Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Chapter 17, Problem 1P
To determine
Identify the correct option out of the given statements.
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Explain the objectives of governmental financial reporting as developed by GASB
Which of the following has the least amount of official authority for the financial reporting of state and local governments? Choose the correct.a. GASB Technical Bulletins.b. GASB Statements of Governmental Accounting Standards.c. GASB Concepts Statements.d. GASB Implementation Guides.
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?
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- The primary authoritative body for determining the measurement focus and basis of accounting standards for governmental fund operating statements is thea. Governmental Accounting Standards Board (GASB).b. National Council on Governmental Accounting (NCGA).c. Government Accounting and Auditing Committee of the AICPA (GAAC).d. Financial Accounting Standards Board (FASB).arrow_forwardDefine a financial reporting entity. Give an example of a primary government. Define and give an example of a component unit. Explain the two methods of reporting the primary government and component units in the financial reporting entity and when each is required.arrow_forward6) Which pronouncements have the highest level of authority for state and local governments? A) Financial Accounting Standards Board Statements B) GASB Statements C) Consensus Positions of GASB Emerging Issues Task Force D) GASB Technical Bulletinsarrow_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_forwardDifferentiate between the two sets of financial statements produced by state and local governments.arrow_forwardThe basic financial statements of a state or local government include all of the following except: a. A MD&A. b. Government-wide financial statements. c. Fund financial statements. d. Notes to the financial statements.arrow_forward
- Explain the history of and the reasons for the unique characteristics of the financial statements produced by state and local governments.arrow_forwardPlease describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments' accounting standards?arrow_forwardWhich of the following is true regarding the government-wide financial statements? a. The government-wide financial statements include the statement of net position and the statement of activities. b. The government-wide financial statements are to be prepared using the economic resources measurement focus and the accrual basis of accounting. c. The government-wide financial statements include information for governmental activities, business-type activities, the total primary government, and its component units. d. All of the above are true.arrow_forward
- Explain 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_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_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_forward
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