Gasb - Study guides, Class notes & Summaries

A software company that sells software exclusively to state and local governments correct answers Which of the following would NOT be considered a government or nonprofit organization? The Governmental Accounting Standards Board (GASB) correct answers The governmental GAAP hierarchy was established by... All of the above (Investors, creditors, citizens, governing boards) correct answers The primary users of external financial reports, as identified by the GASB, included all of the followi...

According to GASB 10, list the types of risk Torts Theft of damage to, or destruction of assets Business interuption Errors or omissions Job-related illnesses or injuries to employees Acts of God Any other risk of loss assumed under a policy or participation contract issued by a public entity risk pool Risk of loss resulting when an entity agrees to provide accident and health, dental, and other medical benefits to its employees.

I 1.The Defense Logistics Agency holds jet fuel as inventory, which it sells to support flight operations. The table on the left provides beginning/ending fiscal year 2017 inventory levels and purchase information. Assuming the agency uses the FIFO inventory valuation method, what was the cost of goods sold for jet fuel in fiscal year 2017? -Correct Answer Correct Answer: $133.50 I 2.In financial reporting, consistency of communication means -Correct Answer Correct Answer: if accounting princ...

According to GASB 10, list the types of risk - ️️Torts Theft of damage to, or destruction of assets Business interuption Errors or omissions Job-related illnesses or injuries to employees Acts of God Any other risk of loss assumed under a policy or participation contract issued by a public entity risk pool Risk of loss resulting when an entity agrees to provide accident and health, dental, and other medical benefits to its employees. What are the two ways to mange risk? - ️️Man...

General purpose governments generally provide a wider range of services to their residents than do special purpose governments. - ANSWER T Examples of special purpose governments include cities, towns, and public schools that receive tax revenue to finance the services they provide. - ANSWER F The Governmental Accounting Standards Board (GASB) is the body authorized to establish accounting principles for all state and local governments, both general purpose and special purpos...

1. Special purpose governments generally provide a wider range of services to their residents than do general purpose governments. True False 2. Examples of general purpose governments include cities, towns, and public schools that receive tax revenue to finance the services they provide. True False 3. The Governmental Accounting Standards Board (GASB) is the body authorized to establish accounting principles for all state and local governments, both general purpose and special pur...

Test Bank for Accounting for Governmental & Nonprofit Entities 19th Edition By Jacqueline Reck Version 1 2 Student name:__________ 1) Explain the essential differences between general purpose and special purpose governments and give several examples of each. 2) Identify and explain the characteristics that distinguish governments and not-for-profit entities from business entities. 3) GASB and FASB standards are concerned only with external financial reporting; whereas, FASAB standar...

402 Exam 1 Graded A+ Assumptions 1. Economic entity 2. Going Concern 3. Monetary Unit 4. Periodicity Principles 1. Measurement 2. Revenue Recognition 3. Expense Recognition 4. Full Disclosure Contraints 1. Cost 2. Conservatism 3. Industry Practice Fundamental Qualities A. Relevance 1. Predictive Value 2. Confirmatory Value 3. Materiality B. Faithful Representation 1. Completeness 2. Neutrality 3. Free from error Enhancing Qualities 1. Comparabili...

WGU C252 Governmental Accounting | 60 Questions with 100% Correct Answers | Verified | Latest Update | 21 Pages Which Activity is aligned with the actions of a governing body of a governmental and nonprofit organization? A) Resolving differences quickly for dissatisfied constituents B) Ensuring the constituents receive value for their equity shares C) Making decisions based on majority vote of the state legislature D) Providing services on a profitable basis through the private sector - ...

Smartbook Ch. 7 Exam Questions And Answers 100% Verified 2024/2025 Criteria for fiduciary activities include ______. - answer-a trust agreement in which the government is not the beneficiary and assets are protected from its creditors -government custody of assets or the ability to direct their use for the benefit of others Which of the following is NOT a type of fiduciary fund? - answerpublic-purpose trust Instead of revenues and expenses, fiduciary funds use the terms _____ and ______. -...