Advanced Accounting
12th Edition
ISBN: 9781305084858
Author: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 15, Problem 15.2.1P
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.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
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.
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.
Choose the correct. Which of the following is true about the management’s discussion and analysis (MD&A)?a. It is an optional addition to the comprehensive annual financial report, but the GASB encourages its inclusion.b. It adds a verbal explanation for the numbers and trends presented in the financial statements.c. It appears at the very end of a government’s comprehensive annual financial report.d. It replaces a portion of the fund financial statements traditionally presented by a state or local government.
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
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 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 principlesarrow_forward1. _____is central to, and an essential part of adequate government financial information. a. Auditing b. Reporting c. Accounting d. Public Financial Legislation 2. Which of the following statement is incorrect: a. Budget is a critical tool for managing government revenue. b. Government budget is a cyclical process. c. Revenue management is important in controlling government revenues d. Budgets are only used for revenue controls 3. All government accounting must abide by International Public Sector Accounting Standards (IPSAS). Select one: True or False 4. Accrual Accounting increase government transparency and accountability. Select one: True or Falsearrow_forwardWhich of the following is true about the management’s discussion and analysis (MD&A)? It is an optional addition to the comprehensive annual financial report, but the GASB encourages its inclusion. It adds a verbal explanation for the numbers and trends presented in the financial statements. It appears at the very end of a government’s comprehensive annual financial report. It replaces a portion of the fund financial statements traditionally presented by a state or local government.arrow_forward
- TRUE 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_forwardOn what do the government-wide financial statements report? Multiple Choice Operational accountability. Fiscal accountability. The cost of government services. Budgetary compliance.arrow_forwardWhat are the salient features and changes in the Government Accounting Manual? What problems or issues of the previous government accounting system that it tries to address? BoldItalicUnderlinearrow_forward
- The accountability instrument refers to the answer choices as below, except A.fiskal / fiscal B.Program / program C.pengurusan / management D.dasar / policyarrow_forwardWhich of the following would typically not be included in the introductory section of a comprehensive annual financial report? Multiple Choice Title and contents page. Letter of transmittal. A description of the government. Summary of the government's current financial position and results of financial activities.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_forward
- Which of the following is true regarding the organization of the comprehensive annual financial report?a. The three major sections are introductory, financial, and statistical.b. The management’s discussion and analysis is considered to be part of the introductory section.c. The auditor’s report is considered to be part of the statistical section.d. Basic financial statements include the government-wide statements, the budgetary statement, and the notes to the financial statements.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_forward8. All of the following are requirements unique to a government entity. Which is not? Group of answer choices Accrual basis of accounting Fund cluster accounting Incorporating budgetary controls in the financial reporting system Presenting budget information in the financial statementsarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
What is Budgeting? | Budgetary control | Advantages & Limitations of Budgeting; Author: Educationleaves;https://www.youtube.com/watch?v=INnPo0QPXf4;License: Standard youtube license