ACCY 407 FINAL exam Questions & Answers. Rated A+

ACCY 407 FINAL exam Questions & Answers. Rated A+ __ __ 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