Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
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Question
Chapter 1, Problem 1.8E
To determine
Identify the correct answer related to unique characteristic of government and nonprofit organizations.
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Accounting purpose of Governmental and not-for-profit organizations are different from business organizations due to the following reasons EXCEPT:
a. Different purposes in society
O b. Financed by resource providers who do not expect benefits proportional to the resources they provide
c. Management has a special duty to be accountable for how resources are used in providing services
O d. Accountable to the stakeholders of an organization
A forprofit business has a focus on profit and loss and follows GAAP regulations A government entity follows GASB regulations A government entity will have focus on what is being done with the funds received and recommendations for improvement are usually not given Whereas a forprofit entity will be reviewed for how revenue is being recognized and if they follow GAPP regulations and recommendations are given on how to improve compliance with GAAP
The commercial business activities are governed by the market places then the government organizations activities are governed by___________
a.
Fund financial statements
b.
Governmentwide financial statement
c.
None of the options
d.
Appropriations and encumbrances
Chapter 1 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 1 - Discuss (a) the similarities in accounting for...Ch. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Contrast the terms expense and expenditure.Ch. 1 - It was noted in this chapter that most of the...Ch. 1 - Prob. 6QCh. 1 - Prob. 7QCh. 1 - Prob. 8QCh. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 1.1ECh. 1 - Prob. 1.2ECh. 1 - Prob. 1.3ECh. 1 - In which of the following situations would the...Ch. 1 - Legally adopted budgets of governmental funds are...Ch. 1 - Which of the following statements is false? A fund...Ch. 1 - Prob. 1.7ECh. 1 - Prob. 1.8ECh. 1 - Prob. 1.9ECh. 1 - Prob. 1.10ECh. 1 - (Expenditures vs. Expenses) Family Services, a...Ch. 1 - (Statement of Revenues and ExpendituresWorksheet)...Ch. 1 - Prob. 2P
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