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Questions and Answers
What is the main focus of government accounting compared to business accounting?
What is the main focus of government accounting compared to business accounting?
- Maximizing profits
- Dissemination of financial reports
- Sources and utilization of government funds (correct)
- Market share growth
Which of the following is NOT part of the processes involved in government accounting as per the text?
Which of the following is NOT part of the processes involved in government accounting as per the text?
- Recording transactions
- Analyzing transactions
- Interpreting results
- Forecasting future trends (correct)
According to the State Audit Code of the Philippines, Government accounting involves communication of transactions related to:
According to the State Audit Code of the Philippines, Government accounting involves communication of transactions related to:
- Receipt and disposition of government funds and property (correct)
- International trade agreements
- Corporate mergers
- Investment in foreign assets
What aspect is emphasized in government accounting concerning entities entrusted with government funds and properties?
What aspect is emphasized in government accounting concerning entities entrusted with government funds and properties?
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Which of the following best describes the core purpose of government accounting as per the text?
Which of the following best describes the core purpose of government accounting as per the text?
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