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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Question
Chapter 12, Problem 16.8EP
To determine
Choose the rule that government should choose to report service efforts and accomplishments (SEA).
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Which of the following statements regarding the requirement to follow U.S. GAAP in financial reporting is true?
1.U.S. GAAP represents a set of professional standards, and the requirement to follow U.S. GAAP is enforced through the AICPA Code of Professional Conduct.
2.U.S. GAAP has been adopted as state law in all 50 states, so failure to follow U.S. GAAP is prosecuted through the state court system.
3.U.S. GAAP has been adopted as federal law, so failure to follow U.S. GAAP is prosecuted through the federal court system.
4.Compliance with U.S. GAAP is not enforced; it is a voluntary choice made by most companies and by most professional accountants
Which of the following has the least amount of official authority for the financial reporting of state and local governments? Choose the correct.a. GASB Technical Bulletins.b. GASB Statements of Governmental Accounting Standards.c. GASB Concepts Statements.d. GASB Implementation Guides.
Answer the following multiple-choice questions.
GAAP stands for:(a) governmental auditing and accounting practices.(b) generally accepted attest principles.(c) government audit and attest policies.(d) generally accepted accounting principles
Chapter 12 Solutions
Accounting For Governmental & Nonprofit Entities
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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Similar questions
- The accountants for a city are attempting to determine the proper reporting for a new transaction so that the financial statements are in conformity with generally accepted accounting principles. No authoritative answer can be found. What should happen next? Choose the correct.a. The city will receive a qualified audit report on its financial statements.b. The accountants can report the transaction in the way that they believe is best.c. The accountants should study other nonauthoritative sources such as GASB Concepts Statements and the official standards produced by FASB.d. The city will separate the transaction and report it separately in such a way as to draw attention to the method of reporting that was followed.arrow_forwardThe Federal Accounting Standards Advisory Board (FASAB) recommends accounting principles and standards for the federal government and its agencies and departments. True or Falsearrow_forwardGAAP stands for: a. governmental auditing and accounting practices. b. generally accepted attest principles. c. government audit and attest policies. d. generally accepted accounting principles.arrow_forward
- Separate accounting standards exist for the U.S. federal government in contrast to state and local governments; discuss why this is necessary Does the FASAB have to submit for review a proposed standard to anyone for approval? Explain.arrow_forwardThe 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 .arrow_forwardThe independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkarrow_forward
- Which of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? A. IRS (Internal Revenue Service) B. SEC (Securities and Exchange Commission) C. FASB (Financial Accounting Standards Board) D. FDIC (Federal Deposit Insurance Corporation)arrow_forwardA governmental agency can best be described by which of the following statements? A. has a primary purpose of making a profit B. has a primary purpose of using taxpayer funds to provide services C. produces goods for sale to the public D. has regular shareholder meetingsarrow_forwardOne of your friends remarks, I understand that before voting on an Update to Accounting Standards, the FASB allows written comments and oral presentations in which interested parties can lobby for a particular ruling. Do you think this is a good idea? Required: Prepare a written response that discusses the advantages and disadvantages of the FASBs allowing interested parties to provide input to its deliberative process.arrow_forward
- Which of the following is not a description or a function of the Financial Reporting Standards Council (FRSC)? It establishes generally accepted accounting principles in the It receives financial support principally from the Professional Regulations Commission (PRC). It is the successor of Accounting Standards Council (ASC) and the creator of Philippine Interpretations Committee (PIC). It assists the Professional Regulatory Board of Accountancy (BOA) in carrying out its power and function to promulgate accounting standards in thearrow_forwardQ1. State whether these statements are true or false. Discuss why the false statements are false. a. An entity is likely to be a governmental entity if a controlling majority of its governing body is appointed by governmental officials. b. The objective of a government is to provide services to its constituents. c. AICPA pronouncements have approximately the same level of authority as articles appearing in the Journal of Accountancy. d. The objective of a not-for-profit organization is to provide services to its constituents. e. By definition, all funds have cash, financial resources, and capital resources. f. The objective of a business organization is to enhance the wealth of its owners.arrow_forward
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