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 17, Problem 15.4EP
To determine
Find the correct option, the option that is not the objective of federal financial reporting.
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What objectives does the Statement of Federal Financial Accounting Concepts (SFFAC) No. 1 for federal financial reporting identify?
Government financial reporting should assist report users in evaluating:
a. Accountability
b. Inter-period equity
c. Stewardship
d. Operating budgets
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.
Chapter 17 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 17 - Prob. 1QCh. 17 - Prob. 2QCh. 17 - Prob. 3QCh. 17 - Prob. 4QCh. 17 - Prob. 5QCh. 17 - Prob. 6QCh. 17 - The federal government uses two groups of funds....Ch. 17 - Prob. 8QCh. 17 - Prob. 9QCh. 17 - Prob. 10Q
Ch. 17 - Prob. 12CCh. 17 - Prob. 13CCh. 17 - Access the most recent Financial Report of the...Ch. 17 - Prob. 15.1EPCh. 17 - Prob. 15.2EPCh. 17 - Prob. 15.3EPCh. 17 - Prob. 15.4EPCh. 17 - Prob. 15.5EPCh. 17 - Prob. 15.6EPCh. 17 - Which of the following is a correct mathematical...Ch. 17 - Which of the following is not a component of a...Ch. 17 - Fund Balance with the Treasury would be considered...Ch. 17 - Prob. 15.10EPCh. 17 - Which of the following federal funds is most...Ch. 17 - Following is a list of a number of accounts used...Ch. 17 - One amount is missing in the following trial...Ch. 17 - Use the data from Problem 1717 for this...Ch. 17 - Prob. 19EPCh. 17 - Prob. 20EPCh. 17 - Congress authorized the Flood Control Commission...Ch. 17 - Prob. 22EP
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- Explain the main purposes of the Conceptual Framework for Financial Reporting and Identify the objective of general-purpose financial reporting, as stated in the Conceptual Frameworkarrow_forwardDistinguish between IASB standards and the Conceptual Framework for Financial Reportingarrow_forwardGeneral-purpose financial statements are prepared primarily for: a. internal users. b. external users. c. auditors. d. government regulators.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.Required:Explain what is meant by relevance, reliability and comparability and how they make financial information useful.arrow_forwardWhich 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 Boardarrow_forward
- The IASB’s Framework for the Preparation and Presentation of Financial Statements gives qualitative characteristics that make financial information reliable. Which of the following are examples of those qualitative characteristics? (1) Accruals (2) Faithful representation (3) Going concern (4) Neutrality Select one: a. 1 and 2 b. 2 and 4 c. 1 and 4 d. 2 and 3arrow_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_forwardWhich of the following is true regarding the organization of the comprehensive annual financial report?a. The three major sections are introductory, financial, and statistical.b. The management’s discussion and analysis is considered to be part of the introductory section.c. The auditor’s report is considered to be part of the statistical section.d. Basic financial statements include the government-wide statements, the budgetary statement, and the notes to the financial statements.arrow_forward
- Describe the usefulness of a conceptual framework and the objective of financial reporting.arrow_forwardThe Financial Accounting Standards Board (FASB) has developed a conceptual framework for financial accounting and reporting. The FASB has issued eight Statements of Financial Accounting Concepts. These statements are intended to set forth the objective and fundamentals that will be the basis for developing financial accounting and reporting standards. The objective identifies the goals and purposes of financial reporting. The fundamentals are the underlying concepts of financial accounting that guide the selection of transactions, events, and circumstances to be accounted for; their recognition and measurement; and the means of summarizing and communicating them to interested parties. The purpose of the statement on qualitative characteristics is to examine the characteristics that make accounting information useful. These characteristics or qualities of information are the ingredients that make information useful and the qualities to be sought when accounting choices are made.…arrow_forwardFour different measurement bases are mentioned in the Conceptual framework that may be employed in Financial statements. Briefly explain these measurements. IFRS foundation has various internal bodies. Describe the functions of these internal bodies and it’s interrelation with other national setters c Explain what is meant by relevance, faithful representation, and comparability and how they make financial information useful by focusing on the distinguishing fundamental characteristics between useful information and information that is not useful or misleading.arrow_forward
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