The commercial business activities are governed by the market places then the government organizations activities are governed by___________ a. Fund financial statements b. Governmentwide financial
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 statements is correct about the reporting of governmental funds? Fund…
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Q: Multiple choice:  The accrual basis of accounting is used to account for revenues and expenditures…
A: Following is the answer to the given question
Q: Which of the following adjustments is necessary to move from governmental fund financial statements…
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Q: Which statement is true regarding the ‘‘major’’ funds?a. The general fund is considered major if it…
A: Answer is d All the above options are False General funds are considered a major fund. If we see in…
Q: Which of the following is true regarding government-wide financial statements? a. Internal service…
A: Funds refers to an amount of money which is set aside or saved by individuals, government,…
Q: the fund-based and government-wide financial statements of a state or local government and the…
A: Not-for-profit (NFP) entities:It is an individual or group of people who work together to attain…
Q: Which of the following is true regarding government-wide financial statements? a. All capital…
A: The GASS is the board that provides the guideline to the governmental units about proper accounting…
Q: 12. Which of the following is required by the Governmental Accounting Standards Board (GASB)? O a)…
A: Government Accounting Standard Board (GASB) Here Government Accounting Standard Board making…
Q: Under the reporting model required by GASB Statement No. 34, fund statements are required for…
A: 1.
Q: With respect to the content of government-wide statements, which of the following is correct? A)…
A: Government wide financial statements are those statements which provide the detailed summary of all…
Q: This type of finance is concerned with the revenue and disbursement of government agencies. a.…
A: Finance, money or funds is very important for a business organisation. Funds will be used for…
Q: What is the purpose of the capital projects fund, debt service fund, and permanent fund. Please…
A: The creation of a fund is mostly done to pool up resources required for a particular purpose. funds…
Q: Government-wide financial statements make a distinction between program revenues and general…
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Q: Which of the following is true regarding the incorporation of internal service funds into…
A: Internal service funds are the funds which are used in governmental accounting in order to track…
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: A reconciliation must be shown of the items that cause the difference between the total net position…
A: A government wide financial statement refers to the detailed summary of the government funds which…
Q: Which of the following is true about the management’s discussion and analysis (MD&A)? It is…
A: The correct answer is 2.
Q: Which of the following is true regarding government-wide financial statements? a. Internal service…
A: Internal service funds are normally classified as governmental types activities. Component units are…
Q: Which of the following is not part of the basic financial statements? a. Government-wide statement…
A: Basic financial statements are those statements which provide view of financial position of the…
Q: n accordance with gasb 34 basic financial statements and management's discussion and analysis for…
A: Solution Concept GASB 34 basically has required a separate column to be prepared for the activities…
Q: Choose the correct. Which of the following is true about the management’s discussion and analysis…
A: Management’s discussion and analysis are one of the four components of the financial section of…
Q: Discuss the measurement focus used in governmental accounting and the financial transactions…
A: In government accounting, cash basis accounting is followed. The objective of Government accounting…
Q: Which of the following statements is correct about the reporting of governmental funds? Choose the…
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Q: In addition to the government-wide statements, governments are required to prepare fund financial…
A: Government wide financial statements are those financial statements of government which are prepared…
Q: Internal balances Multiple Choice Represent activity between the governmental funds and enterprise…
A: The internal balance can be defined as the situation where real output is equal to or near its…
Q: All of the following are requirements unique to a government entity. Which is not? Group of answer…
A: Government entity refers to any nation or any government who is serving for societal benefit. It…
Q: Which of the following is true regarding the government-wide financial statements?a. The…
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Q: Which pronouncements have the highest level of authority for state and local governments? A)…
A: Honor Code: Since you have asked multiple questions, we will solve only the first question for you.…
Q: Government-wide financial statements make a distinction between program revenues and general…
A: The correct answer is 1. Program revenues are offset against the expenses of a specific function;…
Q: Which of the following is not a category of program revenue reported on the statement of activities…
A: Answer: Option A is the Correct Answer i.e General program revenue.
Q: Assets and liabilities of activities for which the government is acting in either an agency or…
A: The government uses a different way to report their financial statements than the private sector…
Q: The basic financial statements of a state or local government include all of the following except:…
A: Every state or local government prepares financial statements for the purpose of analysis and it…
Q: T/F questions 1) Government business type activities provide services to users for fees that are…
A: Government business type activities provide services to users for fees that are intended to recover…
Q: 4.Internal service fund activities are: A. not allowed to be reported as part of businessOtype…
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Q: Describe the modified accrual foundation of accounting in further detail. What is the purpose of…
A: The modified accrual accounting model: According to modified accrual accounting, revenues are…
Q: (a) Financial reporting in the public sector involves reporting on the government’s financial…
A: A. Financial reporting is simply the way to disclose all the financial statements to the end users…
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- Which of the following is true regarding the incorporation of internal service funds into government-wide financial statements?a. Internal service funds are not included in the government-wide financial statements.b. Internal service funds are incorporated into the business-type activities section of the government-wide financial statements.c. Both of the aboved. Neither of the aboveV6. 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.Which of the following is true regarding government-wide financial statements? a. Internal service funds are normally included with governmental-type activities. b. Component units and fiduciary funds are not included. c. Both of the above d. Neither of the above
- Which of the following is true regarding government-wide financial statements? a. Internal service funds are not included with governmental-type activities. b. Component units and fiduciary funds are not included. c. Both of the above d. Neither of the aboveWhich of the following is not part of the basic financial statements? a. Government-wide statement of net position b. Proprietary funds statement of revenues, expenses, and changes in fund net position c. Combining balance sheet—nonmajor governmental funds d. Notes to the financial statementsWhich of the following is true regarding government-wide financial statements? a. All capital assets, including infrastructure, are required to be reported. b. Internal service funds are not included. c. Both of the above d. Neither of the above
- Government-wide financial statements make a distinction between program revenues and general revenues. How is that difference shown? Choose the correcta. Program revenues are offset against the expenses of a specific function; general revenues are assigned to governmental activities and business-type activities in general.b. General revenues are shown at the top of the statement of revenues and expenditures; program revenues are shown at the bottom.c. General revenues are labeled as operating revenues; program revenues are shown as miscellaneous income.d. General revenues are broken down by type; program revenues are reported as a single figure for the government.(a) Financial reporting in the public sector involves reporting on the government’s financial position and its financial performance. Essentially, it concerns a process of communicating the financial information, whereby elected official make informed choices about how to use the government’s limited resources to best serve the interest of the public. Discuss FOUR (4) objectives of financial reporting. (b) All government revenues and monies received have to be accounted for into a fund known as the Consolidated Fund. Fund Accounting is a self-contained accounting entity with its own assets, liabilities, revenues, expenditures and fund balance. It is the financial accounting techniques adopted and reported in terms of funds in the operating statements and balance sheet of public sector organizations. There are three types of Consolidated Account in the fund. Discuss the THREE (3) accounts of Consolidated Fund.Most of the revenues obtained by most governments come from: Group of answer choices a Taxes b Sales of goods or services c Borrowing d All of these Which of the following entities must use fund accounting for external financial reporting purposes? Group of answer choices a Businesses b Nonprofit organizations c State and local governments d Federal government e All of these The FASAB establishes financial reporting standards for all governments. Group of answer choices a True b False
- Discuss the various types of business-type funds used in governmental units and provide an example of when each is appropriate. Pleae include how monitoring and reporting of business-type funds are similar and how it differs from the same functions in a corporation.Which of the following is true regarding the government-wide financial statements?a. The government-wide financial statement includes a statement of cash flows.b. The government-wide financial statements are prepared on the financial resources measurement focus for governmental activities and the economic resources measurement focus for business-type activities.c. The government-wide financial statement includes a statement of net position.d. Infrastructure assets must be depreciated on the statement of activities.Which of the following funds does not get consolidated into the Governmental Activities section of the Statement of Net Position? A. Permanent B. Debt Service C. Internal Service D. Investment Trust