discuss your answer. THANKS.arrow_forwardAnswer the following multiple-choice questions. GAAP stands for:(a) governmental auditing and accounting practices.(b) generally accepted attest principles.(c) government audit and attest policies.(d) generally accepted accounting principlesarrow_forward
- What benefits are derived from including the management’s discussion and analysis in state and local governmental financial reports? What information is required to be included in the MD&A?arrow_forwardState and local governments and not-for-profit organizations that receive grants or contracts from the federal government should charge costs of these grants or contracts in conformity with: a) Cost Accounting Standards Board standards. b) Office of Management and Budget circulars. c) Financial Accounting Standards Board standards. d) Governmental Accounting Standards Board standards.arrow_forwardPresented below are four statements which you are to identify as true or false. If false, explain why the statement is false. 1. GAAP is the term used to indicate the whole body of FASB authoritative literature. 2. Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. 3. The primary governmental body that has influence over the FASB is the SEC. 4. The FASB has a government mandate and therefore does not have to follow due process in issuing a standard.arrow_forward
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