Questions from Financial Reporting

Q: How many funds will be used by a state or local Government

How many funds will be used by a state or local Government?

Q: The budget for a state or local government is not as binding

The budget for a state or local government is not as binding as a budget for a commercial business. Comment.

Q: Which organization provides a service whereby it issues a certificate of conformance

Which organization provides a service whereby it issues a certificate of conformance to governmental units with financial reports that meet its standards?

Q: The rating on an industrial revenue bond is representative of the probability

The rating on an industrial revenue bond is representative of the probability of default of bonds issued with the full faith and credit of a governmental unit. Comment.

Q: The accounting for not-for-profit institutions does not typically

The accounting for not-for-profit institutions does not typically include the concept of efficiency. Indicate how the concept of efficiency can be incorporated in the financial reporting of a not-for-...

Q: Could a profit-oriented enterprise use fund accounting practices? Comment

Could a profit-oriented enterprise use fund accounting practices? Comment Answer: No. The accounting for a profit enterprise is centered on the entity concept and the efficiency of the entity. Fund...

Q: How many members serve on the GASB? How many votes are

How many members serve on the GASB? How many votes are needed to issue a pronouncement?

Q: What is the purpose of the book, Codification of Governmental Accounting

What is the purpose of the book, Codification of Governmental Accounting and Financial Reporting Standards?

Q: It is proper to handle immaterial items in the most economical,

It is proper to handle immaterial items in the most economical, expedient manner possible. In other words, generally accepted accounting principles do not apply. Comment, including a concept that just...

Q: Under GASB, which statement has been the most substantial pronouncement?

Under GASB, which statement has been the most substantial pronouncement?