_______7. The independent authority or board for accounting and reporting that sets the standard for state and local government in the US is:
_______8. Which type of estimating solvency is measured by operating ratio: total revenue/total expenses?
7.c)Governmental accounting standards board (GASB)
GASB is the independent authority or board for accounting and reporting that sets the standard for state and local government in the US
The FASAB sets accounting standards for federal government, and these standards do follow generally accepted accounting principals; the FASB sets standards for public companies and nonprofit agencies and also follows GAAP.The Internal Revenue Service (IRS) is a U.S. government agency responsible for the collection of taxes and enforcement of tax laws
_______7. The independent authority or board for accounting and reporting that sets the standard for state...
7. The independent authority or board for accounting and reporting that sets the standard for state and local government in the US is: Financial Accounting and Standards Board (FASB) Federal Accounting Standards Advisory Board (FASAB) Governmental Accounting Standards Board (GASB) Internal Revenue Service _______8. Which type of estimating solvency is measured by operating ratio: total revenue/total expenses? Cash Solvency Long –Run Solvency Service Level Solvency Budget Solvency
7. The independent authority or board for accounting and reporting that sets the standard for state and local government in the US is: Financial Accounting and Standards Board (FASB) Federal Accounting Standards Advisory Board (FASAB) Governmental Accounting Standards Board (GASB) Internal Revenue Service _______8. Which type of estimating solvency is measured by operating ratio: total revenue/total expenses? Cash Solvency Long –Run Solvency Service Level Solvency Budget Solvency
Explain why the Governmental Accounting Standards Board (GASB) and the Financial Accounting Standards Advisory Board (FASAB) include budgetary comparisons in their concept statements but the Financial Accounting Standards Board (FASB) does not.
The government agency that has final authority over the financial reporting of publicly owned corporations is the Multiple Choice O Securities and Exchange Commission 0 Federal Trade Commission 0 0 Internal Revenue Service Financial Accounting Standards Board 0
elect the description related to the organization. Organizations a SEC b FASB c GAO Description e FASAB t PCAOB 9 AICPA h GASB Administers the Securities Acts. Body designated to establish accounting standards for entities other than state and local governments. Body designated to establish accounting standards for state and local governments. Body designated to establish accounting standards for the federal government. Group created to oversee and discipline CPAs and public accounting firms that audit public companies. International organization of...
True / False (Write "True" or "False" 14. The Federal Accounting Standards Advisory Board establishes accounting standards for United States governmental agencies. 15. The Governmental Accounting Standards Board establishes accounting standards for state and local government entities. 16. "Registered" is listed on an audit report performed by an audit company on a non-public company. 17. The American Institute of Certified Public Accountants creates the CPA Exam, while Individual States (example: Illinois, Wisconsin, etc.) issue CPA certificates and permits CPAs to...
1) IFRS standards: A. Are established by the Financial Accounting Standard Board (FASB) B. Are established by the International Accounting Standard Board (IASB) D. Are established by the Securities and Exchange Commission (SEC) C. Are enforced by the International Accounting Standard Board (IASB) 2) What are the main reasons why US GAAP and IFRS differ? D. Cultural differences have no effect on developing multiple different standards in the world including IFRS and US GAAP ...
QUESTION 26 Which of the following organizations issues accounting standards for countries outside the United States? A. GAAP OB. SEC OC. FASB O DIASB QUESTION 27 Generally accepted accounting principles A. are sound in theory but rarely used in real life. OB. are accounting rules formulated by the Internal Revenue Service. C. have eliminated all errors in accounting, D. are accounting rules that are recognized as a general guide for financial reporting. QUESTION 28 The agency of the United States...
TER 1 The Government and Not-for-Profit Environment 5. The organization responsible for setting accounting standards for state and local governments is the a. FASB b. GASB c. FASAB d. AICPA 6. The number of governmental units in the United States is approximately a. 900 b. 9,000 с. 90,056 d. 900,000 7. Governments differ from businesses in that they a. Do not raise capital in the financial markets b. Do not necessarily engage in transactions in which they "sell" goods or...
ACC206: Financial Reporting MCQ 1. International Financial Reporting Standards (IFRSs) are; a. currently issued and administrated by the International Financial Reporting Interpretation Committee (IFRIC). b. currently issued and administrated by the Financial Accounting Standards Board (FASB), an independent standard-setting board based in US. c. currently issued and administrated by the International Federation of Accountants (IFAC). d. currently issued and administrated by the International Accounting Standards Board (IASB), an independent standard-setting board based in London. 2. Which ONE of the following...