ch01 - Chapter 01 - Introduction to Accounting and...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Chapter 01 - Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Entities 1-1 CHAPTER 1: INTRODUCTION TO ACCOUNTING AND FINANCIAL REPORTING FOR GOVERNMENTAL AND NOT-FOR- PROFIT ENTITIES OUTLINE Number Topic Type/Task Status (re: 14/e) Questions: 1-1 Distinguishing between general purpose and special purpose governments Justify/Explain 1-3 revised 1-2 Distinguishing GNP accounting and reporting standards from business entities Contrast New 1-3 Standards-setting bodies Contrast 1-4 revised 1-4 Determining whether a not-for-profit organization is governmental Identify/Explain New 1-5 Conceptual basis for reporting Evaluate/Explain Revised 1-6 Types of accountability Contrast Revised 1-7 Measurement focus and basis of accounting Explain New 1-8 Distinguishing bases of accounting Explain New 1-9 Comprehensive annual financial report Describe 1-7 1-10 Service efforts and accomplishments Explain New Cases: 1-1 Internet CaseFASB Internet/Written report New 1-2 Internet CaseGASB Internet/Written report New 1-3 Internet CaseFASAB Internet/Written report Revised 1-4 Research CaseGovernment or NFP entity? Written report Revised Exercises/Problems: 1-1 Examine the CAFR Examine Revised 1-2 Various Multiple Choice Items 1 is new; several other items revised 1-3 Reporting characteristics of government-wide and fund financial statements Matching Same Chapter 01 - Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Entities 1-2 CHAPTER 1: INTRODUCTION TO ACCOUNTING AND FINANCIAL REPORTING FOR GOVERNMENTAL AND NOT-FOR- PROFIT ENTITIES Answers to Questions 1-1. General purpose governments differ from special purpose governments primarily in terms of the scope of their legal powers and the range of services provided. General purpose governments typically have much more power over citizens and provide a much greater range of services than do special purpose governments. Examples of general purpose governments include states, counties, townships, cities, and villages. Special purpose governments typically include such special districts as those for police and fire protection, sanitation, and water, and organizations such as school districts and public colleges and universities. 1-2. Disagree. As discussed in this chapter, government and not-for-profit organizations serve different functions in society than do business organizations. Not surprising, then, the objectives of financial reporting for these organizations, as shown in Illustration 1-2, are quite different from the objectives of business reporting. The most striking difference is the need for government and not-for-profit organizations to report on accountability, in addition to financial performance. The different functions served and different reporting objectives lead to different accounting and reporting practices....
View Full Document

Page1 / 8

ch01 - Chapter 01 - Introduction to Accounting and...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online