Podcast
Questions and Answers
Who were the forerunners of the FASB formed in 1973?
Who were the forerunners of the FASB formed in 1973?
The Accounting Principles Board (1959—73) and The Committee on Accounting Procedure (1938—59) of the American Institute of Certified Public Accountants.
Which bodies are responsible for establishing Generally Accepted Accounting Principles (GAAP) for state and local governments, the federal government, and business organizations?
Which bodies are responsible for establishing Generally Accepted Accounting Principles (GAAP) for state and local governments, the federal government, and business organizations?
GASB, the FASAB, and the FASB.
Who are the major external users of financial reports for government and not-for-profit entities?
Who are the major external users of financial reports for government and not-for-profit entities?
Resource providers (taxpayers, donors, potential donors, investors, potential investors, bond-rating agencies, and grant-providing organizations).
Which groups make up the internal users of financial information in entities?
Which groups make up the internal users of financial information in entities?
What do the acronyms GASB, FASAB, and FASB stand for?
What do the acronyms GASB, FASAB, and FASB stand for?
What is one similarity between Government & Not for Profit entities and Business entities?
What is one similarity between Government & Not for Profit entities and Business entities?
What is one key difference between Government & Not for Profit entities and Business entities?
What is one key difference between Government & Not for Profit entities and Business entities?
Which body sets standards for state and local governments, including governmental not-for-profit organizations?
Which body sets standards for state and local governments, including governmental not-for-profit organizations?
What is the role of the Federal Accounting Standards Advisory Board (FASAB)?
What is the role of the Federal Accounting Standards Advisory Board (FASAB)?
What are the forerunners of the GASB, formed in 1984?
What are the forerunners of the GASB, formed in 1984?
What term is used to describe the GASB and the FASB in relation to standard-setting?
What term is used to describe the GASB and the FASB in relation to standard-setting?
What are the four major groups of users of federal financial reports identified by FASAB?
What are the four major groups of users of federal financial reports identified by FASAB?
What do the Government-wide Financial Statements provide an overview of?
What do the Government-wide Financial Statements provide an overview of?
What is the purpose of Government-wide Financial Statements?
What is the purpose of Government-wide Financial Statements?
What information does the Statement of Net Position provide?
What information does the Statement of Net Position provide?
What does the Statement of Activities present?
What does the Statement of Activities present?
What is the purpose of the Financial section of the Comprehensive Annual Financial Report (CAFR)?
What is the purpose of the Financial section of the Comprehensive Annual Financial Report (CAFR)?
What is the basis of accounting that has evolved for governmental funds?
What is the basis of accounting that has evolved for governmental funds?
When are revenues recorded under the modified accrual basis?
When are revenues recorded under the modified accrual basis?
When are expenditures generally recognized under the modified accrual basis?
When are expenditures generally recognized under the modified accrual basis?
Why are expenditures reported in the governmental fund statement of revenues, expenditures, and changes in fund balances?
Why are expenditures reported in the governmental fund statement of revenues, expenditures, and changes in fund balances?
At the government-wide level, what is more relevant in measuring the cost of services provided?
At the government-wide level, what is more relevant in measuring the cost of services provided?
What do proprietary fund financial statements present financial information for?
What do proprietary fund financial statements present financial information for?
What do Fiduciary Funds account for?
What do Fiduciary Funds account for?
What does the Statement of Fiduciary Net Position show?
What does the Statement of Fiduciary Net Position show?
Why are Government fund statements important?
Why are Government fund statements important?
What is the purpose of Fund financial statements?
What is the purpose of Fund financial statements?
What is the focus of Government-wide financial statements?
What is the focus of Government-wide financial statements?
Why are long-term obligations and noncurrent assets not reported in governmental funds?
Why are long-term obligations and noncurrent assets not reported in governmental funds?
Flashcards are hidden until you start studying
