GASB pronouncements
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Question 1
Per GASB pronouncements, information on “service efforts and accomplishments”....
Multiple choice :
a. Should be reported in the “management's discussion and analysis”
b. Should be reported in the notes to the financial statements
c. Should be reported as “required supplementary information”
d. Need not be reported
Step by step
Solved in 3 steps
- Multiple choice: 1. This qualitative characteristic requires at least two items. A. Timeliness B. Comparability C. Verifiability D. Understandability 2. It is the process of objectively evaluating evidence and expressing an opinion regarding the correspondence between management’s assertions and established criteria. A. Accounting education B. Tax accounting C. Auditing D. Accounting research1. Materiality is driven by __________ of the financial statements and their needs. Question 1 options: a) Percentage b) Amount c) Users d) MisstatementsMultiple choice: 1. Which of the following is one of the fundamental qualitative characteristics? A. Comparability B. Timeliness C. Verifiability D. Relevance 2. This branch of accounting focuses on catering to the information needs of external users A. Management accounting B. Auditing C. Financial accounting D. External accounting
- Which of the following refers to financial accounting? Question 9 options: a) Regulations or standards govern the information provided to users. b) The focus is on using information from the formal accounting system to guide the organization's activities. c) Reports provided to users are timely and focus on the future. d) The users of the information provided include managers and executives within the organization. e) Users utilize both financial as well as nonfinancial information to make decisions.1. This deals with the determination of the fairness of the accountin reports and whther they are in accordance with the generally accepted accounting principles a. management accountingb. cost accounting.c. financial accountingd. auditing 2. which of the following journal entries can be eleminated?a. correcting entryb adjusting entryc. opening entryd. closing entryQuestion 28 Under SSARS the hierarchy in terms of the level of service provided and degree of comfort the accountant provides to the user of financial statements is (start with the highest level of service first): A. Preparation, Review, Compilation of financial statements B. Review, Compilation, Preparation of Financial Statements C. Review,Preparation, Compilation of financial statements D. Compilation, Review, Preparation
- Multiple choice: 1. This includes money or its equivalent that is readily available for unrestricted use. A. Money expense B. Cash expense C. Cash D. Cash payable 2. Which of the following statements is correct? A. Financial accounting is the branch of accounting that deals with the specific needs of an entity’s management. B. The internal users of accounting information include management, owners and creditors. C. The external users of accounting information include potential and existing investors and lenders and other creditors. D. Government accounting is the branch of accounting that deals with the analysis of the costs of products and services.Q32 Which of the principle as per GAAP states, “one must report enough information for outsiders to make informed decisions about the company”? a. Matching b. Disclosure c. Revenue d. Consistency46 .Accounting provides assistance to decision makers by providing them financial reports that will guide them in coming up with sound decisions. What nature of accounting is this? A. finance B. recognition C. recording D. service
- 2. State whether the following questions is True (T) or False (F): a) Management accounting provides economic and financial information for external users such as shareholders, creditors and banks. b) Financial accounting provides information for managers and other internal users. c) Financial accounting reports past results. d) Management accounting is future oriented.Accounting information is considered to be relevant when it: Question 16 options: is verifiable and neutral. is understandable by reasonably informed users of accounting information. is capable of making a difference in a decision by the user. is received soon after events and transactions have occurred. Net income represents: Question 17 options: revenues and gains less expenses and losses from continuing and discontinued operations. net income plus/minus other comprehensive income. revenues and gains less expenses and losses from continuing operations. ongoing revenues and expenses before gains, losses, and discontinued operations.B. Respond to the following statements and questions in thediscussion forum. Try to do this without looking back at the text.True (T) or False (F): T F1. Management accounting provides economicand financial information for external userssuch as shareholders, creditors and banks. 2. Financial accounting provides information formanagers and other internal users. 3. Financial accounting reports past results. 4. Management accounting is future oriented. 5. Management accounting is required to followgenerally accepted accounting principles. 6. Financial accounting examines monetary andnon-monetary events. 7. Cost accounting is used as a means of fixinga selling price. 8. Cost accounting looks at the company as awhole and not at the various units, jobs orprocesses. 9. Financial accounting is concerned with howand why profits arise. 10. Cost accounting depends entirely on historicalinformation
