How to prepare financial statements for a government agency and non-profit organization?
Q: The GASB identifies one of the broadest objectives of government financial reporting as: A.…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Which of the following funds is used to account for government sponsored investment pools that…
A: An Investment Trust Fund is a fund that develops when the government sponsors a multi-government…
Q: What are some of the functions of a state board of public accountancy?
A:
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: Which of the following uses the flow of current financial resources measurement focus? a. Internal…
A: Current financial resources measurement focus : The name itself specifies that financial statement…
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: What is the reason that fund accounting has traditionally been a prominent factor in the internal…
A: Fund refers to a self-balancing set of accounts including cash as well as other financial resources,…
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: 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: How are internal service funds reported on government-wide financial statements?
A: A government-wide financial statement is a comprehensive summary of all the major government funds,…
Q: Identify the reports that accompany the financial statements of public entities and nonpublic…
A:
Q: GAAP provides rules for entities to follow when preparing financial statements which assist…
A: Accounting principles means the fundamental upon which the whole accounting is based. Every entity…
Q: Which of the financial statements described below is prepared by the general fund of a state or…
A: The annual financial reports prepared by the government bodies are referred as governmental…
Q: On what do the government-wide financial statements report? Multiple Choice Operational…
A: Financial statements: Financial statements are condensed summary of transactions communicated in the…
Q: Preparation of government-wide statement of activities
A: Here wehave to understand that the property tax and sales tax is the general government revenue…
Q: What is the basic structure of government-wide financial statements and fund financial statements…
A: Financial statements: Financial statements are condensed summary of transactions communicated in the…
Q: Complete the blank as appropriate: Governmental financial reporting focuses on stewardship and…
A: This was related to the reporting of the financial statement of the government entity. The purpose…
Q: Which of the following statements is correct about the reporting of governmental funds? Choose the…
A: Financial statements are condensed summary of transactions communicated in the form of reports for…
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: Describe how financial performance is related to the operating performance of a government entity
A: Financial reporting in the government sector entails reporting on the government's financial…
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: What are the two major divisions reported in government-wide financial statements? What funds are…
A: Two major divisions reported in government-wide financial statements: Business type activities…
Q: Explain the modified accrual basis of accounting. Why is it used for governmental fund financial…
A: Modified accrual basis of accounting is a method of accounting where the revenues are recorded when…
Q: Which of the following has the least amount of official authority for the financial reporting of…
A: GASB Technical Bulletins has the least amount of official authority for the financial reporting of…
Q: Which of the following is true regarding the government-wide financial statements? a. The…
A: Government-wide Financial statement: It is the statement of consists of a statement of net assets…
Q: Which of the following statements is correct about the reporting of governmental funds? Fund…
A: Financial statements: Financial statements are condensed summary of transactions communicated in the…
Q: What does the management’s discussion and analysis (MD&A) normally include? Where does a…
A: Management Discussion and Analysis (MD&A): Management Discussion and Analysis (MD&A) is…
Q: Which of the following items are included in the governmental activities column of the government-…
A:
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: How has the dual system of financial statements impacted the financial reporting of state and local…
A: Financial statement: Financial statements are prepared to summaries the account at the end of the…
Q: Why accounting for budgetary accounts, Accounting for Disbursement, Revenue Receipts and other…
A: The government will run its operations for the welfare of the people. The government also will try…
Q: Explain the usefulness of Financial statement information to the following stakeholders: Financial…
A: Financial statements means statements that are prepared at the end of the period to analyse and…
Q: Which of the following is a governmental fund? Special revenue fund Internal service fund Capital…
A: The different types of Governmental funds are explained below: General Fund- This fund is used to…
Q: What is the composition of a state or local government’s comprehensive annual financial report…
A: Comprehensive Annual Financial Report: CAFR stands for "Comprehensive Annual Financial Report". A…
Q: Can you explain how budgetary accounting contributes to achieving budgetary control over revenues…
A: Budgetary control: It is a financial tool for managing income and expenditure. In other words,…
Q: Who should set accounting standards? A government agency or private body such as the FASB?
A: Accounting standards are the rules and provisions that guide the manner in which accounting reports…
Q: Which financial statements are prepared using modified accrual accounting? A) Proprietary fund…
A: Modified accrual accounting is the one where a combination of both cash and accrual basis is being…
Q: Please describe the difference between government-wide financial statements and fund-basis financial…
A: Fund accounting seems to be a type of accounting utilized by non-profit organizations to manage the…
Q: Government financial reporting should assist report users in evaluating:
A: Answer
Step by step
Solved in 2 steps
- What type of organization primarily offers tax compliance, auditing, and consulting services? A. corporations B. public accounting firms C. governmental entities D. universitiesDiscuss the factors affecting financial conditions of governmental organizations..What benefits are derived from including the management’s discussion and analysis in state and local governmental financial reports? What information is required to be included in the MD&A?
- Examine the role of accounting theory in addressing the challenges of measuring and reporting the performance of non-profit organizations and government entities.(Essentials of Accounting for Governmental and Not-for-Profit Organizations) Describe the reporting of Board Designated resources.V6. What is the entity in charge of creating and ensuring accounting standards for government organizations? Do you understand that government accounting standards offer some benefit to users of financial statements? Explain Distingue entre fondos gubernamentales y fondos de propietario Name and explain the two types of owner funds.
- Complete the blank as appropriate: Governmental financial reporting focuses on stewardship and .......What is the basic structure of government-wide financial statements and fund financial statements (as produced for the governmental funds)?Describe the primary characteristics for governmental and not-for-profit entities. How does this differ from the primary characteristics for business organizations? Can you explain how budgetary accounting contributes to achieving budgetary control over revenues and expenditures for governmental entities and not-for-profit entities please
- Can you explain how budgetary accounting contributes to achieving budgetary control over revenues and expenditures for governmental entities and not-for-profit entitiesWho should set accounting standards? A government agency or private body such as the FASB?Explain the objectives of governmental financial reporting as developed by GASB