Which of the following is NOT the main function of Ministry of Finance (MoF)? Select one: To propose bills related to the management of government employees, particularly bills related to staffing, salaries, benefits and pensions To formulate financial management and accounting processes, procedures and standards to be implemented by all Government. To formulate and implement fiscal and monetary policies in order to ensure effective and efficient distribution and management of financial resources To regulate all matters relating to securities and futures contracts.
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30 Which of the following is NOT the main function of Ministry of Finance (MoF)?
To propose bills related to the management of government employees, particularly bills related to staffing, salaries, benefits and pensions
To formulate financial
To formulate and implement fiscal and
To regulate all matters relating to securities and futures contracts.
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- 6 Which of the following is a primary objective of financial reporting by state and local governments? Multiple Choice To provide information that can be used for capital allocation decisions made by external investors. To report on the legal requirements imposed on the government by its elected officials. To provide information that can be used to assess a government's accountability. To fulfill the government's statutory duty to report on cash received and cash disbursed.14. The government normally sets the following to regulate the behavior of the players in the financial markets, except: a. Standardized forecasting and risk assessment b. Minimum capital requirements c. Control of new players d. Full disclosure of information1. What are the components that are included in the minimum requirements for general purpose external financial reporting?a. Introductory section, financial section, and statistical section.b. MD&A, government-wide financial statements, fund financial statements, notes to the financial statements, and RSI.c. Letter from the chief financial officer, government financial statements, notes to the financial statements, and RSI.d. MD&A, government-wide financial statements, notes to the financial statements, and RSI 2. Which of the following is not a required section of a federal agency or department’s performance and accountability report (PAR)?a. A performance section, which includes an annual performance report (APR).b. An MD&A.c. A basic financial statements section.d. A statement of nonparticipation in political matters. 3. The basic financial statements of a not-for-profit include all of the following excepta. Statement of financial position.b. Statement of activities.c.…
- Draft a report from the finance director to the board: Describing the responsibilities of the treasury department State the advantages to the company of having such a separate treasury department8. All of the following are requirements unique to a government entity. Which is not? Group of answer choices Accrual basis of accounting Fund cluster accounting Incorporating budgetary controls in the financial reporting system Presenting budget information in the financial statements19.The government regulates financial market and financial institutions for three main reasons. What are those reasons? I. To ensure the soundness of financial market and institutionII. To ensure the soundness of the financial systemIII. To increase the information available to the investorsIV. To increase the information available to the users.V. To improve control of the financial informationVI. To improve control of financial system. a. I, II, V b. I, III, IV c. II, III, IV d. II, III, VI
- (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.38 Which of the following is NOT the agency under Ministry of Finance (MOF)? Select one: Inland Revenue Board of Malaysia (IRBM) Employees Provident Fund (EPF) Federal Agricultural Marketing Authority (FAMA) Securities Commission (SC)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.
- Ch2 5 The types of funds that may be used in governmental accounting are classified into the three categories of governmental, proprietary, and fiduciary. True or False 6 Which of the following is a primary objective of financial reporting by state and local governments? Multiple Choice To provide information that can be used for capital allocation decisions made by external investors. To report on the legal requirements imposed on the government by its elected officials. To provide information that can be used to assess a government's accountability. To fulfill the government's statutory duty to report on cash received and cash disbursed.(a) Describe the FOUR (4) key accounting concept for public sector financial reporting. (b) 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. (c) 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…27. Which of the following is not one of the necessary closing entries of a government equity? Closing of the “Cash-Treasury/Agency Deposit, Regular” account to the Accumulated Surplus/Deficit” account Closing of the “Subsidy from National Government” account to the “Revenue and Expense Summary” account Closing of income and expense accounts to the “Revenue and Expense Summary” account Closing of the net balance of “Revenue and Expenses Summary” account to the “Subsidy from National Government” account.