All of the following are requirements unique to a government entity. Which is not? Group of answer choices Accrual basis of accounting Fund cluster accounting Incorporating budgetary controls in the financial reporting system Presenting budget information in the financial statements

All of the following are requirements unique to a government entity. Which is not? Group of answer choices Accrual basis of accounting Fund cluster accounting Incorporating budgetary controls in the financial reporting system Presenting budget information in the financial statements

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Budgeted Income Statement

Accounting is the process of recording business-related financial transactions. The process of accounting involves summarizing and analyzing the transactions. The financial statements which are prepared in accounting contain a summary of the various transactions that took place within a certain accounting period. Book-keeping or accounting is one of the most important activities of any business.

Question

All of the following are requirements unique to a government entity. Which is not?

Group of answer choices

Accrual basis of accounting

Fund cluster accounting

Incorporating budgetary controls in the financial reporting system

Presenting budget information in the financial statements

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Which of the following items are included in the governmental activities column of the government- wide financial statements through worksheet journal entries? A) General Capital Assets. B) General Long-Term Debt. C) Internal Service Funds servicing governmental departments. D) All of the choices are correct.
1 Which of the following is not an objective of financial reporting by state and local governments? Multiple Choice To assist users in assessing the adequacy of systems and controls. To assist users in assessing financial condition and results of operations. To assist financial report users in comparing actual financial results with the legally adopted budget. To assist in determining compliance with finance-related laws, rules, and regulations.
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