Ch9-Acct for Gov and NonProfit Ent 15e

Ch9-Acct for Gov and NonProfit Ent 15e - COURSES >...

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Add, modify, and remove questions. Select a question type from the Add Question drop-down list and click Go to add questions. Use Creation Settings to establish which default options, such as feedback and images, are available for question creation. COURSES > ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ENTITIES:, 15/E - WILSON > CONTROL PANEL > POOL MANAGER > POOL CANVAS Pool Canvas Add Multiple Choice Creation Settings Name Chapter 09 Financial Reporting of State and Local Governments Description Questions which Blackboard's assessment component is incapable of supporting are not included in the export. Instructions Add Question Here Question 1 True/False Question Most citizens and financial statement users do not have a clear understanding of the financial reporting entity whose financial position, results of operations, and cash flows are included in an annual financial report. Answer True False Correct Feedback Most citizens and even accountants whose experience is primarily with business sector entities have little understanding of the overlapping layers of general purpose and special purpose governmental organizations that have some jurisdiction over them. The first note to the audited financial statements will include a description of the reporting entity following the criteria established in GASB Codification 2100 . Incorrect Feedback Most citizens and even accountants whose experience is primarily with business sector entities have little understanding of the overlapping layers of general purpose and special purpose governmental organizations that have some jurisdiction over them. The first note to the audited financial statements will include a description of the reporting entity following the criteria established in GASB Codification 2100 . Add Question Here Question 2 True/False Question According to the guidance of GASB Concepts Statement 3 , financial information can be communicated by recognition in the financial statements, disclosure in the notes to the financial statements, presentation as required supplementary information, or presentation as supplementary information. Answer True False Correct Feedback These are the options provided by GASB Concepts Statement 3 for communicating financial information, as described on p. 354 of the text. Incorrect Feedback These are the options provided by GASB Concepts Statement 3 for communicating financial information, as described on p. 354 of the text. Add Question Here Question 3 True/False Question State and local governments should prepare only those financial reports required by law—generally year- end financial statements. Answer True False Correct Feedback Governments should prepare whatever statements are required by law, but some financial information may be needed daily by administrators. Also, complete interim financial statements are usually desired at regular intervals by administrators, legislators, news media, and others concerned with current information about aspects of the financial management of the unit. Governments concerned with
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This note was uploaded on 09/25/2011 for the course ACCT 3000-5000 taught by Professor Faker during the Spring '11 term at Texas Woman's University.

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Ch9-Acct for Gov and NonProfit Ent 15e - COURSES >...

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