True or False questions F. jn the government-wide financial statements, three types of activities are reported: governmental, business-type, and fiduciary type.
Q: TRUE OR FALSE. Please provide an explanation if false. 1. Compared to the accounting for…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Is the principles for recognizing revenue the same in government accounting and accounting for…
A: Revenue is the economic inflows of benefit in the form of increasing assets or decreasing…
Q: When government entities prepare financial statements using accrual basis the focus is on all…
A: GASB: The GASB is the board that provides the guideline to the governmental units about proper…
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: Which of the following is NOT the main function of Ministry of Finance (MoF)? Select one: To…
A: The main functions of Ministry of Finance (MoF) will include formulating policies, propose bills,…
Q: 6. Review whether the financial statements are presented fairly and in compliance with accounting…
A: Accounting is one of the key functions of an entity involving recording a transaction to evaluate…
Q: 3. A government-wide statement of net position may include a column for each of the following…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Statement 1 – The Treasurer’s primary function is to give oversight on the accounting and financial…
A: The Treasurer's focus is on the management of the company's cash. They are considered with obtaining…
Q: 4. Why should persons interested in reading financial reports of governments and not-for-profit…
A: GASB stands for Governmental Accounting Standards Boards. It is an independent and private sector…
Q: Statement 1- The Treasurer's primary function is to give oversight on the accounting and financial…
A: Accounting officer: An accounting officer is a person who is responsible for the financial record…
Q: In the issuance of treasury bills (T-bills) the government is the a. Debtor b. Creditor c. Guarantor…
A: The treasury bills are the financial instruments for the business which are used to raise money from…
Q: Vouchers payable denote: a. A future liability estimated when order is made b. Amount due to…
A: Since multiple questions are asked, we will answer the first full question for you. You may repost…
Q: GASB provides guidance for reporting by special-purpose entities. That guidance depends upon whether…
A: Government activities are those which are financed through the taxes, intergovernmental revenue. The…
Q: (a). State and explain five (5) reasons why you feel public Sector Organizations should still exist
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Practice of Public Accountancy II. Practice in the Government III. Practice in Commerce or…
A: The given statement is True.... Practice in Commerce or Industry& Practice in Education/Academy…
Q: True or False questions B. The Certificate of Achievement for Excellence in Financial Reporting is…
A: The Certificate of Achievement for Excellence in Financial Reporting is judged by an impartial panel…
Q: The Federal Accounting Standards Advisory Board (FASAB) recommends accounting principles and…
A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…
Q: Q1. State whether these statements are true or false. Discuss why the false statements are false. a.…
A: a. True b.True c. False AICPA authoritative standards publications provide accounting professionals…
Q: The statement of income & expenditure account and revenue & payment account is related to ......…
A: Income and expenditure account is prepared if the activities is not carried for profit or loss and…
Q: 9.The government regulates financial market and financial institutions for three main reasons. What…
A: The term "financial markets" refers to any market where the securities are traded. Financial markets…
Q: Which of the following would result to an increase or decrease in the revenue reported by a…
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Q: Answer the following multiple-choice questions. GAAP stands for:(a) governmental auditing and…
A: Definition: Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to…
Q: he entry is most likely to be used in recording the payment is
A: Answer
Q: Ch2 5 The types of funds that may be used in governmental accounting are classified into the…
A: Note: Since we are entitled to answer only one question, we’ll answer the first question. Please…
Q: 16) Briefly outline how the presentation of assets and liabilities on the statement of financial…
A: Government enterprise are set as a social entity, which is a not for profit organization, while…
Q: Describe the FOUR (4) key accounting concept for public sector financial reporting.
A: Financial Reporting - It helps in decision-making and increases openness, transparency, and…
Q: GAAP stands for: a. governmental auditing and accounting practices. b. generally accepted…
A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…
Q: Objectives of general purpose financial reporting is to provide information about. a. The Government…
A: Financial reporting is done to express the true and fair opinion on financial statements.
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: government
A: Answer: Government accounting: Government accounting is accounting methods that are being followed…
Q: 5. Which of the pairings below related to measurement focus and basis of accounting IS correct for…
A: Nonprofit entities are those entities which are established not for the purpose of profit but for…
Q: organizations. Distinguish between accounting and financial reporting for state and lo governments…
A: A Voluntary Health and Welfare Organization (VHWO) is a non-profit organization dedicated to…
Q: Statement 1 – The Treasurer’s primary function is to give oversight on the accounting and financial…
A: Accounting officer: An accounting officer is a person who is responsible for the financial record…
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- Which of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? A. IRS (Internal Revenue Service) B. SEC (Securities and Exchange Commission) C. FASB (Financial Accounting Standards Board) D. FDIC (Federal Deposit Insurance Corporation)What type of organization primarily offers tax compliance, auditing, and consulting services? A. corporations B. public accounting firms C. governmental entities D. universitiesWhich of the following is a responsibility of a local office of the IRS? Advising the Treasury Department on legislation Intelligence operations Appellate procedures Developing IRS rules and regulations None of the above
- The needs of users of government financial reports are the same as those of users of business entity financial reports. True or FalseWhich 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.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.
- 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.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 abovePlease 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 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 aboveWhich 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 aboveThe commercial business activities are governed by the market places then the government organizations activities are governed by___________ a. Fund financial statements b. Governmentwide financial statement c. None of the options d. Appropriations and encumbrances