Advanced Accounting
12th Edition
ISBN: 9781305084858
Author: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Publisher: Cengage Learning
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Chapter 17, Problem 17.1.6P
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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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.
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Title and contents page.
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Chapter 17 Solutions
Advanced Accounting
Ch. 17 - Prob. 1UTICh. 17 - Prob. 2UTICh. 17 - Prob. 3UTICh. 17 - Prob. 4UTICh. 17 - Prob. 5UTICh. 17 - Prob. 6UTICh. 17 - Prob. 4.1ECh. 17 - Prob. 4.2ECh. 17 - Prob. 4.3ECh. 17 - Prob. 4.4E
Ch. 17 - Prob. 4.5ECh. 17 - Prob. 4.6ECh. 17 - Prob. 4.7ECh. 17 - Prob. 4.8ECh. 17 - Prob. 4.9ECh. 17 - Prob. 4.10ECh. 17 - Prob. 5ECh. 17 - Prob. 6.1ECh. 17 - Prob. 6.2ECh. 17 - Prob. 6.3ECh. 17 - Prob. 6.4ECh. 17 - Prob. 6.5ECh. 17 - Prob. 6.6ECh. 17 - Prob. 7ECh. 17 - Prob. 17.1.1PCh. 17 - Prob. 17.1.2PCh. 17 - Prob. 17.1.3PCh. 17 - Prob. 17.1.4PCh. 17 - Prob. 17.1.5PCh. 17 - Prob. 17.1.6PCh. 17 - Prob. 17.1.7PCh. 17 - Prob. 17.1.8PCh. 17 - Prob. 17.1.9PCh. 17 - Prob. 17.1.10PCh. 17 - Prob. 17.1.11PCh. 17 - Prob. 17.1.12PCh. 17 - Prob. 17.3PCh. 17 - Prob. 17.4PCh. 17 - Prob. 17.5PCh. 17 - Prob. 17.7PCh. 17 - Prob. 17.8PCh. 17 - Prob. 17.9PCh. 17 - Prob. 17.11.1PCh. 17 - Prob. 17.11.2PCh. 17 - Prob. 17.11.3PCh. 17 - Prob. 17.12.1PCh. 17 - Prob. 17.12.2P
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- 8. The PFRSS apply to which of the following? a. A management's review of the entity's financial performance during the period vis-Ã -vis its targets for that period contained in the entity's annual report, which also includes the entity's financial statements. b. Schedules, reconciliations and returns required by the. Bureau of Internal Revenue (BIR) to be filed together with the financial statements. C. Environmental reports required by the Department of Environment and Natural Resources (DENR) that are included in the entity's annual report. 146 Explanatory material and other Information tha d. method of preseontingarrow_forwardGovernment financial reporting should assist report users in evaluating: a. Accountability b. Inter-period equity c. Stewardship d. Operating budgetsarrow_forward125) Which of the following is an internal financial control? A) Budgeting b) Goal setting c) An audit conducted by KPMG d) A and B e) A and B and Carrow_forward
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- 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_forwardGAAP provides rules for entities to follow when preparing financial statements which assist external users with: A.analysing owner's personal transactions. B.interpreting bank statements C.making comparisons between an entity’s budgeted and actual results. D.making comparisons between the financial information of different entities.arrow_forwardFinancial accounting deals with the following except Select one: a. Prepares the budgets and estimates cost volume profit relationships b. preparation of financial statements C. Analysis of transactions, journalizing, ledger posting d. retained earnings statements, cash flow statementsarrow_forward
- Which of the following groups sets standards for audits of federal financial assistance recipients? a. U.S. General Accounting Office b. U.S. Office of Management and Budget c. Governmental Accounting Standards Board d. Financial Accounting Standards Boardarrow_forward14. Opinions on the effectiveness of the internal control system and the fairness of the amounts reported in the financial statements are defined as: Select one: a. Management Assessments b. Assurance Opinions. c. Notes to the Financial Statements d. Management Discussion and Analysis.arrow_forward1. Explain the purpose of operational accountability and the purpose of fiscal accountability. Which category of financial statements is most useful in reporting on each of these accountability concepts? 2. Under GASB guidance, when should an item be recognized on the face of the financial statements? Under what conditions would the GASB indicate that a note disclosure should accompany an item that has been recognized on the financial statements?arrow_forward
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