**Objective Type Question:** Which of the following statements best describes the primaryfocus of governmental accounting? a) Maximizing shareholder value. b) Ensuring compliancewith international financial reporting standards. c) Providing financial information for decision- making by government officials and stakeholders. d) Facilitating mergers and acquisitions.

The focus of government accounting is to accurately record, report, and manage the financial…

Answered: **Objective Type Question:** Which of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter1: Role Of Accounting In Society

Section: Chapter Questions

Problem 9MC: A governmental agency can best be described by which of the following statements? A. has a primary...

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The independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
A governmental agency can best be described by which of the following statements? A. has a primary purpose of making a profit B. has a primary purpose of using taxpayer funds to provide services C. produces goods for sale to the public D. has regular shareholder meetings
This is the independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements. A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
What type of organization primarily offers tax compliance, auditing, and consulting services? A. corporations B. public accounting firms C. governmental entities D. universities
"Explain the concept of inter-period equity in governmental accounting and provide examples of how it is addressed in financial reporting. Additionally, discuss the potential challenges in achieving inter-period equity and how governments can mitigate these challenges."
Objectives of general purpose financial reporting is to provide information about. a. The Government b. The people c. Financial condition in the economy d. The reporting entity
According to the FASB conceptual framework, the objectiveof financial reporting for business enterprises is basedon the needs of the users of financial statements. Explainthe level of sophistication that the Board assumes aboutthe users of financial statements.
The primary objective of management accounting is to provide thea.shareholders with useful information for decision makingb. creditors with useful information for decision makingc. management with information useful for planning and control of operationsd. government agencies with information for tax and other compliance purposes
Answer the following multiple-choice questions. GAAP stands for:(a) governmental auditing and accounting practices.(b) generally accepted attest principles.(c) government audit and attest policies.(d) generally accepted accounting principles
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.
Each of these parties plays a role in the quality of financial reporting. Match each group with its function. Groups Functions 1.____________ Financial AccountingStandards Board a. Group that has been given power by Congress to enforce the proper application of financial reporting rules for companies whose securities are publicly traded. 2. ___________ International AccountingStandards Board b. Independent, private-sector group that is primarily responsible for setting financial reporting standards in the United States. 3. ___________Securities and Exchange Commission c. Independent intermediaries that help to ensure that management appropriately applies financial reporting rules in preparing the company’s financial statements. 4. ___________ Auditors d. Body that is attempting to develop a single set of high-quality, understandable global accounting standards.
Discuss the development of the modern corporation in the United States, through doing so, discuss the development of accounting standards and conceptual framework. Moreover, include in your answer the importance of the conceptual framework as a theory for financial accounting standards.

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