Government Accounting vs. Business Accounting
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Questions and Answers

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?

  • 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:

  • 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?

    <p>Responsibility, accountability, and liability</p> Signup and view all the answers

    Which of the following best describes the core purpose of government accounting as per the text?

    <p>Analyzing, recording, classifying, summarizing, and communicating government transactions</p> Signup and view all the answers

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