Discuss briefly why fiscal responsibility shall to the greatest extent be shared by all those exercising authority over the financial affairs transactions and operations of the government agency
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Discuss briefly why fiscal responsibility shall to the greatest extent be shared by all those exercising authority over the financial affairs transactions and operations of the government agency
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- 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.GENERAL PROVISIONS, BASIC STANDARDS AND POLICIES OF GOVERNMENT ACCOUNTING IMPORTANCE AS A WHOLE AND SUMMARYWhich office maintains accounts of financial transactions of all national government offices, agencies, and instrumentalities?
- Please answer Quickly: Describe how financial performance is related to the operating performance of a government entity.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.Define a financial reporting entity. Give an example of a primary government. Define and give an example of a component unit. Explain the two methods of reporting the primary government and component units in the financial reporting entity and when each is required.
- What is a basic financial statement that is required for federal agencies?On what do the government-wide financial statements report? Multiple Choice Operational accountability. Fiscal accountability. The cost of government services. Budgetary compliance.Using information in the relevant IPSASs, give a comprehensive definition (with examples) of revenue and expenditure appropriate for a Central Government.
- In government-wide financial statements, how do intra-activity and interactivity transactions differ? How is each type of transaction reported?Please 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?Discuss the factors affecting financial conditions of governmental organizations..