(a). State and explain five (5) reasons why you feel public Sector Organizations should still exist
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(a). State and explain five (5) reasons why you feel public Sector Organizations should still exist
(b). Public Sector Accounting seeks to achieve certain financial objectives. You are required to state and explain five (5) of these objectives.
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- What type of organization primarily offers tax compliance, auditing, and consulting services? A. corporations B. public accounting firms C. governmental entities D. universitiesThe independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkWhich of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? A. IRS (Internal Revenue Service) B. SEC (Securities and Exchange Commission) C. FASB (Financial Accounting Standards Board) D. FDIC (Federal Deposit Insurance Corporation)
- Public Sector Accounting seeks to achieve certain financial objectives. You are required to state and explain five (5) of these objectives.In establishing financial accounting standards, two basic premises of the FASB are (1) The FASB should be responsive to the needs and viewpoints of the entire economic community, not just the accounting profession. (2) It should operate in full view of the public through a "due process" system that gives interested persons ample opportunity to make their views known. To ensure achievement of these goals, what steps does the FASB follow in the development of a typical FASB standard?All of them Compare and contrast the following terms as used in public sector accounting 1. Cash Basis of Accounting and Accrual Basis of Accounting 2. Appropriation Accounting and Commitment Accounting
- According to the FASB conceptual framework, the objectiveof financial reporting for business enterprises is basedon the needs of the users of financial statements. Explainthe level of sophistication that the Board assumes aboutthe users of financial statements.Think at least three different business scenarios wherein they require the services of the three branches under the area of public accounting each scenario must show the difference among other public accounting services. Business Scenario 1 (focus on external auditing) Business Scenario 2 (focus on management advisory services) Business Scenario 3 (focus on tax preparation and planning services)Objectives of general purpose financial reporting is to provide information about. a. The Government b. The people c. Financial condition in the economy d. The reporting entity
- 1. How can a broader conceptualization of accounts, accounting and accountability (the 3As), and the corresponding values involved, provide further understanding in relation to the public sector? 2. How can a broader conceptualisation of accounts, accounting and accountability (the 3As), and the corresponding values involved, provide further understanding in relation to popular cultureAccording to IASI, the objective of general purpose financial statements is "to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions". Analyze any FOUR features of financial statements with suitable examples?Examine the role of accounting theory in addressing the challenges of measuring and reporting the performance of non-profit organizations and government entities.