Different sets of accounting and reporting concepts, principles, and standards have evolved for state and local governments,
Question:
Given the differences between and among them, how can they all be considered "generally accepted accounting principles"?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 86% (15 reviews)
The term generally accepted accounting principles has been ...View the full answer
Answered By
Shameen Tahir
The following are details of my Areas of Effectiveness. The following are details of my Areas of Effectiveness English Language Proficiency, Organization Behavior , consumer Behavior and Marketing, Communication, Applied Statistics, Research Methods , Cognitive & Affective Processes, Cognitive & Affective Processes, Data Analysis in Research, Human Resources Management ,Research Project,
Social Psychology, Personality Psychology, Introduction to Applied Areas of Psychology,
Behavioral Neurosdence , Historical and Contemporary Issues in Psychology, Measurement in Psychology, experimental Psychology,
Business Ethics Business Ethics An introduction to business studies Organization & Management Legal Environment of Business Information Systems in Organizations Operations Management Global Business Policies Industrial Organization Business Strategy Information Management and Technology Company Structure and Organizational Management Accounting & Auditing Financial Accounting Managerial Accounting Accounting for strategy implementation Financial accounting Introduction to bookkeeping and accounting Marketing Marketing Management Professional Development Strategies Business Communications Business planning Commerce & Technology Human resource management General Management Conflict management Leadership Organizational Leadership Supply Chain Management Law Corporate Strategy Creative Writing Analytical Reading & Writing Other Expertise Risk Management Entrepreneurship Management science Organizational behavior Project management Financial Analysis, Research & Companies Valuation And any kind of Excel Queries.
4.70+
16+ Reviews
34+ Question Solved
Related Book For
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
Question Posted:
Students also viewed these Accounting questions
-
Authoritative GAAP for state and local governments is divided into two categories with the first category having more authority than the second. What sources of GAAP are found in both of these...
-
Determine why it is important for state and local governments to have a balanced budget and prepare for economic downturns?
-
Describe the hierarchy of GAAP for state and local governments, the federal government, and nongovernmental not-for-profit organizations.
-
Bookstores International, a bookstore chain, has been quite successful over the past few decades and is now in expansion mode. It typically approaches opening a new bookstore by first determining the...
-
Suppose that the spot Swiss francs per dollar exchange rate is $:SFr = 1.5960-70 and the three-month forward exchange rate is $:SFr= 1.5932-62. a. Is the Swiss franc trading at a discount or at a...
-
Assume a company has a current ratio of 2.0. List two examples of transactions that could cause the current ratio to increase. Also list two examples of transactions that could cause the current...
-
When should benchmarking be preferred to direct estimates of the magnitudes of benefits? When should direct estimates be preferred? Is it appropriate to use both?
-
Hinkel Rotary Engine, Ltd., produces four- and sixcylinder models of automobile engines. The firm's profit for each four-cylinder engine sold during its quarterly production cycle is $1,800 $50X1,...
-
Why do some manufacturing companies offer extended warranties to their customers if they must record a liability on their Balance Sheet for these warranties?
-
A car starting from rest moves with a constant acceleration of 10 km/hr 2 for 1 hour, then decelerates at -5 km/hr 2 until it comes to a stop. How far has it traveled?
-
The revenues of profit-seeking organizations are based on user charges. Users may be charged for various services provided by G&NP organizations as well. However, the nature and purpose of user...
-
(a) What is the purpose of the GASB GAAP hierarchy guidelines? (b) How would an accountant or auditor use the hierarchy if the guidance given in a GASB statement and an AICPA audit and accounting...
-
A researcher used data on these three variables for 60 universities randomly selected from the 229 national universities in U.S. News & World Reports rankings of U.S. colleges and universities: Y =...
-
A particle carrying \(+3.00 \mathrm{nC}\) of positive charge is at the origin of an \(x y\) coordinate system. Take \(V(\infty)\) to be zero for these calculations. (a) Calculate the potential \(V\)...
-
What do you mean by latent heating and latent cooling?
-
Explain the working of vapor absorption cycle.
-
Write notes on bypass factor and sensible heat factor.
-
What do you mean by sensible heating and sensible cooling?
-
List the steps of the systematic design process.
-
At 31 December 20X9, the end of the annual reporting period, the accounts of Huron Company showed the following: a. Sales revenue for 20X9, $ 2,950,000, of which one- quarter was on credit. b....
-
Two particles make a head-on collision, stick together, and stop dead. The first particle has mass \(m\) and speed (24/25) \(c\), and the second has mass \(M\) and speed (5/13) \(c\). Find \(M\) in...
-
Prepare a skeleton balance sheet for a governmental fund using the headings in Illustration (i.e., Assets, Liabilities, Fund Balance) that shows where (or if) each of the following items should be...
-
1. Analyze the following transactions, assuming that a business-type activity was involved. 2. Analyze the following transactions, assuming that a general government activity was involved. a....
-
a. Analyze the effects of the following transactions on the accounting equations of the various funds and nonfund accounts of a state or local government. (For any borrowing transactions, reflect any...
-
Calendar Plc have a year end of 30/09/X2. They have prepared the following information about their non-current assets: Land was revalued to 4.2 million on 28/09/X2 All buildings are depreciated using...
-
Antique Accents reported the following on its 2020 income statement. Using the income statement and the balance sheet given below, prepare the statement of cash flows using the indirect method. For...
-
Jamal, Maggie, and Kendra are dividing an estate consisting of a house, a vacation home, and a small business. Their valuations are shown below. Determine the payment that Kendra receives from the...
Study smarter with the SolutionInn App