Authoritative GAAP for state and local governments divided into two categories with the first category having more authority than the second. Explain the sources of GAAP found in both of these categories.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 17, Problem 1Q

To determine

Authoritative GAAP for state and local governments divided into two categories with the first category having more authority than the second. Explain the sources of GAAP found in both of these categories.

Expert Solution & Answer

Explanation of Solution

Two categories of authoritative GAAP for local and state governments are Category A and Category B. Where category A is build up from GASB official statements and also interpretations that released previously still remain in effect and highest level of authority are also included. To provide the guidance of this type about U.S GAAP other method used by board. Category B is build up from GASB technical bulletins, any literature of AICPA, and implementation guides of GASB which has been cleared by GASB. Auditors and accountants in order to establish proposed reporting treatment validity they look first category A then category B in case of answer is not found.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Bella's has annual sales of $528,400, total debt of $112,000, total equity of $145,000, and a profit margin of 7.54 percent. What is the return on assets? A) 12.67 percent B) 14.85 percent C) 10.43 percent D) 13.52 percent E) 18.92 percent

I am searching for the correct answer to this general accounting problem with proper accounting rules.

Financial Accounting Question please answer

Answer 2

Question

Chapter 17, Problem 1Q

To determine

Authoritative GAAP for state and local governments divided into two categories with the first category having more authority than the second. Explain the sources of GAAP found in both of these categories.

Expert Solution & Answer

Explanation of Solution

Two categories of authoritative GAAP for local and state governments are Category A and Category B. Where category A is build up from GASB official statements and also interpretations that released previously still remain in effect and highest level of authority are also included. To provide the guidance of this type about U.S GAAP other method used by board. Category B is build up from GASB technical bulletins, any literature of AICPA, and implementation guides of GASB which has been cleared by GASB. Auditors and accountants in order to establish proposed reporting treatment validity they look first category A then category B in case of answer is not found.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 17, Problem 1Q

To determine

Authoritative GAAP for state and local governments divided into two categories with the first category having more authority than the second. Explain the sources of GAAP found in both of these categories.

Expert Solution & Answer

Explanation of Solution

Two categories of authoritative GAAP for local and state governments are Category A and Category B. Where category A is build up from GASB official statements and also interpretations that released previously still remain in effect and highest level of authority are also included. To provide the guidance of this type about U.S GAAP other method used by board. Category B is build up from GASB technical bulletins, any literature of AICPA, and implementation guides of GASB which has been cleared by GASB. Auditors and accountants in order to establish proposed reporting treatment validity they look first category A then category B in case of answer is not found.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 17, Problem 1Q

To determine

Authoritative GAAP for state and local governments divided into two categories with the first category having more authority than the second. Explain the sources of GAAP found in both of these categories.

Expert Solution & Answer

Explanation of Solution

Two categories of authoritative GAAP for local and state governments are Category A and Category B. Where category A is build up from GASB official statements and also interpretations that released previously still remain in effect and highest level of authority are also included. To provide the guidance of this type about U.S GAAP other method used by board. Category B is build up from GASB technical bulletins, any literature of AICPA, and implementation guides of GASB which has been cleared by GASB. Auditors and accountants in order to establish proposed reporting treatment validity they look first category A then category B in case of answer is not found.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 17, Problem 1Q

To determine

Authoritative GAAP for state and local governments divided into two categories with the first category having more authority than the second. Explain the sources of GAAP found in both of these categories.

Expert Solution & Answer

Explanation of Solution

Two categories of authoritative GAAP for local and state governments are Category A and Category B. Where category A is build up from GASB official statements and also interpretations that released previously still remain in effect and highest level of authority are also included. To provide the guidance of this type about U.S GAAP other method used by board. Category B is build up from GASB technical bulletins, any literature of AICPA, and implementation guides of GASB which has been cleared by GASB. Auditors and accountants in order to establish proposed reporting treatment validity they look first category A then category B in case of answer is not found.

Answer 6

Chapter 17, Problem 1Q

To determine

Authoritative GAAP for state and local governments divided into two categories with the first category having more authority than the second. Explain the sources of GAAP found in both of these categories.

Expert Solution & Answer

Explanation of Solution

Two categories of authoritative GAAP for local and state governments are Category A and Category B. Where category A is build up from GASB official statements and also interpretations that released previously still remain in effect and highest level of authority are also included. To provide the guidance of this type about U.S GAAP other method used by board. Category B is build up from GASB technical bulletins, any literature of AICPA, and implementation guides of GASB which has been cleared by GASB. Auditors and accountants in order to establish proposed reporting treatment validity they look first category A then category B in case of answer is not found.

Answer 7

Chapter 17, Problem 1Q

To determine

Authoritative GAAP for state and local governments divided into two categories with the first category having more authority than the second. Explain the sources of GAAP found in both of these categories.

Answer 8

Expert Solution & Answer

Explanation of Solution

Two categories of authoritative GAAP for local and state governments are Category A and Category B. Where category A is build up from GASB official statements and also interpretations that released previously still remain in effect and highest level of authority are also included. To provide the guidance of this type about U.S GAAP other method used by board. Category B is build up from GASB technical bulletins, any literature of AICPA, and implementation guides of GASB which has been cleared by GASB. Auditors and accountants in order to establish proposed reporting treatment validity they look first category A then category B in case of answer is not found.

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 - A landfill is scheduled to be filled to capacity...Ch. 17 - The City of VanStone operates a solid waste...Ch. 17 - Prob. 7Q Ch. 17 - Prob. 8Q Ch. 17 - Prob. 9Q Ch. 17 - Prob. 10Q

Authoritative GAAP for state and local governments divided into two categories with the first category having more authority than the second. Explain the sources of GAAP found in both of these categories.

Authoritative GAAP for state and local governments divided into two categories with the first category having more authority than the second. Explain the sources of GAAP found in both of these categories.

Explanation of Solution

Want to see more full solutions like this?

Chapter 17 Solutions