Describe the role of the Government Accountability Office (GAO), the Department of Treasury, and the Office of the Management and the Budget (OMB) in the financial accounting and reporting of the federal government.

Question

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Answer 1

Question

Process of recording, summarizing, and analyzing financial information to prepare financial statements, and making them available to stakeholders, thereby enabling them to make an informed decision about the company. Financial reporting is an extension of financial accounting that deals with the presentation of financial information in accordance with the requirements of prescribed accounting standards.

Chapter 17, Problem 1Q

To determine

Describe the role of the Government Accountability Office (GAO), the Department of Treasury, and the Office of the Management and the Budget (OMB) in the financial accounting and reporting of the federal government.

Expert Solution & Answer

Explanation of Solution

GAO (Government Accountability Office): This is an authorized body that governs, approves, administrates, and issues GAGAS.

Department of the Treasury: This is a part of the executive branch of the federal government which receives, keeps, distributes, and accounts for the monies of Country U.

Office of the Management and the Budget (OMB): This is the office which is part of the Executive Office of the President that produces the President’s budget, evaluates the Congressional requirements in conformity with the President’s policies and programs, and coordinates the inter-office policies.

Role of GAO, Department of Treasury, and OMB:

GAO is the independent audit agency which is responsible for the audit of the federal government, prepare audit reports which indicate that the federal agencies are in conformity with the legal and GAAP (generally accepted accounting principles) requirements.
The main function of Department of Treasury is to collect revenue and disburse cash. The department manages and is responsible for the accounts of the federal agencies.
OMB prepares the financial budget for the federal government. OMB issues circulars on guidance to agencies about accounting and financial reporting. OMB approves the standard general ledger. OMB issues circulars on the appropriate use of the disbursed funds by sub recipients.

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PART 2. (22 marks) Mangal Furnishings produce serving trays for the tourist industry in a five-stage process - Cutting & Shaping, Assembly, Sanding, Finishing and Packaging. Upon entering the finishing process, before the trays are stained and polished, a specialized piece of equipment is used to engrave a logo on each tray. After Packaging, the trays are sent to the business warehouse for delivery to customers. The following data relates to the Finishing Process for the month of March during which 3,800 trays valued at $597.90 each were transferred in from the Sanding Process. Other production costs incurred during the month are summarized as follows: Direct Materials Added Direct Manufacturing Wages Hireage cost of specialized logo equipment Manufacturing Overhead $343,380 $830,150 $21,300 $412,100 Process inspection occurs during the process and normally 2% of the trays entering the Finishing process are rejected and sold as scrap to local retailers at $750 each. During the month…

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General accounting question

Answer 2

Question

Process of recording, summarizing, and analyzing financial information to prepare financial statements, and making them available to stakeholders, thereby enabling them to make an informed decision about the company. Financial reporting is an extension of financial accounting that deals with the presentation of financial information in accordance with the requirements of prescribed accounting standards.

Chapter 17, Problem 1Q

To determine

Describe the role of the Government Accountability Office (GAO), the Department of Treasury, and the Office of the Management and the Budget (OMB) in the financial accounting and reporting of the federal government.

Expert Solution & Answer

Explanation of Solution

GAO (Government Accountability Office): This is an authorized body that governs, approves, administrates, and issues GAGAS.

Department of the Treasury: This is a part of the executive branch of the federal government which receives, keeps, distributes, and accounts for the monies of Country U.

Office of the Management and the Budget (OMB): This is the office which is part of the Executive Office of the President that produces the President’s budget, evaluates the Congressional requirements in conformity with the President’s policies and programs, and coordinates the inter-office policies.

Role of GAO, Department of Treasury, and OMB:

GAO is the independent audit agency which is responsible for the audit of the federal government, prepare audit reports which indicate that the federal agencies are in conformity with the legal and GAAP (generally accepted accounting principles) requirements.
The main function of Department of Treasury is to collect revenue and disburse cash. The department manages and is responsible for the accounts of the federal agencies.
OMB prepares the financial budget for the federal government. OMB issues circulars on guidance to agencies about accounting and financial reporting. OMB approves the standard general ledger. OMB issues circulars on the appropriate use of the disbursed funds by sub recipients.

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Answer 3

Question

Process of recording, summarizing, and analyzing financial information to prepare financial statements, and making them available to stakeholders, thereby enabling them to make an informed decision about the company. Financial reporting is an extension of financial accounting that deals with the presentation of financial information in accordance with the requirements of prescribed accounting standards.

Chapter 17, Problem 1Q

To determine

Describe the role of the Government Accountability Office (GAO), the Department of Treasury, and the Office of the Management and the Budget (OMB) in the financial accounting and reporting of the federal government.

Expert Solution & Answer

Explanation of Solution

GAO (Government Accountability Office): This is an authorized body that governs, approves, administrates, and issues GAGAS.

Department of the Treasury: This is a part of the executive branch of the federal government which receives, keeps, distributes, and accounts for the monies of Country U.

Office of the Management and the Budget (OMB): This is the office which is part of the Executive Office of the President that produces the President’s budget, evaluates the Congressional requirements in conformity with the President’s policies and programs, and coordinates the inter-office policies.

Role of GAO, Department of Treasury, and OMB:

GAO is the independent audit agency which is responsible for the audit of the federal government, prepare audit reports which indicate that the federal agencies are in conformity with the legal and GAAP (generally accepted accounting principles) requirements.
The main function of Department of Treasury is to collect revenue and disburse cash. The department manages and is responsible for the accounts of the federal agencies.
OMB prepares the financial budget for the federal government. OMB issues circulars on guidance to agencies about accounting and financial reporting. OMB approves the standard general ledger. OMB issues circulars on the appropriate use of the disbursed funds by sub recipients.

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Answer 4

Question

Process of recording, summarizing, and analyzing financial information to prepare financial statements, and making them available to stakeholders, thereby enabling them to make an informed decision about the company. Financial reporting is an extension of financial accounting that deals with the presentation of financial information in accordance with the requirements of prescribed accounting standards.

Chapter 17, Problem 1Q

To determine

Describe the role of the Government Accountability Office (GAO), the Department of Treasury, and the Office of the Management and the Budget (OMB) in the financial accounting and reporting of the federal government.

Expert Solution & Answer

Explanation of Solution

GAO (Government Accountability Office): This is an authorized body that governs, approves, administrates, and issues GAGAS.

Department of the Treasury: This is a part of the executive branch of the federal government which receives, keeps, distributes, and accounts for the monies of Country U.

Office of the Management and the Budget (OMB): This is the office which is part of the Executive Office of the President that produces the President’s budget, evaluates the Congressional requirements in conformity with the President’s policies and programs, and coordinates the inter-office policies.

Role of GAO, Department of Treasury, and OMB:

GAO is the independent audit agency which is responsible for the audit of the federal government, prepare audit reports which indicate that the federal agencies are in conformity with the legal and GAAP (generally accepted accounting principles) requirements.
The main function of Department of Treasury is to collect revenue and disburse cash. The department manages and is responsible for the accounts of the federal agencies.
OMB prepares the financial budget for the federal government. OMB issues circulars on guidance to agencies about accounting and financial reporting. OMB approves the standard general ledger. OMB issues circulars on the appropriate use of the disbursed funds by sub recipients.

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Answer 5

Chapter 17, Problem 1Q

To determine

Describe the role of the Government Accountability Office (GAO), the Department of Treasury, and the Office of the Management and the Budget (OMB) in the financial accounting and reporting of the federal government.

Expert Solution & Answer

Explanation of Solution

GAO (Government Accountability Office): This is an authorized body that governs, approves, administrates, and issues GAGAS.

Department of the Treasury: This is a part of the executive branch of the federal government which receives, keeps, distributes, and accounts for the monies of Country U.

Office of the Management and the Budget (OMB): This is the office which is part of the Executive Office of the President that produces the President’s budget, evaluates the Congressional requirements in conformity with the President’s policies and programs, and coordinates the inter-office policies.

Role of GAO, Department of Treasury, and OMB:

GAO is the independent audit agency which is responsible for the audit of the federal government, prepare audit reports which indicate that the federal agencies are in conformity with the legal and GAAP (generally accepted accounting principles) requirements.
The main function of Department of Treasury is to collect revenue and disburse cash. The department manages and is responsible for the accounts of the federal agencies.
OMB prepares the financial budget for the federal government. OMB issues circulars on guidance to agencies about accounting and financial reporting. OMB approves the standard general ledger. OMB issues circulars on the appropriate use of the disbursed funds by sub recipients.

Answer 6

Chapter 17, Problem 1Q

To determine

Describe the role of the Government Accountability Office (GAO), the Department of Treasury, and the Office of the Management and the Budget (OMB) in the financial accounting and reporting of the federal government.

Expert Solution & Answer

Explanation of Solution

GAO (Government Accountability Office): This is an authorized body that governs, approves, administrates, and issues GAGAS.

Department of the Treasury: This is a part of the executive branch of the federal government which receives, keeps, distributes, and accounts for the monies of Country U.

Office of the Management and the Budget (OMB): This is the office which is part of the Executive Office of the President that produces the President’s budget, evaluates the Congressional requirements in conformity with the President’s policies and programs, and coordinates the inter-office policies.

Role of GAO, Department of Treasury, and OMB:

GAO is the independent audit agency which is responsible for the audit of the federal government, prepare audit reports which indicate that the federal agencies are in conformity with the legal and GAAP (generally accepted accounting principles) requirements.
The main function of Department of Treasury is to collect revenue and disburse cash. The department manages and is responsible for the accounts of the federal agencies.
OMB prepares the financial budget for the federal government. OMB issues circulars on guidance to agencies about accounting and financial reporting. OMB approves the standard general ledger. OMB issues circulars on the appropriate use of the disbursed funds by sub recipients.

Answer 7

Chapter 17, Problem 1Q

To determine

Describe the role of the Government Accountability Office (GAO), the Department of Treasury, and the Office of the Management and the Budget (OMB) in the financial accounting and reporting of the federal government.

Answer 8

Expert Solution & Answer

Explanation of Solution

GAO (Government Accountability Office): This is an authorized body that governs, approves, administrates, and issues GAGAS.

Department of the Treasury: This is a part of the executive branch of the federal government which receives, keeps, distributes, and accounts for the monies of Country U.

Office of the Management and the Budget (OMB): This is the office which is part of the Executive Office of the President that produces the President’s budget, evaluates the Congressional requirements in conformity with the President’s policies and programs, and coordinates the inter-office policies.

Role of GAO, Department of Treasury, and OMB:

GAO is the independent audit agency which is responsible for the audit of the federal government, prepare audit reports which indicate that the federal agencies are in conformity with the legal and GAAP (generally accepted accounting principles) requirements.
The main function of Department of Treasury is to collect revenue and disburse cash. The department manages and is responsible for the accounts of the federal agencies.
OMB prepares the financial budget for the federal government. OMB issues circulars on guidance to agencies about accounting and financial reporting. OMB approves the standard general ledger. OMB issues circulars on the appropriate use of the disbursed funds by sub recipients.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 17 - Prob. 1Q Ch. 17 - Prob. 2Q Ch. 17 - Prob. 3Q Ch. 17 - Prob. 4Q Ch. 17 - Prob. 5Q Ch. 17 - Prob. 6Q Ch. 17 - The federal government uses two groups of funds....Ch. 17 - Prob. 8Q Ch. 17 - Prob. 9Q Ch. 17 - Prob. 10Q

Describe the role of the Government Accountability Office (GAO), the Department of Treasury, and the Office of the Management and the Budget (OMB) in the financial accounting and reporting of the federal government.

Describe the role of the Government Accountability Office (GAO), the Department of Treasury, and the Office of the Management and the Budget (OMB) in the financial accounting and reporting of the federal government.

Explanation of Solution

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