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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Chapter 17, Problem 15.1EP
To determine
Find the correct option, the option that indicates the role of Government Accountability Office (GAO), in federal
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Which of the following is true regarding the government-wide financial statements? a. The government-wide financial statements include the statement of net position and the statement of activities. b. The government-wide financial statements are to be prepared using the economic resources measurement focus and the accrual basis of accounting. c. The government-wide financial statements include information for governmental activities, business-type activities, the total primary government, and its component units. d. All of the above are true.
Which 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.
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.
Chapter 17 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 17 - Prob. 1QCh. 17 - Prob. 2QCh. 17 - Prob. 3QCh. 17 - Prob. 4QCh. 17 - Prob. 5QCh. 17 - Prob. 6QCh. 17 - The federal government uses two groups of funds....Ch. 17 - Prob. 8QCh. 17 - Prob. 9QCh. 17 - Prob. 10Q
Ch. 17 - Prob. 12CCh. 17 - Prob. 13CCh. 17 - Access the most recent Financial Report of the...Ch. 17 - Prob. 15.1EPCh. 17 - Prob. 15.2EPCh. 17 - Prob. 15.3EPCh. 17 - Prob. 15.4EPCh. 17 - Prob. 15.5EPCh. 17 - Prob. 15.6EPCh. 17 - Which of the following is a correct mathematical...Ch. 17 - Which of the following is not a component of a...Ch. 17 - Fund Balance with the Treasury would be considered...Ch. 17 - Prob. 15.10EPCh. 17 - Which of the following federal funds is most...Ch. 17 - Following is a list of a number of accounts used...Ch. 17 - One amount is missing in the following trial...Ch. 17 - Use the data from Problem 1717 for this...Ch. 17 - Prob. 19EPCh. 17 - Prob. 20EPCh. 17 - Congress authorized the Flood Control Commission...Ch. 17 - Prob. 22EP
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- This is the independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements. A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkarrow_forwardHow the hierarchy of U.S. generally accepted accounting principles for state and local government accounting can be used to resolve financial reporting issues?arrow_forward1. What are the components that are included in the minimum requirements for general purpose external financial reporting?a. Introductory section, financial section, and statistical section.b. MD&A, government-wide financial statements, fund financial statements, notes to the financial statements, and RSI.c. Letter from the chief financial officer, government financial statements, notes to the financial statements, and RSI.d. MD&A, government-wide financial statements, notes to the financial statements, and RSI 2. Which of the following is not a required section of a federal agency or department’s performance and accountability report (PAR)?a. A performance section, which includes an annual performance report (APR).b. An MD&A.c. A basic financial statements section.d. A statement of nonparticipation in political matters. 3. The basic financial statements of a not-for-profit include all of the following excepta. Statement of financial position.b. Statement of activities.c.…arrow_forward
- Which office maintains accounts of financial transactions of all national government offices, agencies, and instrumentalities?arrow_forwardGENERAL PROVISIONS, BASIC STANDARDS AND POLICIES OF GOVERNMENT ACCOUNTING IMPORTANCE AS A WHOLE AND SUMMARYarrow_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_forward
- Objectives of general purpose financial reporting is to provide information about. a. The Government b. The people c. Financial condition in the economy d. The reporting entityarrow_forwardThe needs of users of government financial reports are the same as those of users of business entity financial reports. True or Falsearrow_forwardThe organization primarily responsible for ensuring that public officials are using public funds efficiently, economically, and effectively is thea. Governmental Internal Audit Agency (GIAA).b. Central Internal Auditors (CIA).c. Securities and Exchange Commission (SEC).d. Government Accountability Office (GAO).arrow_forward
- Discuss briefly why fiscal responsibility shall to the greatest extent be shared by all those exercising authority over the financial affairs transactions and operations of the government agencyarrow_forwardThe Federal Accounting Standards Advisory Board (FASAB) recommends accounting principles and standards for the federal government and its agencies and departments. True or Falsearrow_forwardWhat objectives does the Statement of Federal Financial Accounting Concepts (SFFAC) No. 1 for federal financial reporting identify?arrow_forward
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