The Summary of Significant Accounting Policies : not required in the CAFR Describes the methods used in the financial accounting system . a summary of the financial results of the operations of the governmental unit . usally the last note found in the CAFR .
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- Which of the following has the least amount of official authority for the financial reporting of state and local governments? Choose the correct.a. GASB Technical Bulletins.b. GASB Statements of Governmental Accounting Standards.c. GASB Concepts Statements.d. GASB Implementation Guides.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.How the hierarchy of U.S. generally accepted accounting principles for state and local government accounting can be used to resolve financial reporting issues?
- 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.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 entityDefine the branches of accounting of the following: 1.preparation of general purpose financial statement. Answer:____________ 2.evaluation of the performance of a sales department. Answer:___________ 3.develop standards to address a new business set up. Answer:____________ 4.review tax compliance of the business. Answer:_________ 5.evaluate whether a branch of the business complies with the collection and deposit policy of the company. Answer:_________ 6.review whether the financial statement are presented fairly and in compliance with accounting standards. Answer:_________ 7.report on the spending of government funds. Answer:__________ 8.report on the total cost of materials and labor used in the production. Answer:________ 9.conducting lectures on accounting topics. Answer:___________
- 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.The needs of users of government financial reports are the same as those of users of business entity financial reports. True or FalseIdentify 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.
- 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.1. Explain the purpose of operational accountability and the purpose of fiscal accountability. Which category of financial statements is most useful in reporting on each of these accountability concepts? 2. Under GASB guidance, when should an item be recognized on the face of the financial statements? Under what conditions would the GASB indicate that a note disclosure should accompany an item that has been recognized on the financial statements?Distinguish between accounting and financial reporting for state and local governments and VHWOs for the following issues: 1. Measurement focus and basis of accounting 2. Revenue recognition 3. Depreciation expense 4. Capital assets