Governmental Accounting

Objective of this paper is to discuss where the following agencies lie in the administrative structure of the federal government:

2. For each of the statements of IRS position and practice listed below, briefly describe the relative weight of authority generally given to each. 3..02

| (TCO D) One criticism not normally aimed at a balance sheet prepared using current accounting and reporting standards is

The requirements of the applicable financial reporting framework relevant to accounting estimates, including related disclosures

A. Establish the same scope as GAAS, but use wording appropriate to governmental entities instead of business organizations.

16. Which of the following organizations issues accounting standards for countries outside the United States?

Just for clarity, according to "Governmental Accounting Standards Board" (2013), the financial reporting entity consists of (a) the primary government; (b) organizations for which the primary government is financially accountable; and (c) other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity 's financial statements to be misleading or incomplete (Summary of Statement No. 14 The Financial Reporting Entity (Issued 6/91)).

Chapters 2 through 8 describe accounting and financial reporting by state and local governments. A continuous problem is presented to provide an overview of the reporting process, including preparation of fund basis and government-wide statements. The problem assumes the government is using fund accounting for its internal record-keeping and then at year-end makes necessary adjustments to prepare the government-wide statements. The problem that follows is presented in the same order as the textbook (beginning with Chapters 3, and

b. What financial statements are commonly prepared for external reporting purposes? What titles does General Mills give these

Cash was paid by Ari’s Alarm Service to creditors on account. Which of the following entries for Ari’s Alarm Service records this transaction?

|Develop Audit programs for the substantive audit procedures for the balance sheet and income statement |35 |

c.) They are required by the SEC to do financial statements quarterly. These quarterly reports

Explain the practices of internal financial accountability that help prevent fraud and/or deficit spending. Outline how such a program should be designed.

b. Trace the line item “Balance per Bank Statement” – Accuracy and Existence (AU-C 315.A114 a-iii, b-i)

3. What potential implications arise for the accounting firm if they issue an unqualified report without the going-concern explanatory paragraph?