Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
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Question
Chapter 1, Problem 8Q
To determine
Explain how the public sector organization and private sector organization are considered GAAP (generally accepted accounting principles), if they have different sets of accounting and reporting concepts, principles, and standards.
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Which of the following statements about desirable attributes of accounting standards boards is most accurate? Accounting standards boards should: A . concede to political pressures
Who should set accounting standards? A government agency or private body such as the FASB?
The Federal Accounting Standards Advisory Board (FASAB) recommends accounting principles and standards for the federal government and its agencies and departments.
True or False
Chapter 1 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 1 - Discuss (a) the similarities in accounting for...Ch. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Contrast the terms expense and expenditure.Ch. 1 - It was noted in this chapter that most of the...Ch. 1 - Prob. 6QCh. 1 - Prob. 7QCh. 1 - Prob. 8QCh. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 1.1ECh. 1 - Prob. 1.2ECh. 1 - Prob. 1.3ECh. 1 - In which of the following situations would the...Ch. 1 - Legally adopted budgets of governmental funds are...Ch. 1 - Which of the following statements is false? A fund...Ch. 1 - Prob. 1.7ECh. 1 - Prob. 1.8ECh. 1 - Prob. 1.9ECh. 1 - Prob. 1.10ECh. 1 - (Expenditures vs. Expenses) Family Services, a...Ch. 1 - (Statement of Revenues and ExpendituresWorksheet)...Ch. 1 - Prob. 2P
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- What might explain the fact that different accounting standard-setters have developed accounting standards that are sometimes quite different in nature?arrow_forwardAnswer the following multiple-choice questions. GAAP stands for:(a) governmental auditing and accounting practices.(b) generally accepted attest principles.(c) government audit and attest policies.(d) generally accepted accounting principlesarrow_forwardDistinguish between government and not-for-profit organizations from business entities and describe how the distinction affects their accounting processes.arrow_forward
- Examine the role of accounting theory in addressing the challenges of measuring and reporting the performance of non-profit organizations and government entities.arrow_forwardThe independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkarrow_forwardWhich of the following has the least amount of official authority for the financial reporting of state and local governments? Choose the correct.a. GASB Technical Bulletins.b. GASB Statements of Governmental Accounting Standards.c. GASB Concepts Statements.d. GASB Implementation Guides.arrow_forward
- Can you think of any reasons why the SEC relies on private sector bodies to set accounting standards, ratherthan undertaking the task itself?arrow_forward" Accounting is shaped by , reflects , and reinforces particular characteristics unique to its national environment ” . Explain how the environmental factors affect the national development of accounting system .arrow_forwardExplain the relationship between the SEC and the various private sector standard-setting bodies that have,over time, been relied upon to set accounting standardsarrow_forward
- Describe the differences in approaches taken by IASC and FASB in setting accounting standards.arrow_forwardThe Financial Accounting Standards Board has the responsibility for setting accounting and financial reporting standards for which of the following? Multiple Choice O O O O Special purpose governments with a business purpose. All not-for-profit organizations. All not-for-profit organizations that are nongovernmental and business entities. All not-for-profit organizations and business entities.arrow_forwardWhat are two major legal differences between state governments, and businesses, that would affect the financial reporting needs of governments?arrow_forward
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