SOLUTION A STUDY GUIDES

What is the predicate? - CORRECT - ANSWERS The part of the sentence that contains the verb. The part of the sentence that tells what the subject does or what is done to the subject With regular verbs, add _____ to the singular third person verb. - CORRECT - ANSWERS -s. Example: He/she/it plays. What is a simple sentence? - CORRECT - ANSWERS A group of words that make up a complete thought. Must have one independent clause. A simple sentence is a ...

_______________ is a nuclear division mechanism that maintains the ________________________. - CORRECT - ANSWERS Mitosis chromosome number A nucleus and other membrane-bound organelles are found in __________________ cells, but not in ___________________ cells. - CORRECT - ANSWERS eukaryotic prokaryotic A parent cell with 12 chromosomes will produce daughter cells with _____ chromosomes by mitosis. - CORRECT - ANSWERS 12 After 7 cycles of PCR, approximately how...

Public Sector - CORRECT - ANSWERS is a syndicate of various levels of governments, agencies controlled by the government, government enterprises, crown corporations and government controlled and funded institutions Scope of Public Sector - CORRECT - ANSWERS The ultimate motive of public sector is providing social services. The effective and efficient management of its financial resources is at the heart of public sector Typical legislative authorities and provisions - CORRE...

Which of the following best describes the role that accounting, financial reporting, and the financial statement audit play for state and local governments? A. They comprise a comprehensive framework of internal control. B. They provide the informational infastructure of public finance C The serve as a public sector performance management system. - CORRECT - ANSWERS B. They provide the informational infastructure of public finance.- Reliable information is needed to make informed deci...

Basis of Accounting - CORRECT - ANSWERS WHEN transactions and events are recognized. Cash Basis Modified Accrual Full Accrual Full Accrual (Basis of Accounting) - CORRECT - ANSWERS Used on government-wide statements. Takes into account ALL assets and liabilities, both current and non-current (includes long-term assets and liabilities). Modified Accrual (Basis of Accounting) - CORRECT - ANSWERS Used on governmental fund statements. Includes short-term financial ...

Sovereignty - CORRECT - ANSWERS governments have the right to govern themselves Popular Sovereignty - CORRECT - ANSWERS government's authority is derived from people or voters federalism - CORRECT - ANSWERS establishes the sovereign authorities of the federal government vs state governments Articles of Confederation - CORRECT - ANSWERS Precursor to US constitution, March 1, 1781. Guards the independence of the states. Required unanimous approval of all...

Account - CORRECT - ANSWERS A separate financial reporting unit for budgeting, management, or accounting purposes Accounting Standards - CORRECT - ANSWERS The generally accepted accounting principles, promulgated by the Governmental Accounting Standards Board, that guide the recording and reporting of financial information by state and local governments. Accrual Basis of Accounting - CORRECT - ANSWERS A method of accounting in which revenues are recorded when measur...

What are the two most important financial documents in both public and private organizations? - CORRECT - ANSWERS Budget and annual financial report. What is the purpose of the accounting system? - CORRECT - ANSWERS To provide a record-keeping framework in which to record (in journals) the transactions authorized by the budget and to reconcile (in ledgers) their cumulative financial impact. What are the six goals of accounting? - CORRECT - ANSWERS Provide financial ...

Fiscal Year - CORRECT - ANSWERS A fiscal period consisting of 12 consecutive months. Used in government accounting and budget purposes. True or False The fiscal year captures all expenses and revenues reserved within a defined 12 month period. - CORRECT - ANSWERS True What is Budget Adopted Law - CORRECT - ANSWERS Each jurisdiction must have a budget prepared and adopted into law when the official budget year begins Public Budgeting Process - CORRECT - ANSWERS ...

Internal controls should help prevent goods from being stolen. True or false? Answer: - CORRECT - ANSWERS True. One of the primary functions of internal control systems is to prevent loss, misuse or misappropriation of assets Which of the following is inappropriate? a. The person receiving a deposit makes out the deposit slip. b. The person making out the deposit slip makes the deposit. c. The person sending out the bill records the transaction in the system. d. The person reco...