1) The GIFMIS interfaces with a number of systems and sub-systems. A number of these systems and sub-systems are listed below. Provide in full the meaning of these abbreviations and tell briefly how they interface with the GIFMIS. a) E-Monitor (Non-Tax Revenue-MoF) b) PIMS (PID-MoF)

Q: Activities of a general purpose government that provide the basis for GASB's financial accounting…

A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…

Q: Which of the following task is facilitated by Taxation Accounting? a. Tax preparation and tax…

A: Taxation accounting refers to the rules and policies, regulations used to generate tax assets and…

Q: S1: Only public entities are required to prescribe the accounting requirements of PAS 12 S2:…

A: Financial income refers to the revenue which is generated through the temporary surplus of cash…

Q: According to Ian Redpath and Bob Lickwar, what is the purpose of the IRS 1444 letter/notice?

A: Introduction Economic impact payments are Coronavirus aid, relief, it provides payments up to $1,200…

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A: Form 1065 is an informational type of return need to be filed by the partnership to the IRS.IRS…

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A: Imputation system of taxation involves the process of taxing the profit distributed by a company at…

Q: Using information in the relevant IPSASs, give a comprehensive definition (with examples) of revenue…

A: Comprehensive definition (with examples) of revenue appropriate for a Central Government: Revenue…

Q: w does a company determine if it should use an ABO, PBO, or VBO calculation? Is the determination…

A: ABO The estimated amount of a company's pension plan commitment at any one time is known as the…

Q: Rank the following sources of authority in order of authoritative value (with 1 being the…

A: Authority Authoritative value Internal Revenue Code 1 Final Treasury regulation 2 Revenue…

Q: What is the main principle of tax-effect accounting as outlined in AASB 112/IAS

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Q: How the hierarchy of U.S. generally accepted accounting principles for state and local government…

A: Financial reporting issues Financial reporting involves communicating the results and information…

Q: Describe the Bureau of Internal Revenue.

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Q: Describe the current convergence efforts of the FASB and IASB in the area of accounting for taxes.

A: The converging of accounting standards stands for the objective of setting up accounting standards…

Q: A governmental agency can best be described by which of the following statements? A. has a primary…

A: Governmental agency: A governmental agency provides services to the general public i.e. (taxpayers).…

Q: 3. A government-wide statement of net position may include a column for each of the following…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Explain futher what is meant by the statment below Provisions for auditing, tax collection,…

A: The answer is stated below:

Q: The FASB and the IASB agreed that the fundamental characteristic of revenue recognition is that…

A: FASB- is a financial accounting standards board responsible for establishing and improving generally…

Q: Identify the following users as either external users (E) or internal users (I). FBI and IRS

A: Internal User Internal Users are the people within the organization who use the financial…

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A: Government activities are those which are financed through the taxes, intergovernmental revenue. The…

Q: The GIFMIS interfaces with a number of systems and sub-systems. A number of these systems and…

A: E-Monitor (Non-Tax Revenue-MoF) Non-Tax Revenue is that the revenant financial gain attained by the…

Q: Which of the following statements regarding the requirement to follow U.S. GAAP in financial…

A: Generally accepted accounting principles (GAAP) are controlled by the Financial Accounting Standards…

Q: Which of the following has the least amount of official authority for the financial reporting of…

A: GASB Technical Bulletins has the least amount of official authority for the financial reporting of…

Q: The Federal Accounting Standards Advisory Board (FASAB) recommends accounting principles and…

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: Briefly describe some of the similarities and differences between GAAP and IFRS with respect to…

A: GAAP: Generally accepted accounting principles (GAAP). It refers to accounting principles, standards…

Q: ccompany the Corporation Tax return when it is  filed

A: Everyone, it might be a company or a person is required to fill out the tax return. Depending upon…

Q: Answer the following multiple-choice questions. GAAP stands for:(a) governmental auditing and…

A: Definition: Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to…

Q: GAAP stands for: a.    governmental auditing and accounting practices. b.    generally accepted…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: Who should set accounting standards? A government agency or private body such as the FASB?

A: Accounting standards are the rules and provisions that guide the manner in which accounting reports…

Q: Which reference material is classified as a primary “authoritative” source? Treasury Regulations…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: Separate accounting standards exist for the U.S. federal government in contrast to state and local…

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Q: What is a basic financial statement that is required for federal agencies?

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Q: What should you tell your friend about the presence of accounting standards in theUnited States? Who…

A: Worldwide monetary scene huge change. These advancements have been inferable, to some degree, to…

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.