ACC 380 Quiz 1 Q8

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.

What is GASB, Government Accounting Standards Board ?

Classify the following citation as to the location. A citation may have more than one answer. Location IRC = Internal Revenue Code IRB = Internal Revenue Bulletin CB = Cumulative Bulletin FR = Federal Register NA = Not applicable Citation § 61(a)(13). Prop.Reg. § 1.368–2(b)(1). Rev.Proc. 77–37, 1977–2 C.B. 568. Temp.Reg. § 1.163–9T(b)(2)(I)(A). Rev.Rul. 64–56, 1964–1 C.B. 133. Jack E. Golsen, 54 T.C. 742 (1970). Ltr.Rul. 9802018

In the FASB Accounting Standards Codification some of the sections may have the letter "S" next to it.  What does the "S" indicate?   Question 24 options:   a)  Superceded Guidance   b)  SEC Guidance   c)  SME Guidance   d)  Simplified Guidance