Accounting For Governmental & Nonprofit Entities
Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
Question
Chapter 1, Problem 11C
To determine

Explain the reasons for the accounting and reporting differences related to capital assets and the organizations’ major revenue sources (sales and property tax revenues).

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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
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.
TRUE OR FALSE. Please provide an explanation if false. 1.      Compared to the accounting for business entities, government accounting places greater emphasis on the sources and utilization of government funds and the management's stewardship over government resources. 2.      Taxes are the main source of funds of the government. 3.      Other sources of funds of the government include fees, borrowings, and grants from other governments and international bodies. 4.      Currently, the financial reporting of government entities is based on NGAS. 5.      The principles used in the financial reporting of government entities are very unique that only a very few of these principles are similar to those that are applied to business entities. 6.      The principles in the GAM for NGAs are similar to the principles in the PFRSs. 7.      The GAM for NGAs is promulgated by the Philippine Congress under the authority conferred to it under the Philippine Constitution.…
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  • 1. 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.…
    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 .
    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.
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