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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Question
Chapter 1, Problem 19.8EP
To determine
Identify the section not required by the federal performance and accountability report PAR.
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Students have asked these similar questions
8. The PFRSS apply to which of the following?
a. A management's review of the entity's financial
performance during the period vis-à-vis its targets for that
period contained in the entity's annual report, which also
includes the entity's financial statements.
b. Schedules, reconciliations and returns required by the.
Bureau of Internal Revenue (BIR) to be filed together with
the financial statements.
C. Environmental reports required by the Department of
Environment and Natural Resources (DENR) that are
included in the entity's annual report.
146
Explanatory material and other Information tha
d.
method of preseonting
Which 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.
Which 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.
Chapter 1 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Prob. 4QCh. 1 - Explain the meaning and significance of...Ch. 1 - Prob. 6QCh. 1 - Prob. 7QCh. 1 - What are the three sections of a comprehensive...Ch. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11CCh. 1 - Prob. 12CCh. 1 - Prob. 13CCh. 1 - Prob. 14CCh. 1 - Prob. 16CCh. 1 - Prob. 18EPCh. 1 - Prob. 19.1EPCh. 1 - Prob. 19.2EPCh. 1 - Prob. 19.3EPCh. 1 - Prob. 19.4EPCh. 1 - Prob. 19.5EPCh. 1 - Prob. 19.6EPCh. 1 - Prob. 19.7EPCh. 1 - Prob. 19.8EPCh. 1 - Prob. 19.9EPCh. 1 - The primary reason that not-for-profit (NFP)...Ch. 1 - Matching. (LO1-1, LO1-2, LO1-4, LO1-5) For each...Ch. 1 - Prob. 21EP
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Similar questions
- Which of the following groups sets standards for audits of federal financial assistance recipients? a. U.S. General Accounting Office b. U.S. Office of Management and Budget c. Governmental Accounting Standards Board d. Financial Accounting Standards Boardarrow_forwardIn a government’s comprehensive annual financial report, account groups are included in which of the following combined financial statements? Net Assets Statement of Activities a.Yes No b.No Yes c.Yes Yes d.No Noarrow_forwardWhich 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.arrow_forward
- GAAP stands for: a. governmental auditing and accounting practices. b. generally accepted attest principles. c. government audit and attest policies. d. generally accepted accounting principles.arrow_forwardGovernment-wide financial statements make a distinction between program revenues and general revenues. How is that difference shown? Choose the correcta. Program revenues are offset against the expenses of a specific function; general revenues are assigned to governmental activities and business-type activities in general.b. General revenues are shown at the top of the statement of revenues and expenditures; program revenues are shown at the bottom.c. General revenues are labeled as operating revenues; program revenues are shown as miscellaneous income.d. General revenues are broken down by type; program revenues are reported as a single figure for the government.arrow_forwardName differences in accounting and financial reporting for the federal government by examining the government - wide annual report.arrow_forward
- Distinguish between accounting and financial reporting for state and local governments and VHWOs for the following issues: 1. Measurement focus and basis of accounting 2. Revenue recognition 3. Depreciation expense 4. Capital assetsarrow_forwardWhich of the following is true regarding the government-wide financial statements? a. The government-wide financial statements include the statement of net position and the statement of activities. b. The government-wide financial statements are to be prepared using the economic resources measurement focus and the accrual basis of accounting. c. The government-wide financial statements include information for governmental activities, business-type activities, the total primary government, and its component units. d. All of the above are true.arrow_forwardWhat is a basic financial statement that is required for federal agencies?arrow_forward
- Both the GASB and the FASB require entities to include a management discussion and analysis in the financial reports. True or False True Falsearrow_forward1. What are the components that are included in the minimum requirements for general purpose external financial reporting?a. Introductory section, financial section, and statistical section.b. MD&A, government-wide financial statements, fund financial statements, notes to the financial statements, and RSI.c. Letter from the chief financial officer, government financial statements, notes to the financial statements, and RSI.d. MD&A, government-wide financial statements, notes to the financial statements, and RSI 2. Which of the following is not a required section of a federal agency or department’s performance and accountability report (PAR)?a. A performance section, which includes an annual performance report (APR).b. An MD&A.c. A basic financial statements section.d. A statement of nonparticipation in political matters. 3. The basic financial statements of a not-for-profit include all of the following excepta. Statement of financial position.b. Statement of activities.c.…arrow_forwardWhat impact does the use of the modified approach have on reporting within the government-wide financial statements?arrow_forward
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