Questions from Accounting for Government and Non-Profit

Q: Identify the principals of the Joint Financial Management and Improvement Program (

Identify the principals of the Joint Financial Management and Improvement Program (JFMIP) and identify in which branch of the federal government each operates. What role does each one play in the fede...

Q: Describe the institutional process for establishing generally accepted accounting principles for the

Describe the institutional process for establishing generally accepted accounting principles for the federal government.

Q: Discuss the conceptual framework of accounting for federal agencies and compare it

Discuss the conceptual framework of accounting for federal agencies and compare it to the conceptual framework established by the GASB for state and local governments.

Q: Explain the differences among these accounts: (1) Estimated

Explain the differences among these accounts: (1) Estimated Revenues used by state and local governments, (2) Other Appropriations Realized used by federal agencies in their budgetary track, and (3...

Q: “Net position for a federal agency is similar to net assets

“Net position for a federal agency is similar to net assets of a state or local government.” Do you agree or disagree? Explain.

Q: “The FASAB sets standards for federal agencies that relate to external

“The FASAB sets standards for federal agencies that relate to external financial reporting, much like the GASB sets standards for state and local governments for external financial reporting.” Do you...

Q: Describe financial reporting of the consolidated activities of the U.S

Describe financial reporting of the consolidated activities of the U.S. government. Has the federal government received an unqualified audit opinion on its consolidated financial statements? If not, p...

Q: Individuals are licensed as CPAs by individual states. Information on the

Individuals are licensed as CPAs by individual states. Information on the requirements for each state can be found on the National Association of State Boards of Accountancy (NASBA) web site (www.nasb...

Q: What knowledge does the auditor need about the client's business in an

What knowledge does the auditor need about the client's business in an audit of historical financial statements? Explain how this knowledge may be useful in performing other assurance or consulting se...

Q: What is meant by contributory negligence? Under what conditions will this

What is meant by contributory negligence? Under what conditions will this likely be a successful defense?