1A. Why have accountability and control been so important in the traditional accounting for state and local governments?   1B. How has the dual system of financial statements impacted the financial reporting of state and local governements?

Q: Describe the primary characteristics for governmental and not-for-profit entities. How does this…

A: Governments with general purposes offer a wide range of services. Typically, only one or a small…

Q: TRUE OR FALSE. Please provide an explanation if false. 1.      Compared to the accounting for…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: Self-regulation, regulation by the government and regulation by a governmental agency are three…

A: Financial Regulation refers to the rules and regulations by which financial bodies operate in the…

Q: When government entities prepare financial statements using accrual basis the focus is on all…

A: GASB:   The GASB is the board that provides the guideline to the governmental units about proper…

Q: Multiple choice:  In the reporting of governmental activities, fiscal accountability is…

A: Multiple choice Question is to be answered :In the reporting of governmental activities, fiscal…

Q: Which of the following is true regarding government-wide financial statements? a. All capital…

A: The GASS is the board that provides the guideline to the governmental units about proper accounting…

Q: 12. Which of the following is required by the Governmental Accounting Standards Board (GASB)? O a)…

A: Government Accounting Standard Board (GASB) Here Government Accounting Standard Board making…

Q: Define a financial reporting entity. Give an example of a primary government. Define and give an…

A:

Q: Why is accounting said to be ‘political’ in nature? How can a conceptual framework help in the…

A: The concept of accounting was developed to record the economic transactions of the business…

Q: Lawmakers should demand reform of government accounting standards?

A: Yes, lawmakers should demand reform of government accounting standards. Government accounting…

Q: Management accounting focuses on     internal reporting.     tax preparation.     auditing.…

A: Management accounting: Under this accounting includes providing the information related to the…

Q: How do you think accounting standards should be set? Is that the approach currently taken by the…

A: Solution The most feasible way may be to be aware of both the politics of the environment and the…

Q: Which of the following government-wide accounts reflects amounts owed between governmental…

A: The internal balances account will be reported as an asset in the government wide financial…

Q: How has the dual system of financial statements impacted the financial reporting of state and local…

A: Financial statement:   Financial statements are prepared to summaries the account at the end of the…

Q: How has the Sarbanes-Oxley Act changed Public Accounting? Cite examples.

A: Sarbanes-Oxley Act (SOA)The Sarbanes-Oxley Act is the most far-reaching and significant federal…

Q: How does the concept of uniformity relate to comparability in the accounting literature?

A: Accounting, which is frequently referred to as simply "accounting," is the process of gathering,…

Q: he conceptual framework for financial reporting states that the purpose of financial reporting is to…

A: The conceptual framework for financial reporting is a broad framework setting out the objectives of…

Q: What is a basic financial statement that is required for federal agencies?

A: Financial statement refers to those statements which are prepared through the business at the end of…