ACCY 407 GOVT, Jones Ole Miss Exam One Questions And Answers 100% Verified 2024/2025

ACCY 407 GOVT, Jones Ole Miss Exam One Questions And Answers 100% Verified 2024/2025 General Purpose Govt Provide a broad array of services for example: city of oxford, federal govt., state of Mississippi Special Purpose Govt Provide only a single or just a few servicesf or example: - public colleges, public hospitals, fire stations, transportation Non for Profit Orgs Legally separate entities that are usually exempt from federal, state, and local taxation for example: private colleges, fraternal organizations, religious, community service, museums Non for Profit have Donors or Trustees Three Characteristics to Distinguish the Govt Orgs - No Shareholders - Operating purposes that are other than to provide goods and services - Absence of Defined Ownership Govt Entities rest in the hands of The People FASB Financial Accounting Standards Board FASB Deals with Business Orgs and Nongovernmental NFs GASB Governmental Accounting Standards Board GASB Deals with Local Govt Orgs as well as Govt NFPs FASAB Federal Accounting Standards Advisory Board FASAB deals with Federal Govt and its agencies and departments Three Objectives of Financial Reporting for Business Orgs - Decision Usefulness - Income Statement - Balance Sheet ` Interperiod Equity Govt obligation to disclose whether the current-year revenues were sufficient to pay for the current-year benefits or will the TPs be required to pay for them instead Minimum Requirements for General Purpose EXTERNAL Financing Reporting - Management and Discussion analysis (MD&A) - Govt wide financial statements and Fund Statements - Notes to Financial Statements - Required Supplementary Info (RSI) MD&A Quick discussion of the results, new opportunities, lawsuits, conflicts/threats, and demographics of the population Gov't-wide financial statements External Purpose Financial - provide an aggregated overview of a government's net position and change in net position (consolidated) Fund Financial Statements External Purpose Financial - Subsidiary statements that provide more detailed information about a certain unit of the government Notes to the Financial Statements (External Financial) Include items like contingencies and inventory methods RSI