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The ----------------- is a private, not-for-profit, nongovernmental organization established by the FAF as the primary standard setter for state and local governmental entities.
The GASB is a private, not-for-profit, nongovernmental organization established by the FAF as the primary standard setter for state and local governmental entities.
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The----------------- establishes accounting principles for the federal government and issues Statements of Federal Financial Accounting Standards.
The FASAB establishes accounting principles for the federal government and issues Statements of Federal Financial Accounting Standards.
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Information about ---------------- should help users evaluate financing and investing activities.
Information about cash flows should help users evaluate financing and investing activities.
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Government objective in reporting financial statements are:
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Government objective in reporting financial statements are:
Public accountability
Evaluating operating results
Assessing services provided
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The two inherent control characteristics of the governmental environment are
(1)----------------------------- and
(2) ----------------------------.
The two inherent control characteristics of the governmental environment are
(1) the implications of a budget as the expression of policy decisions and as a legally binding control tool and
(2) the use of fund accounting.
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The principle that implies that current-year revenues should be sufficient to cover current-year services is --------------------------.
The principle that implies that current-year revenues should be sufficient to cover current-year services is interperiod equity.
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Financial reporting should assist users in evaluating the operating results of a state or local governmental entity for a year by providing all of the following
The entity should disclose
(1) legal and contractual restrictions on resources and
(2) risks of potential loss of those resources
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state or local governmental disclosures relates to the objective of helping users to assess
(1) the services that can be provided and
(2) the entity’s ability to meet obligations as they come due.
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According to the FASB’s conceptual framework, for financial reporting to be useful, it must
Provide information useful for making business and investment decisions.
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The objective of ------------------------------------- is to report financial information that is useful in making decisions about providing resources to the reporting entity.
The objective of general-purpose financial reporting is to report financial information that is useful in making decisions about providing resources to the reporting entity.
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The objective of general-purpose financial reporting is to report financial information that is useful in ---------------------------------------------------------
The objective of general-purpose financial reporting is to report financial information that is useful in making decisions about providing resources to the reporting entity.
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According to the conceptual framework, the most basic objective of financial reporting is to convey information
That enables users to make decisions about a company.
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----------------------- should provide information that is useful to current and potential investors and creditors and other users in making rational investment, credit, and other similar decisions.
Financial reporting should provide information that is useful to current and potential investors and creditors and other users in making rational investment, credit, and other similar decisions.
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---------- is a pervasive constraint on the information provided by financial reporting.
Cost is a pervasive constraint on the information provided by financial reporting.
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What is the primary objective of financial reporting?
To provide information that is useful for economic decision making.
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Financial information is most likely to be verifiable when an accounting transaction occurs that
Involves an arm’s-length transaction between two independent parties.
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The existence of an arm’s-length transaction between independent interests suggests that the transaction is ----------------
The existence of an arm’s-length transaction between independent interests suggests that the transaction is verifiable
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Financial reporting by not-for-profit, nongovernmental entities should provide information
(1) -----------------------------------------
(2) useful in assessing services and ability to provide services;
(3) useful in assessing management stewardship and performance;
(4) about economic resources, obligations, net resources, and changes in them; and
(5) about managers’ explanations and interpretations to help users understand financial information.
Financial reporting by not-for-profit, nongovernmental entities should provide information
(1) useful in making resource allocation decisions;
(2) useful in assessing services and ability to provide services;
(3) useful in assessing management stewardship and performance;
(4) about economic resources, obligations, net resources, and changes in them; and
(5) about managers’ explanations and interpretations to help users understand financial information.
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Financial reporting by not-for-profit, nongovernmental entities should provide information
(1) useful in making resource allocation decisions;
(2) ----------------------------------------------
(3) useful in assessing management stewardship and performance;
(4) about economic resources, obligations, net resources, and changes in them; and
(5) about managers’ explanations and interpretations to help users understand financial information.
Financial reporting by not-for-profit, nongovernmental entities should provide information
(1) useful in making resource allocation decisions;
(2) useful in assessing services and ability to provide services;
(3) useful in assessing management stewardship and performance;
(4) about economic resources, obligations, net resources, and changes in them; and
(5) about managers’ explanations and interpretations to help users understand financial information.
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Financial reporting by not-for-profit, nongovernmental entities should provide information
(1) useful in making resource allocation decisions;
(2) useful in assessing services and ability to provide services;
(3)-----------------------------------------
(4) about economic resources, obligations, net resources, and changes in them; and
(5) about managers’ explanations and interpretations to help users understand financial information.
Financial reporting by not-for-profit, nongovernmental entities should provide information
(1) useful in making resource allocation decisions;
(2) useful in assessing services and ability to provide services;
(3) useful in assessing management stewardship and performance;
(4) about economic resources, obligations, net resources, and changes in them; and
(5) about managers’ explanations and interpretations to help users understand financial information.
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Financial reporting by not-for-profit, nongovernmental entities should provide information
(1) useful in making resource allocation decisions;
(2) useful in assessing services and ability to provide services;
(3) useful in assessing management stewardship and performance;
(4) ------------------------------------------------
(5) about managers’ explanations and interpretations to help users understand financial information.
Financial reporting by not-for-profit, nongovernmental entities should provide information
(1) useful in making resource allocation decisions;
(2) useful in assessing services and ability to provide services;
(3) useful in assessing management stewardship and performance;
(4) about economic resources, obligations, net resources, and changes in them; and
(5) about managers’ explanations and interpretations to help users understand financial information.
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Financial reporting by not-for-profit, nongovernmental entities should provide information
(1) useful in making resource allocation decisions;
(2) useful in assessing services and ability to provide services;
(3) useful in assessing management stewardship and performance;
(4) about economic resources, obligations, net resources, and changes in them; and
(5) -------------------------------------------------
Financial reporting by not-for-profit, nongovernmental entities should provide information
(1) useful in making resource allocation decisions;
(2) useful in assessing services and ability to provide services;
(3) useful in assessing management stewardship and performance;
(4) about economic resources, obligations, net resources, and changes in them; and
(5) about managers’ explanations and interpretations to help users understand financial information.
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