Give the answer Question: When does the entity conceptrequire special consideration in virtualorganizations? [financial accounting]a) For government organizations onlyb) Only for traditionalbusinessesbrick-and-mortarc) During tax season exclusivelyd) When determining boundaries of onlinebusiness operations

Explanation of Entity Concept:The entity concept is a fundamental accounting principle that treats a…

Answered: Question: When does the entity concept…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter13: Choice Of Business Entity—general Tax And Nontax Factors/formation

Section: Chapter Questions

Problem 29DQ

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What type of organization primarily offers tax compliance, auditing, and consulting services? A. corporations B. public accounting firms C. governmental entities D. universities
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.
Owe
Which of the following statements is not applicable to revenue recognition guidance under ASC Topic 606? Firms must disaggregate revenues into categories that depict how revenue is affected by economic factors. The standard applies a minimum number of categories that must be provided. Disaggregated revenues are to be disclosed in a note to the financial statements. Revenue may be disaggregated by geographic region.
Use the internet to research one for-profit, one governmental, and one not-for-profit entity. For each entity, describe the following: A. the primary purpose of the entity B. the types of activities that accountants would record (hint: what is the source of the entitys funding, and what costs might the entity have?) C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making process
What types of internal and external accounting reports will you use in the process of making decisions? How will the reports differ for a multi-national corporation?
Select from the option list provided the most likely classification(s) of net assets, if any, that are affected by each transaction of a not-for-profit entity. The entity reports the minimum required classes of net assets. Each choice may be used once, more than once, or not at all. Transaction Answer 1. Legally restricted gains. 2. Expenses reported by functional classification. 3. Contributions of services that do not create or enhance nonfinancial assets or require special skills. 4. Costs of collection items not capitalized by the NFP. 5. Board-designated endowment. 6. Expenses reported by natural classification. 7. Conditional promise to give if the barrier has not been overcome. 8. Unconditional promises to give cash with amounts due in future periods. 9. Receipt of a gift restricted to acquisition of a long-lived asset that has been placed in service. The entity chooses to imply a time restriction over the life of the asset. 10. Investment return on a donor-restricted
Explain why establishing accounting standards is characterized as a politicalprocess
Summary objectives under new government accounting system
H5. Identify three different industries and explain the revenue recognition practices that would be applied to entities within each industry. Discuss similarities and differences among the industries and why they exist. In replies to peers, provide additional practices that could be applied to the listed industries or examples of other industries that might have the same practices.
Are the officers of the Local Government Unit internal or external users?why? Differentiate internal users from external users of accounting information?
Exercise 3 (LO 1, 3, 8, 9) Comparison of accounting for VHWO and governmental organizations. Distinguish between accounting and financial reporting for state and local governments and VHWOS for the following issues: 1. Measurement focus and basis of accounting 2. Revenue recognition 3. Depreciation expense 4. Capital assets

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