Podcast
Questions and Answers
Government accounting only involves the analysis and recording of transactions, but not the classification, summarization, and communication of those transactions.
Government accounting only involves the analysis and recording of transactions, but not the classification, summarization, and communication of those transactions.
False
Government accounting does not aim to control the acts of public bodies and officers in the receipt, disposition, and utilization of funds and property.
Government accounting does not aim to control the acts of public bodies and officers in the receipt, disposition, and utilization of funds and property.
False
One of the objectives of government accounting is to provide guidance for future operations based on past operations and present conditions.
One of the objectives of government accounting is to provide guidance for future operations based on past operations and present conditions.
True
Reporting on the financial position and results of operations of government agencies is not one of the objectives of government accounting.
Reporting on the financial position and results of operations of government agencies is not one of the objectives of government accounting.
Signup and view all the answers
Government accounting does not focus on responsibility, accountability, and liability of entities entrusted with government funds and properties.
Government accounting does not focus on responsibility, accountability, and liability of entities entrusted with government funds and properties.
Signup and view all the answers
The sources of government funds include income from sales of government properties.
The sources of government funds include income from sales of government properties.
Signup and view all the answers
Utilization of government funds includes expenditures on daily operational expenses only.
Utilization of government funds includes expenditures on daily operational expenses only.
Signup and view all the answers
Like business accounting, government accounting aims to produce information that is useful for making economic decisions.
Like business accounting, government accounting aims to produce information that is useful for making economic decisions.
Signup and view all the answers
