1Which of the following is not an objective of financial reporting by state and local governments?Multiple ChoiceTo 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.

The objective of financial reporting by state and local governments includes: (1) To provide…

Answered: Which of the following is not an…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 2TP: It is proper budgeting procedure to begin with estimated revenues, but why might some nonprofit...

See similar textbooks

Similar questions

Complete the blank as appropriate: Governmental financial reports are used primarily to assist in determining ...... with finance related laws, rules and regulations.
The governmental fund financial statements are intended to report on fiscal accountability. True or False
TRUE OR FALSE. Please provide an explanation if false. 1. Technically, only the Journals and Ledgers are considered accounting records; the Registries are budget records. 2. Separate accounting records and budget registries are maintained for each fund cluster. 3. Government entities and business entities use term "obligation" or the phrase "incurrence of obligation" similarly. 4. The various registries maintained by government entities primarily serve as internal control for controlling and monitoring the conformance of actual results with the approved budget. 5. A check disbursement is normally recorded as a credit to the "Cash-Modified Disbursement System (MDS), Regular" account. 6. Both the ORS and RAOD are updated each time an obligation is incurred, a payable is recorded for the obligation incurred, and disbursements are made to settle the recorded payable 7. At the end of each year, an adjustment is made to revert…
Discuss the purpose of the capital projects fund, debt service fund, and permanent fund. Describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments accounting standards?
Which of the following best identifies the purpose of the government-wide financial statements? Multiple Choice To provide an overview of how government would operate as a business-type entity. To provide detailed financial information on how the government’s financial performance compares to the prior reporting period. To provide an overview of the total government’s financial information. To To provide detailed financial information about different funds of government.
1. What are the components that are included in the minimum requirements for general purpose external financial reporting?a. Introductory section, financial section, and statistical section.b. MD&A, government-wide financial statements, fund financial statements, notes to the financial statements, and RSI.c. Letter from the chief financial officer, government financial statements, notes to the financial statements, and RSI.d. MD&A, government-wide financial statements, notes to the financial statements, and RSI 2. Which of the following is not a required section of a federal agency or department’s performance and accountability report (PAR)?a. A performance section, which includes an annual performance report (APR).b. An MD&A.c. A basic financial statements section.d. A statement of nonparticipation in political matters. 3. The basic financial statements of a not-for-profit include all of the following excepta. Statement of financial position.b. Statement of activities.c.…
Multiple choice: In the reporting of governmental activities, fiscal accountability is demonstrated by: a. Both fund and government-wide financial statements. b. Government-wide financial statements. c. Neither fund nor government-wide financial statements. d. Fund financial statements.
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
TRUE OR FALSE. Please provide an explanation if false. 1. Compared to the accounting for business entities, government accounting places greater emphasis on the sources and utilization of government funds and the management's stewardship over government resources. 2. Taxes are the main source of funds of the government. 3. Other sources of funds of the government include fees, borrowings, and grants from other governments and international bodies. 4. Currently, the financial reporting of government entities is based on NGAS. 5. The principles used in the financial reporting of government entities are very unique that only a very few of these principles are similar to those that are applied to business entities. 6. The principles in the GAM for NGAs are similar to the principles in the PFRSs. 7. The GAM for NGAs is promulgated by the Philippine Congress under the authority conferred to it under the Philippine Constitution.…
The cornerstone of external financial reporting for governmental units and not-for-profit organizations is: a. to show the flow of financial resources b. to determine profit or loss c. to compare budgeted to actual resources d. accountability
8. 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
Summary objectives under new government accounting system

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS