Podcast
Questions and Answers
What is the primary focus of budgets in an accounting program?
What is the primary focus of budgets in an accounting program?
- Determining how resources are to be spent (correct)
- Operating at a profit
- Preparing financial statements
- Meeting service objectives
What is the purpose of fund accounting?
What is the purpose of fund accounting?
- To maximize profits
- To prepare financial statements
- To allocate internal funds
- To manage resources in accordance with regulations (correct)
What is a key characteristic of a fund in fund accounting?
What is a key characteristic of a fund in fund accounting?
- A self-balancing set of accounts (correct)
- A financial statement
- A budgeting tool
- A profit-driven entity
Why are funds segregated in fund accounting?
Why are funds segregated in fund accounting?
What is the purpose of maintaining a clear distinction between restricted and internally designated funds?
What is the purpose of maintaining a clear distinction between restricted and internally designated funds?
What is the role of the governing board in fund accounting?
What is the role of the governing board in fund accounting?
What type of organizations are found in our society that possess many characteristics of a governmental unit?
What type of organizations are found in our society that possess many characteristics of a governmental unit?
What financial statements do most hospitals, trade associations, and membership organizations provide?
What financial statements do most hospitals, trade associations, and membership organizations provide?
What type of organizations often provide financial information by fund groups and not for the entity as a whole?
What type of organizations often provide financial information by fund groups and not for the entity as a whole?
What is an important part of the financing program for privately organized service organizations?
What is an important part of the financing program for privately organized service organizations?
What is required for achieving accounting and administrative control in service organizations?
What is required for achieving accounting and administrative control in service organizations?
What type of records are required for service organizations to summarize their financial activities?
What type of records are required for service organizations to summarize their financial activities?
