Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Chapter 1, Problem 20EP
Matching. (LO1-1, LO1-2, LO1-4, LO1-5) For each characteristic, concept, or financial reporting requirement listed, indicate a Y for yes in the type of organization column if the item applies to that type of organization or N for no if it does not apply.
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D3)
Describe the advantages and disadvantages of these two approaches to accounting standards setting, and tell how these advantages and disadvantages vary across different groups of financial statement users.
Read and T for True and F for False of the following phrases
1-standardization means eliminating all accounting alternatives to process financial transaction , and only one alternative.
In the blanks provided to the right below, select the letters of the underlying assumption, measurement method, qualitative criteria, or constraint most closely associated with the statements. Some letters may be used more than once and some may not be used at all.A. Separate-entity assumption G. MatchingB. Continuity assumption H. Historical costC. Relevance I. Unit-of-measure assumptionD. Time-period assumption J. Faithful representationE. Cost/benefit K. VerifiabilityF. Revenue recognition L. Full disclosure
1. Any accounting method is acceptable for small items that will not change users’ decisions. 2. Assumes that all financial statement elements can be meaningfully described in dollar terms. 3. Long-term assets that increase in value are not normally written up in the…
Chapter 1 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Prob. 4QCh. 1 - Explain the meaning and significance of...Ch. 1 - Prob. 6QCh. 1 - Prob. 7QCh. 1 - What are the three sections of a comprehensive...Ch. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11CCh. 1 - Prob. 12CCh. 1 - Prob. 13CCh. 1 - Prob. 14CCh. 1 - Prob. 16CCh. 1 - Prob. 18EPCh. 1 - Prob. 19.1EPCh. 1 - Prob. 19.2EPCh. 1 - Prob. 19.3EPCh. 1 - Prob. 19.4EPCh. 1 - Prob. 19.5EPCh. 1 - Prob. 19.6EPCh. 1 - Prob. 19.7EPCh. 1 - Prob. 19.8EPCh. 1 - Prob. 19.9EPCh. 1 - The primary reason that not-for-profit (NFP)...Ch. 1 - Matching. (LO1-1, LO1-2, LO1-4, LO1-5) For each...Ch. 1 - Prob. 21EP
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- Q32 Which of the principle as per GAAP states, “one must report enough information for outsiders to make informed decisions about the company”? a. Matching b. Disclosure c. Revenue d. Consistencyarrow_forwardPROBLEM Below is a list of the qualitative characteristics identified in FASB Statement of Financial Accounting Concepts No. 2. Following the list is a series of descriptive phrases. a. feedback value b. relevance c. decision usefulness d. reliability e. comparability f. predictive value g. varifiability h. consistency i. representational faithfulness j. timeliness k. neutrality _____ 1. When information can make a difference in a decision. _____ 2. Making information available when it is needed. _____ 3. When accounting policies and procedures are unchanged from period ro period. _____ 4. When information is verifiable and neutral. _____ 5. Occurs when the measurement results can be duplicated. _____ 6. The overall qualitative characteristics accounting information should possess. _____ 7. When information enables decision makers to confirm prior expectations. _____ 8. When accounting information is reported the same way by different companies. Required: Match each characteristic…arrow_forwardMatch the following items with correct accounting treatment (A through C):arrow_forward
- Which of the following is not an accounting assumption? Select one: a.Integrity. b.Economic entity. c. Going concern. d. Periodicity.arrow_forward1-Explain the meanings of (1) cost, (2) expense, (3) loss as used for financial reporting in conformity with GAAP. In your explanation, discuss the distinguishing characteristics of the terms and their similarities and interrelationships.arrow_forwardWhich concept states that any policies adopted for accounting should not change frequently unless it is the demand of the changing circumstances Oa. Cost Concept O b. Money Measurement Concept Oc. Consistency Concept O d. Going Concern Conceptarrow_forward
- Which measure is limited by the fact that it uses accounting income? a. ROI b. RI c. EVA d. All of the abovearrow_forwardAccounting policies, methods, and estimates used in preparing fi nancial statements aremost likely found in the:B . management commentary.arrow_forwardThe following are characteristics of financial accounting, except A. It is used by both internal and external users. B. It contains historical financial data. C. It is used primarily for decision-making D. It is verifiable (Choose letter only)arrow_forward
- The IASB’s Framework for the Preparation and Presentation of Financial Statements gives qualitative characteristics that make financial information reliable. Which of the following are examples of those qualitative characteristics? (1) Accruals (2) Faithful representation (3) Going concern (4) Neutrality Select one: a. 1 and 2 b. 2 and 4 c. 1 and 4 d. 2 and 3arrow_forwardDiscuss the four basic Assumptions that underline the financial Accounting Structures with example. b) Match the qualitative characteristics below with the following statements. I. Relevance VI. Comparability II.Faithful representation VII.Completeness III. Predictive value VIII.Neutrality IV.Confirmatory value IX.Timeliness V. Free from error X. Understandability (i) Quality of information that permits users to identify similarities in and differences between two sets of economic phenomena. (ii) Having information available to users before it loses its capacity to influence decisions. (iii) Information about an economic phenomenon that has value as an input to the processes used by capital providers to form their own expectations about the future.arrow_forwardRead and T for True and F for False of the following phrases: Standardization means eliminating all accounting alternatives to process financial transaction , and only one alternative. *True *Falsearrow_forward
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