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Questions and Answers
Which of the following is primarily responsible for financial reporting in state and local governments?
Which of the following is primarily responsible for financial reporting in state and local governments?
- External stakeholders
- Auditors
- Governing body
- Management (correct)
Which statement is true regarding the responsibility of accounting and financial reporting in state and local governments?
Which statement is true regarding the responsibility of accounting and financial reporting in state and local governments?
- Both accounting and financial reporting are primarily the responsibility of management.
- Financial reporting is primarily the responsibility of the governing body.
- Both accounting and financial reporting are primarily the responsibility of the governing body.
- Accounting is primarily the responsibility of management. (correct)
What determines the content and format of internal financial reports in state and local governments?
What determines the content and format of internal financial reports in state and local governments?
- Auditors' recommendations
- Generally accepted accounting principles
- Management's needs and preferences (correct)
- External stakeholders' demands
What determines the content and format of internal financial reports?
What determines the content and format of internal financial reports?
What role do accounting, financial reporting, and financial statement audits play in state and local governments?
What role do accounting, financial reporting, and financial statement audits play in state and local governments?
How do accounting, financial reporting, and financial statement audits serve as a public-sector performance management system?
How do accounting, financial reporting, and financial statement audits serve as a public-sector performance management system?
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Study Notes
- Accounting, financial reporting, and financial statement audits play important roles in state and local governments' public finance.
- Financial reporting is primarily the responsibility of management, while accounting is primarily the responsibility of the governing body.
- Accounting and financial reporting are complementary but distinct terms.
- The content and format of internal financial reports are determined by both generally accepted accounting principles and management's needs and preferences.
- Generally accepted accounting principles typically determine the content and format of external financial reports.
- Accounting, financial reporting, and financial statement audits comprise a comprehensive framework of internal control.
- They also serve as a public-sector performance management system.
- The governing body has a responsibility in accounting, but not as the primary role.
- Management is responsible for financial reporting, but not as the primary role.
- Accounting and financial reporting are not interchangeable terms.
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