Advanced Accounting
12th Edition
ISBN: 9781305084858
Author: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Publisher: Cengage Learning
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Question
Chapter 15, Problem 15.1.1P
To determine
Introduction: The GASB is the board that provides the guideline to the governmental units about proper accounting of transactions. As per GASB, the accounting for funds of a governmental unit is different from that of private units.
To select: The correct option.
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Students have asked these similar questions
In Governmental and Nonprofit Accounting, the use of fund accounting is a unique feature, allowing for the segregation of resources into distinct categories based on their source, restrictions, and purpose.
True
false
Multiple choice:

In the reporting of governmental activities, fiscal accountability is demonstrated by:
a.
Both fund and government-wide financial statements.
b.
Government-wide financial statements.
c.
Neither fund nor government-wide financial statements.
d.
Fund financial statements.
2-Discuss the measurement focus used in governmental accounting and the financial transactions reported in different governmental funds. How do revenues and expenditures of governmental funds differ from the revenues and expenses of other funds?
Chapter 15 Solutions
Advanced Accounting
Ch. 15 - Prob. 1UTICh. 15 - Name three advantages gained by government...Ch. 15 - Why are budgets crucial in accounting for...Ch. 15 - Prob. 4UTICh. 15 - Prob. 5UTICh. 15 - Prob. 6UTICh. 15 - Prob. 7UTICh. 15 - Prob. 1.1ECh. 15 - Prob. 1.2ECh. 15 - Accounting for transactions. Select the best...
Ch. 15 - Prob. 1.4ECh. 15 - Prob. 1.5ECh. 15 - Prob. 1.6ECh. 15 - Accounting for transactions. Select the best...Ch. 15 - Accounting for transactions. Select the best...Ch. 15 - Prob. 1.9ECh. 15 - Accounting for transactions. Select the best...Ch. 15 - Accounting and reporting. Indicate (he part [(a)...Ch. 15 - Prob. 3ECh. 15 - Prob. 4ECh. 15 - Prob. 15.1.1PCh. 15 - Prob. 15.1.2PCh. 15 - Prob. 15.1.3PCh. 15 - Prob. 15.1.4PCh. 15 - Prob. 15.1.5PCh. 15 - Prob. 15.1.6PCh. 15 - Prob. 15.1.7PCh. 15 - Prob. 15.2.1PCh. 15 - Prob. 15.2.2PCh. 15 - Prob. 15.2.3PCh. 15 - Prob. 15.2.4PCh. 15 - Prob. 15.2.5PCh. 15 - Prob. 15.2.6PCh. 15 - Prob. 15.2.7PCh. 15 - Prob. 15.2.8PCh. 15 - Prob. 15.2.9PCh. 15 - Prob. 15.2.10P
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Similar questions
- Which of the following is true regarding government-wide financial statements? a. Internal service funds are normally included with governmental-type activities. b. Component units and fiduciary funds are not included. c. Both of the above d. Neither of the abovearrow_forwardV6. 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.arrow_forwardWhich of the following best identifies the purpose of the government-wide financial statements? Multiple Choice To provide an overview of how government would operate as a business-type entity. To provide detailed financial information on how the government’s financial performance compares to the prior reporting period. To provide an overview of the total government’s financial information. To To provide detailed financial information about different funds of government.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_forwardin accordance with gasb 34 basic financial statements and management's discussion and analysis for state and local government, which of the following is correct regarding the reporting of internal service funds I. The internal service fund should be discretely presented as part of the government's business type activities II. The internal service fund should be blended into the governmental activities. a. II only b. Neither I nor II c. I only d. I and IIarrow_forwardExplain 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.arrow_forward
- 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.arrow_forwardWhich of the following funds provides goods and services only to other departments or agencies of the government on a cost-reimbursement basis? Group of answer choices a.) Internal service funds b.) Enterprise funds c.) Special revenue fundsarrow_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_forward
- Which of the following funds of a governmental unit recognizes revenues in the accounting period only when they are both available and measurable? General Fund Enterprise Fund a. Yes No b. No Yes c. Yes Yes d. No Noarrow_forwardWhich of the following is not part of the basic financial statements? a. Government-wide statement of net position b. Proprietary funds statement of revenues, expenses, and changes in fund net position c. Combining balance sheet—nonmajor governmental funds d. Notes to the financial statementsarrow_forwardMultiple choice:  The accrual basis of accounting is used to account for revenues and expenditures reported in the financial statements of: a. Governmental funds. b. Proprietary funds. c. Governmental activities at the government-wide level. d. Business-type activities at the government-wide level.arrow_forward
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