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. 3. - 1. introductory section 2. financial section 3. statistical section 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: ? accountability: ? - measurement focus: economic resources basis of accounting: accrual accountability: operational primary government financial information reported in two columns -- ____ ___ and ___ ___ - governmental activities and business activities