Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 9, Problem 17.4EP
Interim government financial reports
- a. Are not necessary because administrators and managers of the government are already familiar with the events and activities of the government on a day-to-day basis.
- b. Should be prepared and distributed publicly at regular intervals.
- c. Are important for budgetary and cash management purposes.
- d. Are not necessary as long as the government prepares a comprehensive annual financial report (CAFR).
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TRUE OR FALSE. Please provide an explanation if false.
1. Technically, only the Journals and Ledgers are considered accounting records; the Registries are budget records.
2. Separate accounting records and budget registries are maintained for each fund cluster.
3. Government entities and business entities use term "obligation" or the phrase "incurrence of obligation" similarly.
4. The various registries maintained by government entities primarily serve as internal control for controlling and monitoring the conformance of actual results with the approved budget.
5. A check disbursement is normally recorded as a credit to the "Cash-Modified Disbursement System (MDS), Regular" account.
6. Both the ORS and RAOD are updated each time an obligation is incurred, a payable is recorded for the obligation incurred, and disbursements are made to settle the recorded payable
7. At the end of each year, an adjustment is made to revert…
Which of the following statement is incorrect
O a. Revenue management is important in controlling government revenues
s important i
Budgets are only used for revenue controls
Budget is a critical tool for managing government revenue.
b.
c.
O d. Government budget is a cyclical process.
Which of the following would typically not be included in the introductory section of a comprehensive annual financial report?
Multiple Choice
Title and contents page.
Letter of transmittal.
A description of the government.
Summary of the government's current financial position and results of financial activities.
Chapter 9 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 9 - Prob. 1QCh. 9 - Prob. 2QCh. 9 - Prob. 3QCh. 9 - What is a component unit?Ch. 9 - Explain the difference between a blended and a...Ch. 9 - Prob. 6QCh. 9 - Prob. 7QCh. 9 - Prob. 8QCh. 9 - Give examples of items (transactions) that would...Ch. 9 - Prob. 10Q
Ch. 9 - Prob. 11QCh. 9 - Prob. 12CCh. 9 - The MDA for the 2016 City and County of Denver...Ch. 9 - Prob. 14CCh. 9 - Prob. 17.1EPCh. 9 - Prob. 17.2EPCh. 9 - Prob. 17.3EPCh. 9 - Interim government financial reports a. Are not...Ch. 9 - The comprehensive annual financial report (CAFR)...Ch. 9 - Prob. 17.6EPCh. 9 - The city council of Lake Jefferson wants to...Ch. 9 - Prob. 17.8EPCh. 9 - Prob. 17.9EPCh. 9 - Prob. 17.10EPCh. 9 - A positive unassigned fund balance can be found in...Ch. 9 - A city established a special revenue fund for gas...Ch. 9 - The county commission passed into law through an...Ch. 9 - Prob. 17.14EPCh. 9 - Prob. 17.15EPCh. 9 - Prob. 18EPCh. 9 - Prob. 19EPCh. 9 - The City of Lynnwood was recently incorporated and...Ch. 9 - Prob. 21EPCh. 9 - Prob. 22EPCh. 9 - Prob. 23EPCh. 9 - Prob. 24EPCh. 9 - You have recently started working as the...Ch. 9 - Prob. 26EPCh. 9 - Prob. 27EP
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- The encumbrances control account of a governmental unit is increased when a voucher payable isa. not recorded and the budgetary accounts are not closed.b. not recorded but the budgetary accounts are closed.c. recorded and the budgetary accounts are closed.d. recorded but the budgetary accounts are not closed.arrow_forwardWhich of the following goals is accomplished when an audit process occurs at the end of the budget year? Select all that apply. Preventing fraud and waste Ensuring the accuracy of operation Ensuring compliance with policies and applicable laws Interviewing and hiring budget personnel for the next budget yeararrow_forwardCurrently, the activity found LEAST often within the controller's department isa. budget preparation. b. updating the general ledger. c. maintaining accounts receivable records. d. establishing and maintaining a market for the organization's debt and equity securitiearrow_forward
- Explain to a nonfinancial audience explaining how increasing scrutiny and demand for accountability by the public has influenced reporting for governmental entities. Explain why governments use fund accounting. Analyze the importance of budget and control of government resources. Explain how the GASB revenue and expense recognition model may improve the usefulness of the information governments report to the public. Format references according to APA guidelines.arrow_forwardAccounting 3. Which of the following is not one of the purposes of a budget considered in the Government Finance Officer Association (GFOA) Distinguished Budget Presentation Award Program? A. As a policy document. B. As a legal document. C. As a financial plan. D. As a communication device. no plagiarismarrow_forwardWhich of the following is true regarding the organization of the comprehensive annual financial report?a. The three major sections are introductory, financial, and statistical.b. The management’s discussion and analysis is considered to be part of the introductory section.c. The auditor’s report is considered to be part of the statistical section.d. Basic financial statements include the government-wide statements, the budgetary statement, and the notes to the financial statements.arrow_forward
- 1 Which of the following is not an objective of financial reporting by state and local governments? Multiple Choice To assist users in assessing the adequacy of systems and controls. To assist users in assessing financial condition and results of operations. To assist financial report users in comparing actual financial results with the legally adopted budget. To assist in determining compliance with finance-related laws, rules, and regulations.arrow_forwardDiscuss: How have government accounting evolved since independence in St. Lucia. How has this country managed its debt over the last one -two decade. Brief history of the country. Definition of government accounting Features of good government accounting and how these apply or does not apply in the country assigned selected. The legislation governing accounting in that country. Budgetary process How has the accounting system improved or deteriorated over the years Debt management strategies implemented or lack thereof over the years. Recommendations on how government accounting may be improved. Recommendations on how debt-management may be improved.arrow_forwardWhich of the following statement is incorrect: Question 28Answer a. Budget is a critical tool for managing government revenue. b. Government budget is a cyclical process. c. Budgets are only used for revenue controls d. Revenue management is important in controlling government revenuesarrow_forward
- while governments are not required to issue interim financial reports, what role does interim financial reporting play in local government administration?arrow_forwardGovernment financial reporting should assist report users in evaluating: a. Accountability b. Inter-period equity c. Stewardship d. Operating budgetsarrow_forward30 Which of the following is NOT the main function of Ministry of Finance (MoF)? Select one: To propose bills related to the management of government employees, particularly bills related to staffing, salaries, benefits and pensions To formulate financial management and accounting processes, procedures and standards to be implemented by all Government. To formulate and implement fiscal and monetary policies in order to ensure effective and efficient distribution and management of financial resources To regulate all matters relating to securities and futures contracts.arrow_forward
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