cles to use an accrual basis the assist CORIS RA with its accor
Q: Activities of a general purpose government that provide the basis for GASB's financial accounting…
A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…
Q: Differentiate between the two sets of financial statements produced by state and local governments.
A: GASB: GASB stands for Governmental Accounting Standards Board (GASB) is an independent private…
Q: Is there a standard approach for determining when income and expenses are recognized in financial…
A: The creation of two statements – a statement of net assets and a statement of activities – is…
Q: Multiple choice:  The accrual basis of accounting is used to account for revenues and expenditures…
A: Following is the answer to the given question
Q: Complete the blank as appropriate: Governmental financial reports are used primarily to assist in…
A: Complete the blank as appropriate: Governmental financial reports are used primarily to assist in…
Q: which concerns with revenue and disbursement of government such as central government , state…
A: Finances are referred as the management of money from investing activities, borrowing, lending,…
Q: Using information in the relevant IPSASs, give a comprehensive definition (with examples) of revenue…
A: Comprehensive definition (with examples) of revenue appropriate for a Central Government: Revenue…
Q: How have users’ needs impacted the development of accounting principles for state and local…
A: Accounting principles refers to the set of rules and regulations which companies must follow in…
Q: When fair value is used in measuring assets in the financial statements, current GAAP provides…
A: (1) Full form of GAAP - Generally Accepted Accounting Principles. (2) It is a collection of the…
Q: Provide example of an internal service funds, describe the services provided and received within the…
A: Introduction:- An Internal Service Fund is one that primarily offers benefits, commodities, or…
Q: The modified accrual foundation of accounting should be explained. When preparing financial accounts…
A: Modified accrual basis of accounting: A modified accrual basis of accounting is a method of…
Q: Which of the following would not be included as a reconciling item in reconciling the governmental…
A: Reconciliations helps in detecting the mistakes, errors, frauds by checking the accuracy of the data…
Q: Which of the following is true regarding government-wide financial statements? a. All capital…
A: The GASS is the board that provides the guideline to the governmental units about proper accounting…
Q: What measurement focus is used in government-wide financial statements, and what system is applied…
A: The "current resources focus" is the measurement focus which is used in fund financial statements…
Q: QUESTION 11 In the reporting of governmental activities, fiscal accountability is demonstrated by:…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: When a component unit is discretely presented in the reporting entity (under the umbrella with the…
A: Fund Financial Statement - Under Fund financial statement detailed information of government major…
Q: What is the purpose of the capital projects fund, debt service fund, and permanent fund. Please…
A: The creation of a fund is mostly done to pool up resources required for a particular purpose. funds…
Q: ce of BIR rulings ce of revenue memorandum circula ce of revenue regulations
A: The answer has been mentioned below.
Q: In the governmental units all of these true about the budget except .a The budget is legally binding…
A:
Q: Government-wide financial statements make a distinction between program revenues and general…
A:
Q: Which of the following accounts of a governmental unit is usually credited when taxpayers are billed…
A: Governmental bodies deal with the general fund. This fund is answerable for most of the easy…
Q: Using information in the relevant IPSASs, give a comprehensive definition (with examples) of revenue…
A: Cash flow statement Cash flow statement which are used to assess the information of total net…
Q: The receipt of an allotment is recorded by a government entity in the? RAOD ORS…
A: Answer- RAPAL stands for Registry of appropriations and allotment is used for Used to control and…
Q: What benefits are derived from including the management’s discussion and analysis in state and local…
A: GASB: The GASB is the board that provides the guideline to the governmental units about proper…
Q: Explain t
A: Modified accrual accounting combines aspects of accrual basis accounting with cash basis accounting…
Q: Explain the objectives of governmental financial reporting as developed by GASB
A: The Government Accounting Standard Board (GASB) is defined as an organization that performs the…
Q: Which of the following is true regarding government-wide financial statements? a. Internal service…
A: Internal service funds are normally classified as governmental types activities. Component units are…
Q: Which of the following items are included in the governmental activities column of the government-…
A:
Q: Which of the following accounts of a governmental unit is debited when a purchase order is…
A: Given: The account of the governmental unit that is to be debited on the approval of purchase order.…
Q: Which of the following government-wide accounts reflects amounts owed between governmental…
A: The internal balances account will be reported as an asset in the government wide financial…
Q: Summary of objectives under new government accounting system
A: New Government accounting system: It is a system in the government sector where the transactions are…
Q: 1. How does the GASB define extraordinary and special items? Compare the definitions and recognition…
A: The GASB defines extraordinary and special items as those of FASB that is unusual and infrequent but…
Q: Internal balances Multiple Choice Represent activity between the governmental funds and enterprise…
A: The internal balance can be defined as the situation where real output is equal to or near its…
Q: Which of the following is true regarding the government-wide financial statements?a. The…
A:
Q: Government-wide financial statements make a distinction between program revenues and general…
A: The correct answer is 1. Program revenues are offset against the expenses of a specific function;…
Q: Why does a government determine the net expenses or revenues for each of the functions within its…
A: Revenue: Revenue refers to the income received from the business activity or sale of the output,…
Q: organizations. Distinguish between accounting and financial reporting for state and lo governments…
A: A Voluntary Health and Welfare Organization (VHWO) is a non-profit organization dedicated to…
C. Using the contents presented in the Units supported by information in the relevant IPSASs, give a comprehensive definition (with examples) of revenue and expenditure appropriate for a Central Government.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs. You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final…CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs. You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final…CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs. You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final…
- CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs. You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final…CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs. government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final accounts as…CORIS RA is a government owned enterprise which is legislated to generate its own income which it usesto cover capital and recurrent expenditures. The legislations also give the government the powers toorder CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit.Outside of these powers, its government also provide CORIS RA with monthly subventions to cover itsrecurrent expenditures based on CORIS RA budgetary demands and the legal allocations by thegovernment.For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs.You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final…
- CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs. You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final…CBC is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CBC to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government.For the 2017 and 2018, CBC used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs.You were asked by to government to assist CBC with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final accounts as…The general principles of revenue recognition are the same for both governmental and government-wide statements. For each of the following situations, indicate the amount of revenue that the government should recognize in an appropriate governmental fund as well as in its government-wide statement of activities in its fiscal year ending December 31, 2021. Briefly justify your response, making certain that, as appropriate, you identify the key issue of concern. 1. In October 2020, a state received a federal grant of $300 million (in cash) to assist local law enforcement efforts. The federal government has established specific criteria governing how the funds should be distributed and will monitor the funds to ensure that they are used in accordance with grant provisions. The grant is intended to cover any allowable expenditure incurred in the calendar years 2021 through 2022. In 2021, the state incurred $160 million of allowable expenditures. 2. In December 2020, a city levied property…
- A city issues a 60-day tax anticipation note to fund operations until taxes have been collected. What recording should it make? The liability should be reported in the government-wide financial statements; an other financing source should be shown in the fund financial statements. A liability should be reported in the government-wide financial statements and in the fund financial statements. An other financing source should be shown in the government-wide financial statements and in the fund financial statements. An other financing source should be shown in the government-wide financial statements; a liability is reported in the fund financial statements.Which of the following statements is correct about the reporting of governmental funds? Fund financial statements measure revenues and expenditures based on modified accrual accounting. Government-wide financial statements measure revenues and expenses based on modified accrual accounting. Fund financial statements measure revenues and expenses based on accrual accounting. Government-wide financial statements measure revenues and expenditures based on accrual accounting.Fund A transfers $20,000 to Fund B. For each of the following, indicate whether the statement is true or false and, if false, explain why.a. If Fund A is the general fund and Fund B is an enterprise fund, nothing will be shown for this transfer on the statement of activities within the government-wide financial statements.b. If Fund A is the general fund and Fund B is a debt service fund, nothing will be shown for this transfer on the statement of activities within the government-wide financial statements.c. If Fund A is the general fund and Fund B is an enterprise fund, a $20,000 reduction will be reported on the statement of revenues, expenditures, and other changes in fund balance for the governmental funds within the fund financial statements.d. If Fund A is the general fund and Fund B is a special revenue fund (which is not considered a major fund), no changes will be shown on the statement of revenues, expenditures, and other changes in fund balance within the fund financial…