What is a primary focus of performance measurement in public sector accounting?
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What is a primary focus of performance measurement in public sector accounting? a) Maximizing shareholder wealth b) Achieving profitability c) Enhancing service delivery and accountability d) Minimizing tax liabilities
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- 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 nor a common goal of an organization? A. operational efficiency B. being acquired by another business C. achieving strategic goals D. measuring financial performanceWhich of the following are affected by the quality of an organization’s internal controls? a. Reliability of financial data. b. Ability of management to make informed business decisions. c. Ability of the organization to remain ¡n business. d. All of the above. e. Only a and c.
- 1.The IASB sets standards for: a. The private sector b. The public and private sectors c.The public, private and not-for-profit sector d. The private and not-for-profit sector 2. Which of these is not one of the benefits of a Conceptual framework? a. Reporting requirements will be more Consistent and logical b. It may allow firms to reduce their reported profit c. The need for specific accounting standards should be reduced d. Standard setting boards will be more accountable for their actionsThe objectives of financial reporting for business enterprises are based on the need for conservative information the needs of the users of the information the need to report on management’s stewardship the need to comply with financial accounting standardsThe following questions relate to the apparent divergence in view between the standard setters and the private sector, with respect to the need to shift from historical cost to current value accounting: (a) In your opinion, why do standard setters moving away from traditional historical cost accounting? (b) Why do think that the business community and the public accounting firms are so strongly opposed to a move away from historical cost accounting? (c) Measurement principles are fundamental to any accounting system. Why does the Framework lack fully developed measurement concepts?
- The expectations gap is:a. what financial information management provides and what users want.b. what the public thinks accountants should do and what accountants think they can do.c. what the governmental agencies want from standard-setting and what the standard-settersprovide.d. what the users of financial statements want from the government and what is provided.Why is an entity permitted to change an accounting policy? a. The change would allow the entity to present a more favorable profit picture. b. The change would result in the financial statements providing more reliable and relevant information about financial position, financial performance and cash flows c. The change is made by the internal auditor d. The change is made by the CPA (Certified Public Accountant)Write about the relevance and critical evaluation of fair value measurement in contemporary businesses. Explain whether fair value accounting is applicable for a wide range of private and public sector organisations in corporate financial reporting.
- A student commented that “management accounting is much more relevant and important to profit making organizations compared to non-profit ones (such as governmental institutions) as the existence of the latter is not related to profit making”. How would you respond? Give some examples to support your point of view.Why does financial accounting have a positive impact on our society? a. It entails a detailed transaction record necessary for filing taxes with the Internal Revenue Service (IRS).b. It allows investors and creditors to redirect their resources to successful companies and away from unsuccessful companies.c. It prevents competitors from being able to steal the company’s customers.d. It provides a system of useful internal reports for management decision making.Explain and evaluate how the primary of objective in financial management of maximizing shareholder wealth is at conflict with other objectives such as ensuring favorable outcomes for (Note if your organization is public sector consider the alternative objective of minimizing the net cost to the government)