ACCOUNTING F/GOVT+NONPROFIT CONNECT+>I
17th Edition
ISBN: 9781308820217
Author: RECK
Publisher: Mcgraw-Hill/Create
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Textbook Question
Chapter 9, Problem 16.2EP
Interim government financial reports
- a. Are not necessary because administrators and managers of the government are already familiar with the events and activities of the government on a day-to-day basis.
- b. Should be prepared and distributed publicly at regular intervals.
- c. Are important for budgetary and cash management purposes.
- d. Are not necessary as long as the government prepares a comprehensive annual financial report (CAFR).
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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…
Which of the following statement is incorrect
O a. Revenue management is important in controlling government revenues
s important i
Budgets are only used for revenue controls
Budget is a critical tool for managing government revenue.
b.
c.
O d. Government budget is a cyclical process.
Which 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.
Chapter 9 Solutions
ACCOUNTING F/GOVT+NONPROFIT CONNECT+>I
Ch. 9 - Prob. 1QCh. 9 - Prob. 2QCh. 9 - Prob. 3QCh. 9 - Prob. 4QCh. 9 - Explain the difference between a blended and a...Ch. 9 - Prob. 6QCh. 9 - Prob. 7QCh. 9 - Give examples of items (transactions) that would...Ch. 9 - Prob. 9QCh. 9 - Prob. 10Q
Ch. 9 - Prob. 11CCh. 9 - Prob. 12CCh. 9 - Prob. 13CCh. 9 - Prob. 16.1EPCh. 9 - Interim government financial reports a. Are not...Ch. 9 - The comprehensive annual financial report (CAFR)...Ch. 9 - Prob. 16.4EPCh. 9 - The city council of Lake Jefferson wants to...Ch. 9 - Prob. 16.6EPCh. 9 - Prob. 16.7EPCh. 9 - Prob. 16.8EPCh. 9 - A positive unassigned fund balance can be found in...Ch. 9 - Prob. 16.10EPCh. 9 - Prob. 17EPCh. 9 - Prob. 18EPCh. 9 - Prob. 19EPCh. 9 - Prob. 20EPCh. 9 - Prob. 21EPCh. 9 - Prob. 22EPCh. 9 - Prob. 23EPCh. 9 - Prob. 24EP
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- The encumbrances control account of a governmental unit is increased when a voucher payable isa. not recorded and the budgetary accounts are not closed.b. not recorded but the budgetary accounts are closed.c. recorded and the budgetary accounts are closed.d. recorded but the budgetary accounts are not closed.arrow_forwardWhich of the following goals is accomplished when an audit process occurs at the end of the budget year? Select all that apply. Preventing fraud and waste Ensuring the accuracy of operation Ensuring compliance with policies and applicable laws Interviewing and hiring budget personnel for the next budget yeararrow_forwardExplain 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.arrow_forward
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