Name differences in accounting and financial reporting for the federal government by examining the government - wide annual report.
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Name differences in accounting and financial reporting for the federal government by examining the government - wide annual report.
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- Which of the following would typically not be included in the introductory section of a comprehensive annual financial report? Multiple Choice Title and contents page. Letter of transmittal. A description of the government. Summary of the government's current financial position and results of financial activities.Identify the types of financial statements issued annually by federal agencies. Compare and contrast them against the financial statements issued by a state government and a for-profit business. Discuss why there is a difference between the three.Whom/what are the principal officals in a state's Comprehensive Annual Financial Report
- How the hierarchy of U.S. generally accepted accounting principles for state and local government accounting can be used to resolve financial reporting issues?Which of the following is true regarding the organization of the comprehensive annual financial report?a. The three major sections are introductory, financial, and statistical.b. The management’s discussion and analysis is considered to be part of the introductory section.c. The auditor’s report is considered to be part of the statistical section.d. Basic financial statements include the government-wide statements, the budgetary statement, and the notes to the financial statements.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.
- Summary of objectives under new government accounting systemPlease 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?Which of the following adjustments would likely be made when moving from governmental funds financial statements to government-wide financial statements? a. Record an additional expense for compensated absences b. Record an additional expense related to salaries earned at year-end c. Both of the above d. Neither of the above
- What objectives does the Statement of Federal Financial Accounting Concepts (SFFAC) No. 1 for federal financial reporting identify?What impact does the use of the modified approach have on reporting within the government-wide financial statements?What are the salient features and changes in the Government Accounting Manual? What problems or issues of the previous government accounting system that it tries to address? BoldItalicUnderline