Authoritative GAAP for state and local governments is divided into two categories with the first category having more authority than the second. What sources of GAAP are found in both of these categories?
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Authoritative GAAP for state and local governments is divided into two categories with the first category having more authority than the second. What sources of GAAP are found in both of these categories?
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- What are the key sources of revenues among the federal, state, and local governments? What are the key differences?Explain the makeup of a primary government and its relationship to component units and related organizations as well as the combination of governments.What does the management’s discussion and analysis (MD&A) normally include? Where does a state or local government present this information?
- Which of the following is necessary for a special purpose local government to be viewed as a primary government for reporting purposes? It must have a separately elected governing body. It must have specifically defined geographic boundaries. It must be fiscally independent. It must have corporate powers to prove that it is legally independent.Why have accountability and control been so important in the traditional accounting for state and local government units?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.
- How has the dual system of financial statements impacted the financial reporting of state and local governments?Which of the following is not necessary for a special purpose local government to be viewed as a primary government for reporting purposes? Choose the correct.a. It must have a separately elected governing body.b. It must have specifically defined geographic boundaries.c. It must be fiscally independent.d. It must have corporate powers to prove that it is legally independent.A primary government can be either a general purpose government or a special purpose government. What is the difference in these two? How does an activity qualify as a special purpose government?
- Which of the following best describes a “primary government”? Select one: A. A primary government must be both legally separate and fiscally independent. B. A primary government, although legally separate, may be fiscally dependent upon another governmental entity. C. Although a primary government has a separately elected governing body, it may not be a legally separate entity. D. The only requirement is for a primary government to have a separately elected governing body; It does not have to be either legally separate or fiscally independent.Explain the different purposes of the fund-based and government-wide financial statements of a state or local government and the primary differences between the fund-based and government-wide operating statements.Which 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.