Question 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…

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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Similar questions

Revenue Recognition Discuss transition methods of this new revenue standard, i.e., how an entity should apply this new standard for the first time. Which transition method do users/investors of financial statements likely prefer? Why? Which transition method do preparers of financial statements likely prefer? Why?
What type of organization primarily offers tax compliance, auditing, and consulting services? A. corporations B. public accounting firms C. governmental entities D. universities
Which of the following regarding GAAP is true?a. GAAP is an abbreviation for generally appliedaccounting principles.b. Changes in GAAP always affect the amount of incomereported by a company.c. GAAP is the abbreviation for generally acceptedaccounting principles.d. Changes to GAAP must be approved by the SenateFinance Committee.
Match the element to the correct definition according to the International Accounting Standards Board's Conceptual Framework for Financial Reporting? Element Definition A resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. Expense Liability The residual interest in the assets of the entity after deducting all its liabilities. A present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. Asset Decrease in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities. Equity
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.
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Distinguish between government and not-for-profit organizations from business entities and describe how the distinction affects their accounting processes.
An entity presents an analysis of expenses using a classification based on: Group of answer choices The nature of expenses. The function of expenses. Either the nature of expenses or the function of expenses within the entity, whichever provides information that is reliable and more relevant. Either the nature of expenses or the function of expenses within the entity, whichever the entity would prefer to present.
The elements of financial statements include investments by owners. These are increases in an entity's net assets resulting from owners' Select one: All of these answer choices are correct. satisfaction of liabilities of the entity. transfers of assets to the entity. rendering services to the entity.
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
The Conceptual Framework The IASB's Framework for the preparation and presentation of financial statements, sets out the concepts that underlie the preparation and presentation of financial statements that external users are likely to rely on when making economic decisions about an entity. In addition the Framework sets out the recognition criteria for assets and liabilities, which is of particular importance. Required: a. Explain the purpose of the Framework b. Define assets and liabilities and explain the important aspects of their definitions. Explain why these definitions are of particular importance for the preparation of an entity's statement of financial position and income statement.

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