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 17, Problem 6.4E
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
Refer back to Textbook Problem 17.5. Recast the financial statements for Green Valley into common size financial statements. Describe at least two advantages of a common size presentation of financial statements.
Select three (3) issues associated with the annual report and the broader area of financial reporting (this includes financial accounting) that you consider are significant.
For each you should:
describe the issue,
say why it is significant/important,
offer a solution (with justification),
MULTIPLE CHOICE. Choose the best answer among the following choices.
6. The financial statements should be stated in terms of a common financial denominator.
A. Accrual
B. Going Concern
C. Time Period
D. Stable Monetary Unit
7. The principle of objectivity includes the concept of
A. Summarization
B. Verifiability
C. Classification
D. Conservatism
8. The financial accounting information is directed toward the common needs of users and is
independent of presumptions about particular needs and desires of specific users.
A. Completeness
B. Verifiability
C. Relevance
D. Neutrality
9. The attribute of relevance include ALL EXCEPT:
A. Predictive value
B. Feedback value
C. Materiality
D. Neutrality
10. The assumption that an entity will continue to operate for the foreseeable future is called
A. Accrual basis
B. Comparability
C. Going concern
D. Cash basis
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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Similar questions
- Please help with the following: Review FASB Statement of Financial Accounting Concept No. 1, No. 4, and No. 8, as well as GASB Statement No. 1. Compare the financial reporting needs of the users of governmental, nonprofit, and for-profit entities. Identify a local government, nonprofit, and for-profit business in your community, and describe the resource providers/users for each type of organization. Explain the need for information for each resource provider/user group. Discuss how the objectives of the financial reporting listed for each type of organization meet these needs.arrow_forwardWhich of the following is included in a complete set of financial statements? a. A statement by the board of directors of compliance with local legislation. b. A statement of changes in equity. c. Statements of financial position for the last five years. d. Value added statement.arrow_forwardRaise three issues related to the annual report and the broader area of financial reporting, and explain why it is important and provide solutions to these issues (with justification).arrow_forward
- Government Accounting-you will do a 5 page power point slide presentation and use the GASB codification as your guidance. Please include the following: Explain what the CAFR is Provide an outline for the minimum content of a CAFR Select a local CAFR (I can help you with this step) and identify the following: a. the entity’s most significant source of revenues and most significant expense; b. the entity’s most significant asset, and its most significant liability; c. two of the individual funds used by the government d. who prepared the report; e. who audited the report, and using what auditing standards.arrow_forwardWhich fundamental characteristic of requires that financial statements are prepared in a similar way year after year? Select one: a. Faithful representation b. Understandability c. Comparability d. Relevancearrow_forwardfor each of the financial statement items, identify the estimate(s) from the following (1-11) list that are required in the measurement of that item on the financial statements. For each select 3 of them. Account Receivable A. b, C, • Inventory A. b, C, Equipment A. b, C, Warranty Liability A. b, C, Sales revenue А, b, C, Revenue from long term contract b, A. Cost of good sold. C, A. C, 1. Cost to repair or replace product. 2. Cost of each item sold/held. 3. Customer default rate 4. Degree of progress fulfilling contract. 5. Pattern of benefit obtained. 6. Prices of inventory items 7. Profitability of contract 8. Rate of defect 9. Residual value at end of useful life 10. Speed of collection 11. Useful livesarrow_forward
- The statement of income & expenditure account and revenue & payment account is related to ...... Select one: a. Government accounts b. None of the other points c. Corporate accounts d. Non profit organization accountsarrow_forwardListed below are several types of pronouncements that the FASB issues. Following the lis is a series of descriptive statements. a. Statements of Financial Accounting Standards b. Interpretations c. Technical Bulletins d. Statements of Financial Accounting Concepts e. Guide for Imprementation _____ Establishes a theoretical foundation upon which to base fanancial accounting and reporting standards. _____ Provides clarification of conflicting or unclear issues relating to previously issued pronouncements. _____ FASB Q's and A's. _____ Establishes generally accepted accounting principles. _____ Provides guidance on accounting and reporting problems related to an underlying standard.arrow_forwardThe fundamental qualitative characteristics that financial information must possess to be useful to the primary users of general purpose financial reports—identified in the Conceptual Framework are ‘relevance’ and ‘faithful representation’. Required: Provide one example where information is relevant but not faithfully represented. (maximum 100 words) Provide one example where information is not relevant but is faithfully represented. (maximum 100 words) Provide one example where information is relevant and faithfully represented. (maximum 150 words)arrow_forward
- Statements of Financial Accounting Concepts set forth financial accounting and reporting objectives and fundamentals that will be used by the Financial Accounting Standards Board in developing stands. Concepts Statement No. 6 defines various elements of financial statements. Instructions: Answer the following questions based on SFAC No. 6: (a-c have already been answered in previous question) d. Define "distributions to owners" and provide examples of this type of transaction. What financial statement element other than equity is typically affected by distributions? e. What are examples of changes within owners' equity that do not change the total amount of owners' equity?arrow_forwardPlease help me with this question from my testbook What is the significance of the financial statements which have been included in the annual reports of the two organizations?arrow_forward6. Which statement is correct concerning interim financial reporting?I. An interim financial report may consist of a complete set of financial statement.II. An interim financial report may consist of a condensed set of financial statement. 7. An interim financial report shall include?I. Condensed statement of financial position and comprehensive incomeII. Accounting policies and explanatory notesarrow_forward
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