ADVANCED FINANCIAL ACCOUNTING-ACCESS
12th Edition
ISBN: 9781260518740
Author: Christensen
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
Chapter 18, Problem 18.24.13P
To determine
Introduction: The object of government-wide financial statements is to represent the financial position and the operating results of the governmental entity as a whole. The government-wide financial statements are as follows:
- Statement of net assets; and
- Statement of activities.
To choose: Whether the given statement is true or false
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
1. Explain the purpose of operational accountability and the purpose of fiscal accountability. Which category of financial statements is most useful in reporting on each of these accountability concepts?
2. Under GASB guidance, when should an item be recognized on the face of the financial statements? Under what conditions would the GASB indicate that a note disclosure should accompany an item that has been recognized on the financial statements?
S1: Only public entities are required to prescribe the accounting requirements of PAS 12
S2: Financial income is for external reporting purposes while taxable income is for compliance purposes
Choices:
True, False
False, TrueFalse, FalseTrue, True
12. Which of the following is required by the Governmental Accounting Standards Board (GASB)?
O a) Only one set of financial statements, prepared using the acerual basis of accounting.
b) Only one set of financial statements, prepared using the modified acerual basis of accounting.
c) Two sets of financial statements:
• one that views the government as a collection of separate funds and reports using the current
financial resources measurement focus and modified accrual basis of accounting for governmental
funds;
AND
• one that views the government as a whole by combining all governmental activities in one column
and all business-type activities in another column using the acerual basis of accounting for both columns.
d) Two sets of financial statements:
• one that views the government as a whole using the current financial resources
measurement focus and modified accrual basis of accounting:
AND
• one that views the government by function and combines all governmental activities in…
Chapter 18 Solutions
ADVANCED FINANCIAL ACCOUNTING-ACCESS
Ch. 18 - In what circumstances would a governmental unit...Ch. 18 - Prob. 18.2QCh. 18 - Prob. 18.3QCh. 18 - Prob. 18.4QCh. 18 - What is the basis of accounting in the proprietary...Ch. 18 - Prob. 18.6QCh. 18 - Prob. 18.7QCh. 18 - What are the primary differences between a...Ch. 18 - Prob. 18.9QCh. 18 - Prob. 18.10Q
Ch. 18 - Prob. 18.11QCh. 18 - Prob. 18.12QCh. 18 - Prob. 18.13QCh. 18 - GASB 34 required a budgetary comparison schedule...Ch. 18 - Prob. 18.15QCh. 18 - Prob. 18.1CCh. 18 - Capital Projects, Debt Service, and Internal...Ch. 18 - Prob. 18.1.1ECh. 18 - Prob. 18.1.2ECh. 18 - Prob. 18.1.3ECh. 18 - Prob. 18.1.4ECh. 18 - Prob. 18.1.5ECh. 18 - Prob. 18.1.6ECh. 18 - Prob. 18.1.7ECh. 18 - Prob. 18.1.8ECh. 18 - Prob. 18.1.9ECh. 18 - Prob. 18.1.10ECh. 18 - Prob. 18.1.11ECh. 18 - Prob. 18.1.12ECh. 18 - Multiple-Choice Items on Governmental Funds [AICPA...Ch. 18 - Prob. 18.2.2ECh. 18 - Prob. 18.2.3ECh. 18 - Multiple-Choice Items on Governmental Funds [AICPA...Ch. 18 - Prob. 18.2.5ECh. 18 - Multiple-Choice Items on Governmental Funds [AICPA...Ch. 18 - Multiple-Choice Items on Proprietary Funds [AICPA...Ch. 18 - Prob. 18.3.2ECh. 18 - Prob. 18.3.3ECh. 18 - Prob. 18.3.4ECh. 18 - Prob. 18.3.5ECh. 18 - Prob. 18.3.6ECh. 18 - Prob. 18.3.7ECh. 18 - Prob. 18.3.8ECh. 18 - Prob. 18.3.9ECh. 18 - Prob. 18.4.1ECh. 18 - Prob. 18.4.2ECh. 18 - Prob. 18.4.3ECh. 18 - Prob. 18.4.4ECh. 18 - Prob. 18.4.5ECh. 18 - Prob. 18.4.6ECh. 18 - Prob. 18.4.7ECh. 18 - Prob. 18.4.8ECh. 18 - Prob. 18.5.1ECh. 18 - Prob. 18.5.2ECh. 18 - Prob. 18.5.3ECh. 18 - Prob. 18.5.4ECh. 18 - Prob. 18.5.5ECh. 18 - Prob. 18.5.6ECh. 18 - Prob. 18.5.7ECh. 18 - Prob. 18.5.8ECh. 18 - Capital Projects Fund Entries and Statements The...Ch. 18 - Debt Service Fund Entries and Statements The City...Ch. 18 - Enterprise Fund Entries and Statements Augusta has...Ch. 18 - Interfund Transfers and Transactions During 20X8,...Ch. 18 - Internal Service Fund Entries and Statements...Ch. 18 - Prob. 18.11.1ECh. 18 - Prob. 18.11.2ECh. 18 - Prob. 18.11.3ECh. 18 - Prob. 18.11.4ECh. 18 - Prob. 18.11.5ECh. 18 - Prob. 18.11.6ECh. 18 - Prob. 18.11.7ECh. 18 - Prob. 18.11.8ECh. 18 - Prob. 18.11.9ECh. 18 - Prob. 18.11.10ECh. 18 - Adjusting Entries for General Fund [AICPA Adapted]...Ch. 18 - Entries for Funds [AICPA Adapted] Olivia Village...Ch. 18 - Prob. 18.14PCh. 18 - Prob. 18.15PCh. 18 - Prob. 18.16PCh. 18 - Matching Items Involving Various Funds The...Ch. 18 - Prob. 18.18.1PCh. 18 - Prob. 18.18.2PCh. 18 - Prob. 18.18.3PCh. 18 - Prob. 18.18.4PCh. 18 - Prob. 18.18.5PCh. 18 - Prob. 18.18.6PCh. 18 - Prob. 18.18.7PCh. 18 - Prob. 18.18.8PCh. 18 - Prob. 18.18.9PCh. 18 - Prob. 18.18.10PCh. 18 - Matching Items Involving the Statement of Cash...Ch. 18 - Prob. 18.20PCh. 18 - Matching Items on Fund Transactions [AICPA...Ch. 18 - Major Fund Tests The City of Somerset has the...Ch. 18 - Prob. 18.23PCh. 18 - Prob. 18.24.1PCh. 18 - Prob. 18.24.2PCh. 18 - Prob. 18.24.3PCh. 18 - Prob. 18.24.4PCh. 18 - Prob. 18.24.5PCh. 18 - Prob. 18.24.6PCh. 18 - Prob. 18.24.7PCh. 18 - Prob. 18.24.8PCh. 18 - Prob. 18.24.9PCh. 18 - Prob. 18.24.10PCh. 18 - Prob. 18.24.11PCh. 18 - Prob. 18.24.12PCh. 18 - Prob. 18.24.13PCh. 18 - Prob. 18.24.14PCh. 18 - Prob. 18.24.15PCh. 18 - Prob. 18.25PCh. 18 - Prob. 18.26P
Knowledge Booster
Similar questions
- 4.Internal service fund activities are: A. not allowed to be reported as part of businessotype activities B. required to be reported as part of governmental activities Č. sometimes detailed int the management discussion and analysis D. sometimes reported in government activities and sometimes in business-type activitiesarrow_forwardO d. compliance with applicable laws and regulations Clear my choice What is an engagement to attest on internal control over financial reporting? (C Paragraph BIEE Path: parrow_forwardWhich of the following is not correct about special purpose financial statements? O a. This type of statement is usually required by a shareholder O b.A special-purpose financial statement is a financial report that is intended for presentation to a limited group of users O . This type of statement is usually required by a government entity O d. Special-purpose financial statements may or may not be prepared in accordance with a financial reporting frameworkarrow_forward
- 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.…arrow_forward13. When auditing an entity's financial statements in accordance with Government Auditing Standards (the "Yellow Book"), an auditor is required to report on: I. Recommendations for actions to improve operations. II. The scope of the auditor's tests of compliance with laws and regulations. Group of answer choices I only. II only. Both I and II. Neither I nor II.arrow_forwardActivities of a general purpose government that provide the basis for GASB's financial accounting and reporting framework consist of governmental, business-type, and fiduciary. a. True b. Falsearrow_forward
- What are the important provisions of IFRS 13 in terms of: - Recognition - Measurement - Presentation - Disclosure Give example disclosure/s on audited financial statementsarrow_forwardtrue or false According to PAS 19, an entity shall recognize the PV of DBO in its accounts and in its financial statements.arrow_forwardWhat impact does the use of the modified approach have on reporting within the government-wide financial statements?arrow_forward
- V5. Describes required reporting for governmental and non-governmental non-profit entitiesarrow_forward12. Which of the following is correct regarding the use of terminology under IAS 1 Presentation of Financial Statements? a. Entities are required by IAS 1 to use the terms “other comprehensive income,” “profit or loss” and “total comprehensive income.” The use of the term “net income” is prohibited. b. Entities may use the terms “balance sheet,” “net income,” “income statement,” and “cash flow statement” to describe their financial statements and other terms provided they are not misleading. c. Entities are required by IAS 1 to use the term “statement of cash flows” in presenting the sources and uses of cash for a period. The use of the term “cash flow statement” is prohibited. d. Entities are required by IAS 1 to use the term “statement of financial position” in presenting its assets, liabilities and equity as of a given point of time. The use of the term “balance sheet” is prohibited.arrow_forwardV6. What is the entity in charge of creating and ensuring accounting standards for government organizations? Do you understand that government accounting standards offer some benefit to users of financial statements? Explain Distingue entre fondos gubernamentales y fondos de propietario Name and explain the two types of owner funds.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Auditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College Pub
Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT
Auditing: A Risk Based-Approach to Conducting a Q...
Accounting
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:South-Western College Pub
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT