Statement 1- The Treasurer's primary function is to give oversight on the accounting and financial reports and government reportorial compliance. Statement 2 - The Controller's primary responsibility is to screen profitable capital investment projects. * . False; False O True; True O False; True O True; False

Statement 1- The Treasurer's primary function is to give oversight on the accounting and financial reports and government reportorial compliance. Statement 2 - The Controller's primary responsibility is to screen profitable capital investment projects. * . False; False O True; True O False; True O True; False

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter2: Financial Reporting: Its Conceptual Framework

Section: Chapter Questions

Problem 4C

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Statement 1 – The Treasurer’s primary function is to give oversight on the accounting and financial reports and government reportorial compliance. Statement 2 - The Controller’s primary responsibility is to screen profitable capital investment projects. False; True False; False True; True True; False
Statement 1 – The Treasurer’s primary function is to give oversight on the accounting and financial reports and government reportorial compliance. Statement 2 - The Controller’s primary responsibility is to screen profitable capital investment projects. a. True; True b. False; False c. False; True d. True; False
true or false 26) When government entities prepare financial statements using accrual basis the focus is on all economic resources to assist in long-term financial and operational accountability.
19.The government regulates financial market and financial institutions for three main reasons. What are those reasons? I. To ensure the soundness of financial market and institutionII. To ensure the soundness of the financial systemIII. To increase the information available to the investorsIV. To increase the information available to the users.V. To improve control of the financial informationVI. To improve control of financial system. a. I, II, V b. I, III, IV c. II, III, IV d. II, III, VI
V6. What is the entity in charge of creating and ensuring accounting standards for government organizations? Do you understand that government accounting standards offer some benefit to users of financial statements? Explain Distingue entre fondos gubernamentales y fondos de propietario Name and explain the two types of owner funds.
The commercial business activities are governed by the market places then the government organizations activities are governed by___________ a. Fund financial statements b. Governmentwide financial statement c. None of the options d. Appropriations and encumbrances
The primary objective of financial reporting is to provide informationa. useful for making investment and creditdecisions.b. on the cash flows of a company.c. about the profitability of an enterprise.d. to the federal government.
Objectives of general purpose financial reporting is to provide information about. a. The Government b. The people c. Financial condition in the economy d. The reporting entity
4. It is the area of the accountancy profession that encompasses the process of analyzing, classifying, summarizing and communicating all transactions involving the receipts and disposition of government funds and property and interpreting the results thereof. O A. Internal auditing O B. External auditing O C. Private accounting O D. Government accounting
the conceptual framework for financial reporting states that the purpose of financial reporting is to a. provide information to management accountants for decision making b. support and enhance transparent financial reporting by governments and other public sector entities c. provide tax authorities with information to be used for tax assessment d. none of the above
-------- is the sacrifice resources of the government Select one: a. Owners Equity b. Income c. Liabilities d. Assets
6 Which of the following is a primary objective of financial reporting by state and local governments? Multiple Choice To provide information that can be used for capital allocation decisions made by external investors. To report on the legal requirements imposed on the government by its elected officials. To provide information that can be used to assess a government's accountability. To fulfill the government's statutory duty to report on cash received and cash disbursed.