Accy 407 exam 3 - Study guides, Class notes & Summaries

ACCY 407 Ch 3. Top Exam Questions and answers, 100% Accurate. VERIFIED. 14) Which of the following best describes the recommended format for the government-wide statement of activities? A) Program revenues minus expenses minus other revenues and expenses equals change in net position. B) Program revenues plus general revenues minus expenses equals change in net position. C) Program revenues minus expenses plus general revenues equals change in net position. D) Expenses minus ...

Chapter 3 ACCY 407, Top Exam Questions and answers, 100% Accurate. VERIFIED. Government-wide statement of activities - a net expense or revenue format is used on the top section of the statement of activities expenses - program revenues = net (expense) revenue How should expenses be reported on gov-wide statement of activities? - Should be reported by function or program -functions and programs represent major activities or services of a government direct expense - those associat...

ACCY 407 Chapter 9, Top Exam questions and answers. Rated A+ Two primary objectives of government financial reports - -To provide information that can be used to assess accountability -To assist users in making economic, social, and political decisions Characteristics of useful information are: _______ - understandability reliability relevance timeliness consistency comparability Communicating the information in a manner that is helpful to the user is an important part of making...

ACCY 407 Ch 2, Top Exam Questions & Answers. Rated A+ Governmental Activities - -core governmental services, together with admin support ex: police, fire, bridges, public buildings (pay even if not using) Business-Type Activities - -intended to be self-supporting by charging users for services they receive; costs should be covered by revenues Ex: public utilities, Ole Miss, transportation, tolls (don't pay unless you use) Fiduciary Activities - -governments act as either an agent or ...