Accy 2 Study guides, Class notes & Summaries

ACCY 407 (Govt. and NFP) Chapter 2 Exam Questions And Answers 100% Solved Governmental activities - answercore governmental services, together with general administrative support examples: police, fire protection, streets and highways, bridges, public buildings core services - answerprotection of life and property, public works, parks and recreation facilities and programs, educational, cultural and social services Business type activities - answerintended to be self-supporting by chargin...

Accy 407 Final Exam Questions & Answers, 100% Accurate. Verified. Interperiod Equity - A government's obligation to disclose if current year revenues were sufficient to pay for current year benefits/services 2 types of Governments - General- broad array of services Special Purpose- provide a single or few services Minimum Requirements for General Purpose External Financial Reporting (State and Local Governments) - 1. MD&A 2. Government wide and fund financials 3. Notes to the fina...

ACCY 407 (Govt. and NFP) Chapter 1 Exam Questions And Answers 100% Solved 2 types of governments - answergeneral purpose government special purpose government general government - answerprovide a broad array of services Examples: city of Oxford, the state of MS, cities, towns, villages, counties, responsible for foods, parks and recreation, police, and fire departments, state and federal governments special purpose government - answerusually provides only a single or just a few services ...

Audit 401 Exam 1|105 Questions with Verified Answers User Demand for Reliable Information - CORRECT ANSWER Users must have timely, relevant, and reliable information to minimize business risk and to take advantage of opportunities that arise. Business risk - CORRECT ANSWER the probability that the organization will not achieve the objective to make money Big Data needs for useful and reliable information - CORRECT ANSWER Complexity, remoteness, time sensitivity, consequences Informat...

Balance Sheets 1. snapshot of resources (assets) and claims (liability+equity) 2. based on accounting equation Statement of Earnings (Income Statement) - operating performance over period of time - Revenues and expenses Statement of Cash Flows - flows of cash over time - Shows operating, investing, and financing activities Financial vs. Managerial Accounting - Financial accy: users are external persons, has a historical perspective, emphasis on verifiability, emphasis on precision, fo...

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 o...

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 organizat...

ACCY 407 Ch 2, Top Exam Questions & Answers. Rated A+ Governmental Activities - -core governmental services, together with admin support ex: police, fire, bridges, public buildings (pay even if not using) Business-Type Activities - -intended to be self-supporting by charging users for services they receive; costs should be covered by revenues Ex: public utilities, Ole Miss, transportation, tolls (don't pay unless you use) Fiduciary Activities - -governments act as either an agent or ...

ACCY 407 ch 1 Questions and answers, graded A+ 2 types of governments - 1. general purpose (broad array) 2. special purpose (single/few services) not-for-profit organizations - -legally separate -usually exempt from taxation difference between local governments/NFPs from businesses - -providers do not expect to receive repayment/economic benefits proportionate to resources provided -operating purposes other than good/services at a profit -no defined ownership interest that can be ...

ACCY 407 - Chapter 4, Top Questions and answers, 100% Accurate. Graded A+ What is the measurement focus for governmental funds? - -Governmental funds focus on the flow of current financial resources. They include: Cash, receivables, securities, prepaid items, and supplies inventories. Liabilities include current liabilities such as accounts or vouchers payable, accrued liabilities,and deferred revenues. Where are assets and noncurrent liabilities recorded for government funds? - -Not...