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 17, Problem 1Q
To determine
Describe the role of the Government Accountability Office (GAO), the Department of Treasury, and the Office of the Management and the Budget (OMB) in the
Expert Solution & Answer
Explanation of Solution
GAO (Government Accountability Office): This is an authorized body that governs, approves, administrates, and issues GAGAS.
Department of the Treasury: This is a part of the executive branch of the federal government which receives, keeps, distributes, and accounts for the monies of Country U.
Office of the Management and the Budget (OMB): This is the office which is part of the Executive Office of the President that produces the President’s budget, evaluates the Congressional requirements in conformity with the President’s policies and programs, and coordinates the inter-office policies.
Role of GAO, Department of Treasury, and OMB:
- GAO is the independent audit agency which is responsible for the audit of the federal government, prepare audit reports which indicate that the federal agencies are in conformity with the legal and GAAP (generally accepted accounting principles) requirements.
- The main function of Department of Treasury is to collect revenue and disburse cash. The department manages and is responsible for the accounts of the federal agencies.
- OMB prepares the financial budget for the federal government. OMB issues circulars on guidance to agencies about accounting and financial reporting. OMB approves the standard general ledger. OMB issues circulars on the appropriate use of the disbursed funds by sub recipients.
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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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Similar questions
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