ACCY 407 FINAL 100% Correct Answers Verified Latest 2024 Version
0 view 0 purchase
Course
Top Verified
Institution
Top Verified
__ __ governments provide a broad array of services
examples include: city of oxford, federal govt., & state of mississippi - general purpose
__ __ governments usually provide only a single or just a few services
examples include: public colleges, public hospitals, fire stations, & transportatio...
ACCY 407 FINAL | 100% Correct Answers |
Verified | Latest 2024 Version
__ __ governments provide a broad array of services
examples include: city of oxford, federal govt., & state of mississippi - ✔✔general purpose
__ __ governments usually provide only a single or just a few services
examples include: public colleges, public hospitals, fire stations, & transportation authorities - ✔✔special
purpose
characteristics distinguishing state&local governments and non-profits from business organizations:
-
-
- - ✔✔- receipts of significant amounts of resources from resource providers who do not expect to
receive repayment proportionate to resources provided
- operating purposes that are other than to provide goods and services at a profit
- absence of defined ownership interests
for governmental entities, power ultimately rests in the hands of the ____ - ✔✔people
FASB, the ___ ___ __ __, sets GAAP and financial reporting standards for what types of organizations?
a. governmental NFPs
b. business and nongovernmental NFPs
c. federal govt. and other departments - ✔✔financial accounting standards board; b
GASB, the __ __ __ __, sets GAAP and financial reporting standards for what types of organizations?
,a. governmental NFPs
b. business and nongovernmental NFPs
c. federal govt. and other departments - ✔✔governmental accounting standards board; a
FASAB, __ __ __ __ __, sets GAAP and financial reporting standards for what types of organizations?
a. governmental NFPs
b. business and nongovernmental NFPs
c. federal govt. and other departments - ✔✔federal accounting standards advisory board; c
objectives of financial reporting for business organizations:
1.
2.
3. - ✔✔1. provide useful information for making invest and credit decisions
2. provide information to assess the amounts, timing, and uncertainty of a firm's future cash flows
3. provide information about a firm's resources, claims on these resources, and changes in these
resources
___ is the cornerstone of all financial reporting in a government - ✔✔accountability
accountability arises from citizens' __ __ __ - ✔✔right to know
___ ___ for a government is defined as a their obligation to disclose whether current year revenues were
sufficient to pay for current year benefits - ✔✔inter period equity
objectives of financial reporting for state and local governments:
1.
2.
,3.
4. - ✔✔1. compare actual financial results with the adopted budget
2. assess financial condition and results of operations
3. assist in determining compliance with finance-related laws
4. assist in evaluating efficiency and effectiveness
minimum requirements for general purpose external financial reporting:
1.
2.
3.
4. - ✔✔1. management discussion and analysis (MD&A)
2. govt.-wide financial statements and fund financial statements
3. notes to the financial statements
4. required supplementary information
funds that focus on the flow of current financial resources are called __ __ - ✔✔governmental funds
funds that report on business-like activities of the government are called __ ___ - ✔✔proprietary funds
funds that report on trust and custodial activities of the government are called __ __ - ✔✔fiduciary
funds
a ___ __ __ __ (CAFR) provides more detail than the minimum requirements for general purpose
financial reporting; its not required but most govts. do it - ✔✔comprehensive annual financial report
(uses GASB standards)
, 3 sections of a comprehensive annual financial report (CAFR):
1.
2.
major federal agencies and departments must prepare a __ __ __ (PAR) - ✔✔performance and
accountability report
primary purpose for a not-for-profit organization: - ✔✔to provide decision useful financial information to
resource providers, such as donors, members, and creditors
FASB requires that ALL NFPs must provide what 3 financial statements? - ✔✔1. statement of financial
position
2. statement of activities
3. statement of cash flows
government wide financial statements have a
measurement focus: ?
basis of accounting: ?
primary government financial information reported in two columns -- ____ ___ and ___ ___ -
✔✔governmental activities and business activities
which type of activity is NOT reported in the govt. wide financial statements? - ✔✔fiduciary activities
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller hussle. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.59. You're not tied to anything after your purchase.
