Discuss the federal government’s contracting programs.

Q: What role does the Cost Accounting Standards Board play when companies contract with the U.S.…

A: Cost Accounting Standards:   The cost accounting standards are the standards set by a board which is…

Q: Which of the following funds is used to account for government sponsored investment pools that…

A: An Investment Trust Fund is a fund that develops when the government sponsors a multi-government…

Q: Mulitple choice question In the federal government, which organizations make appropriations and…

A: 1) Appropriation : it means setting up of money for specific purpose. For example Amount…

Q: Distinguish between program service expenses and supporting service expenses.

A: A nonprofit organization’s expenses can be classified into two types, they are expenses for program…

Q: the fund-based and government-wide financial statements of a state or local government and the…

A: Not-for-profit (NFP) entities:It is an individual or group of people who work together to attain…

Q: Prepare a one-page memo for a client organization to explain the purpose of a capital funds project…

A: The objective of this question is to prepare a memo that explains the purpose of a capital funds…

Q: rces in the general fund get assigned to a specific

A: Resource  allocation is considered to  important  part of business and investment . it is important…

Q: how may resources in the general fund can be assigned to a specific purpose (if that is the intent…

A: The gap between assets as well as liabilities throughout the government expenditures balance sheet…

Q: Required: For each of the costs listed, indicate with an A (allowable) if the cost is always…

A: Disallowed costs Costs that are not allowed under federal grant in accordance with Federal Statutes,…

Q: Which of the following parties is responsible for administering the real estate budget? A. The…

A: A real estate budget is a financial plan that outlines the anticipated income and expenses…

Q: Describe the legislative process for budget review and adoption

A: Parliamentary participation in budgetary matters becomes more significant (Posner and Park 2007).…

Q: What is the difference in program revenues and general revenues? Why is that distinction important?

A: Program revenues refer to the revenues that are attributable directly to a specific functional…

Q: Which of the following statements is the intended goal or outcome of a traditional line-item budget?…

A: A traditional line-item budget is a type of budget format that presents the financial information by…

Q: What is the standard-setting body responsible for determining IFRS? How does it obtain its funding?

A: The International Accounting Standards Board (IASB) is responsible for determining IFRS. The…

Q: Lawmakers should demand reform of government accounting standards?

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

Q: List and define the five classifications of government funds and provide an example for each…

A: The five classifications of governmental funds are: General Fund Special Revenue Fund Debt Service…

Q: The governmental fund financial statements are intended to report on fiscal accountability.…

A: Fiscal accountability refers to developing and maintaining budget and independent fiscal review.

Q: What are support departments, and why are their expenses shared? How are support department…

A: Departments in the company perform different activities respectively. The costs which relate to the…

Q: Net program expense is a measure of the extent to which a program is self-financing (versus needs…

A: A statement of activities states the reporting of the expenses and revenue of the nonprofit…

Q: What is meant by the phrase efficient allocation of resources? What mechanism fosters the efficient…

A: Resources: Resources refer to the various assets owned by the business, which are utilized in the…