Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Question
Chapter 10, Problem 17.3EP
To determine
Identify the reason for GASB to prefer economic condition instead of financial condition.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Which statement is not correct?
A. The primary function of the financial system is to facilitate well the flow of funds in the economy, from those who have surplus funds but can’t utilize them to those who have deficiency of funds but have productive use for the funds.
B. The president and the congress sets fiscal policies that are geared towards counteracting excessive spending and borrowing during economic boom and encouraging spending during economic depression.
C. Financial Institutions like banks, insurance companies and mutual funds, are entities that receive funds from savers and invest the funds in securities issued by borrowers.
D. The Philippines Stock Exchange is the primary capital market of the Philippines where the debt and equity securities of publicly listed corporations are traded.
E. none of the above
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.
Which is correct about financial information?
a. Financial information’s purpose is only to comply with needs external users such as the government,
investors and external stakeholders.
b. Financial information can be used for forecasting and budgeting.
c. Financial information deviates from the actual thus it justifies erroneous management decisions.
d. Financial information is used by line managers to evaluate performance of staff positions.
e. b & d
f. All of the above
g. None of the above
Chapter 10 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 10 - The GASB indicates that economic condition is...Ch. 10 - What is the Financial Trend Monitoring System and...Ch. 10 - The International City/County Management...Ch. 10 - Prob. 4QCh. 10 - Prob. 5QCh. 10 - Prob. 6QCh. 10 - Prob. 7QCh. 10 - Illustration 104, adapted front Crawford and...Ch. 10 - What is EMMA and when would someone want to use...Ch. 10 - Prob. 10Q
Ch. 10 - Prob. 11QCh. 10 - Prob. 17.1EPCh. 10 - Which of the following terms or concepts focuses...Ch. 10 - Prob. 17.3EPCh. 10 - Prob. 17.4EPCh. 10 - Prob. 17.5EPCh. 10 - Prob. 17.6EPCh. 10 - Prob. 17.7EPCh. 10 - Prob. 17.8EPCh. 10 - Prob. 17.9EPCh. 10 - Prob. 17.10EPCh. 10 - Prob. 17.11EPCh. 10 - Which of the following would be considered a sign...Ch. 10 - Prob. 17.13EPCh. 10 - Prob. 17.14EPCh. 10 - What is Electronic Municipal Market Access, or...Ch. 10 - Prob. 18EPCh. 10 - Examine the following tables from the Financial...Ch. 10 - Prob. 20EPCh. 10 - Prob. 21EP
Knowledge Booster
Similar questions
- What does the term financial health mean as it relates to an organization? What factors are taken into consideration when assessing an organization’s financial health and stability? What is the present understanding of how financial ratio analysis is used by an organization?arrow_forwardIf a reporting entity has a choice of either expensing or capitalizing an item of expenditure, and if the entity is subject to a high degree of political scrutiny, then what choice would be predicted by the political cost hypothesis of Positive Accounting Theory? Explain your answerarrow_forwardThe impact of COVID-19 on the efficiency of financial institutions? can you provide recommendations and limitations for the above reseach questionarrow_forward
- Which of the following helps to meet the short-term liquidity position of the concern? a.Investment Decision b.Capital Budgeting c.Cash Management d.Interrelation with Other Departmentsarrow_forwardThe expectations gap is:\\nSelect answer from the options below\\nwhat financial information management provides and what users want.\\nwhat the governmental agencies want from standard-setting and what the standard-setters provide.\\nwhat the users of financial statements want from the government and what is provided.\\nwhat the public thinks accountants should do and what accountants think they can do.arrow_forwardWhat are the problems encountered by the financial system? What is/ are assessment to these problems?arrow_forward
- Government policies that focus on the aggregate safety and soundness of the financial system are known as: A. Macroprudential supervision B. Aggregate supervision C. Excessive supervision D. Microprudential supervisionarrow_forwardEconomic consequences of accounting standard-setting means:a. standard-setters must give fi rst priority to ensuring that companies do not suffer any adverseeffect as a result of a new standard.b. standard-setters must ensure that no new costs are incurred when a new standard is issued.c. the objective of financial reporting should be politically motivated to ensure acceptance by thegeneral public.d. accounting standards can have detrimental impacts on the wealth levels of the providers of financialinformation.arrow_forwardAnalyse the consequences of financial management and failure to adhere to regulations, including potential legal, financial, and repuational implicationsarrow_forward
- What are the difficulties associated with the financial system and how these challenges can be addressedarrow_forwardEconomic consequences of accounting standard-setting means: a. standard-setters must give first priority to ensuring that companies do not suffer any adverse effect as a result of a new standard. b. standard-setters must ensure that no new costs are incurred when a new standard is issued. c. the objective of financial reporting should be politically motivated to ensure acceptance by the general public. d. accounting standards can have detrimental impacts on the wealth levels of the providers of financial information.arrow_forward1)-What is the difference between the “Organic View” and the “Mechanistic View” of government? What are the three (3) Foundation questions of Public Finance? Completely describe an "Efficiency Loss.” What is the Laffer curve and why is it an inappropriate example of Efficiency Loss? When the government does intervene, why is a subsidy of the private market simultaneously a good and bad idea? What is an example of a Direct Effect in Public Finance? What is an Indirect Effect on Public Finance? What is Asymmetrical Information and how does it affect Public Finance? 2)What is the difference between Absolute and Relative prices? What is the Income Consumption Curve, and how is it used to distinguish between normal and inferior goods? How is Income elasticity different from Price Elasticity? How can you show how a change in the price of one Good with no change in Income leads to the Substitution Effect? Considering individual preferences as well as income and prices, how can Consumer…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Intermediate Financial Management (MindTap Course...FinanceISBN:9781337395083Author:Eugene F. Brigham, Phillip R. DavesPublisher:Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENTFinanceISBN:9781337514835Author:MOYERPublisher:CENGAGE LEARNING - CONSIGNMENT
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Intermediate Financial Management (MindTap Course...
Finance
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:9781337514835
Author:MOYER
Publisher:CENGAGE LEARNING - CONSIGNMENT