ACCOUNTING F/GOV.+..(LL)-W/CODE>CUSTOM<
18th Edition
ISBN: 9781264107919
Author: RECK
Publisher: MCG CUSTOM
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Textbook Question
Chapter 12, Problem 16.2EP
Which of the following statements regarding budgets of not-for-profit organizations is true?
- a. Not-for-profit organization budgets are legal documents reflecting plans for spending resources.
- b. A not-for-profit entity may choose to prepare a budget to demonstrate accountability to its resource providers, such as donors and grantors.
- c. The budgeting approaches used for governments generally cannot be used by not-for-profit entities.
- d. All of the above statements are true.
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Describe the primary characteristics for governmental and not-for-profit entities. How does this differ from the primary characteristics for business organizations? In your discussion, explain how budgetary accounting contributes to achieving budgetary control over revenues and expenditures for governmental entities and not-for-profit entities.
Describe the primary characteristics for governmental and not-for-profit entities. How does this differ from the primary characteristics for business organizations? Can you explain how budgetary accounting contributes to achieving budgetary control over revenues and expenditures for governmental entities and not-for-profit entities please
Explain to a nonfinancial audience explaining how increasing scrutiny and demand for accountability by the public has influenced reporting for governmental entities.
Explain why governments use fund accounting.
Analyze the importance of budget and control of government resources.
Explain how the GASB revenue and expense recognition model may improve the usefulness of the information governments report to the public.
Format references according to APA guidelines.
Chapter 12 Solutions
ACCOUNTING F/GOV.+..(LL)-W/CODE>CUSTOM<
Ch. 12 - Are governments and not-for-profit organizations...Ch. 12 - What is the difference between two types of...Ch. 12 - Prob. 3QCh. 12 - Robert Bland suggested that tensions may exist...Ch. 12 - Identify some essential components of the annual...Ch. 12 - Prob. 6QCh. 12 - Prob. 7QCh. 12 - What are the three broad categories of service...Ch. 12 - Prob. 9QCh. 12 - Prob. 10Q
Ch. 12 - Prob. 14CCh. 12 - Budgets of government entities a. Are integrated...Ch. 12 - Which of the following statements regarding...Ch. 12 - Which of the following steps would not usually be...Ch. 12 - The budgeting principle in generally accepted...Ch. 12 - Prob. 16.5EPCh. 12 - An approach to budgeting that requires the very...Ch. 12 - Which of the following does not represent a...Ch. 12 - Prob. 16.8EPCh. 12 - Prob. 16.9EPCh. 12 - Prob. 16.10EPCh. 12 - Prob. 16.11EPCh. 12 - Which of the following is not one of the general...Ch. 12 - Prob. 16.13EPCh. 12 - The police chief of the Town of Meridian submitted...Ch. 12 - The City of Manhattan, Kansas, prepares an annual...Ch. 12 - The City of Ashcroft has produced a Service...Ch. 12 - Prob. 20EPCh. 12 - Prob. 21EPCh. 12 - The U.S. Office of Management and Budget (OMB)...
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- Can you explain how budgetary accounting contributes to achieving budgetary control over revenues and expenditures for governmental entities and not-for-profit entitiesarrow_forwardTRUE OR FALSE. Please provide an explanation if false. 1. Technically, only the Journals and Ledgers are considered accounting records; the Registries are budget records. 2. Separate accounting records and budget registries are maintained for each fund cluster. 3. Government entities and business entities use term "obligation" or the phrase "incurrence of obligation" similarly. 4. The various registries maintained by government entities primarily serve as internal control for controlling and monitoring the conformance of actual results with the approved budget. 5. A check disbursement is normally recorded as a credit to the "Cash-Modified Disbursement System (MDS), Regular" account. 6. Both the ORS and RAOD are updated each time an obligation is incurred, a payable is recorded for the obligation incurred, and disbursements are made to settle the recorded payable 7. At the end of each year, an adjustment is made to revert…arrow_forwardWhich of the following is true regarding financial reporting under GASB Statement No. 34?a. A comparison of budget and actual revenues and expenditures for the general fund is required as part of the basic financial statements.b. Infrastructure must be recorded and depreciated as part of the statement of activities in the basic financial statements.c. Public colleges and universities are to report in exactly the same manner as private colleges and universities.d. Special purpose governments that have only business-type activities are permitted to report only the financial statements required for enterprise funds.arrow_forward
- 1 Which of the following is not an objective of financial reporting by state and local governments? Multiple Choice To assist users in assessing the adequacy of systems and controls. To assist users in assessing financial condition and results of operations. To assist financial report users in comparing actual financial results with the legally adopted budget. To assist in determining compliance with finance-related laws, rules, and regulations.arrow_forwardThe governmental fund financial statements are intended to report on fiscal accountability. True or Falsearrow_forwardSelect all that apply Which of the following statements are correct? Fund accounting segregates financial resources with constraints or limitations. General purpose governments may have more than one General Fund. Special revenue funds are used for resources to be used to acquire capital assets. Special revenue funds are not used for resources for payments on long-term debt.arrow_forward
- Which of the following is true regarding government-wide financial statements? a. Internal service funds are not included with governmental-type activities. b. Component units and fiduciary funds are not included. c. Both of the above d. Neither of the abovearrow_forwardThe cornerstone of external financial reporting for governmental units and not-for-profit organizations is: a. to show the flow of financial resources b. to determine profit or loss c. to compare budgeted to actual resources d. accountabilityarrow_forwardDefine Not-for-Profit organizations. Explain what distinguishes governmental not-for-profit organizations from nongovernmental, not-for-profit organizations. Why is such a distinction necessary? Mention the objectives of financial reporting of not-for-profit organizations?arrow_forward
- Which of the following statements are correct? Fund accounting segregates financial resources with constraints or limitations. General purpose governments may have more than one General Fund. Special revenue funds are used for resources to be used to acquire capital assets. Special revenue funds are not used for resources for payments on long-term debt.arrow_forwardThe commercial business activities are governed by the market places then the government organizations activities are governed by___________ a. Fund financial statements b. Governmentwide financial statement c. None of the options d. Appropriations and encumbrancesarrow_forwardWhich of the following statements is correct about the reporting of governmental funds? Choose the correct.a. Fund financial statements measure economic resources.b. Government-wide financial statements measure only current financial resources.c. Fund financial statements measure both economic resources and current financial resources.d. Government-wide financial statements measure economic resources.arrow_forward
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