6 Which of the following is a primary objective of financial reporting by state and local governments? Multiple Choice To provide information that can be used for capital allocation decisions made by external investors. To report on the legal requirements imposed on the government by its elected officials. To provide information that can be used to assess a government's accountability. To fulfill the government's statutory duty to report on cash received and cash disbursed.

6 Which of the following is a primary objective of financial reporting by state and local governments? Multiple Choice To provide information that can be used for capital allocation decisions made by external investors. To report on the legal requirements imposed on the government by its elected officials. To provide information that can be used to assess a government's accountability. To fulfill the government's statutory duty to report on cash received and cash disbursed.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter1: Role Of Accounting In Society

Section: Chapter Questions

Problem 9MC: A governmental agency can best be described by which of the following statements? A. has a primary...

See similar textbooks

Similar questions

Ch2 5 The types of funds that may be used in governmental accounting are classified into the three categories of governmental, proprietary, and fiduciary. True or False 6 Which of the following is a primary objective of financial reporting by state and local governments? Multiple Choice To provide information that can be used for capital allocation decisions made by external investors. To report on the legal requirements imposed on the government by its elected officials. To provide information that can be used to assess a government's accountability. To fulfill the government's statutory duty to report on cash received and cash disbursed.
V6. What is the entity in charge of creating and ensuring accounting standards for government organizations? Do you understand that government accounting standards offer some benefit to users of financial statements? Explain Distingue entre fondos gubernamentales y fondos de propietario Name and explain the two types of owner funds.
(a) Financial reporting in the public sector involves reporting on the government’s financial position and its financial performance. Essentially, it concerns a process of communicating the financial information, whereby elected official make informed choices about how to use the government’s limited resources to best serve the interest of the public. Discuss FOUR (4) objectives of financial reporting. (b) All government revenues and monies received have to be accounted for into a fund known as the Consolidated Fund. Fund Accounting is a self-contained accounting entity with its own assets, liabilities, revenues, expenditures and fund balance. It is the financial accounting techniques adopted and reported in terms of funds in the operating statements and balance sheet of public sector organizations. There are three types of Consolidated Account in the fund. Discuss the THREE (3) accounts of Consolidated Fund.
(a) Describe the FOUR (4) key accounting concept for public sector financial reporting. (b) Financial reporting in the public sector involves reporting on the government’s financial position and its financial performance. Essentially, it concerns a process of communicating the financial information, whereby elected official make informed choices about how to use the government’s limited resources to best serve the interest of the public. Discuss FOUR (4) objectives of financial reporting. (c) All government revenues and monies received have to be accounted for into a fund known as the Consolidated Fund. Fund Accounting is a self-contained accounting entity with its own assets, liabilities, revenues, expenditures and fund balance. It is the financial accounting techniques adopted and reported in terms of funds in the operating statements and balance sheet of public sector organizations. There are three types of Consolidated Account in the fund. Discuss the…
Which of the following is true regarding the government-wide financial statements?a. The government-wide financial statement includes a statement of cash flows.b. The government-wide financial statements are prepared on the financial resources measurement focus for governmental activities and the economic resources measurement focus for business-type activities.c. The government-wide financial statement includes a statement of net position.d. Infrastructure assets must be depreciated on the statement of activities.
TRUE OR FALSE. Please provide an explanation if false. 1. Compared to the accounting for business entities, government accounting places greater emphasis on the sources and utilization of government funds and the management's stewardship over government resources. 2. Taxes are the main source of funds of the government. 3. Other sources of funds of the government include fees, borrowings, and grants from other governments and international bodies. 4. Currently, the financial reporting of government entities is based on NGAS. 5. The principles used in the financial reporting of government entities are very unique that only a very few of these principles are similar to those that are applied to business entities. 6. The principles in the GAM for NGAs are similar to the principles in the PFRSs. 7. The GAM for NGAs is promulgated by the Philippine Congress under the authority conferred to it under the Philippine Constitution.…
1. In many cases, property taxes comprise a significant source of revenue and cash receipts for a government. If prperty tax cash colletions typically occur during one or two collection periods, how do governments manage working capital needs? 2. while governments are not required to issue interim financial reports, what role does interim financial reporting play in local government administration?
2-Discuss the measurement focus used in governmental accounting and the financial transactions reported in different governmental funds. How do revenues and expenditures of governmental funds differ from the revenues and expenses of other funds?
Which of the following best identifies the purpose of the government-wide financial statements? Multiple Choice To provide an overview of how government would operate as a business-type entity. To provide detailed financial information on how the government’s financial performance compares to the prior reporting period. To provide an overview of the total government’s financial information. To To provide detailed financial information about different funds of government.
1. What are the components that are included in the minimum requirements for general purpose external financial reporting?a. Introductory section, financial section, and statistical section.b. MD&A, government-wide financial statements, fund financial statements, notes to the financial statements, and RSI.c. Letter from the chief financial officer, government financial statements, notes to the financial statements, and RSI.d. MD&A, government-wide financial statements, notes to the financial statements, and RSI 2. Which of the following is not a required section of a federal agency or department’s performance and accountability report (PAR)?a. A performance section, which includes an annual performance report (APR).b. An MD&A.c. A basic financial statements section.d. A statement of nonparticipation in political matters. 3. The basic financial statements of a not-for-profit include all of the following excepta. Statement of financial position.b. Statement of activities.c.…
Discuss the purpose of the capital projects fund, debt service fund, and permanent fund. 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?
Explain to a nonfinancial audience explaining how increasing scrutiny and demand for accountability by the public has influenced reporting for governmental entities. Explain why governments use fund accounting. Analyze the importance of budget and control of government resources. Explain how the GASB revenue and expense recognition model may improve the usefulness of the information governments report to the public. Format references according to APA guidelines.