Under the hierarchy of GAAP, what sources of accounting principles have the most authority for state and local governments, federal government entities, and nongovernmental entities? Where do accountants and auditors look when a particular item is not covered within the hierarchy?
Answer to relevant QuestionsAs a newly hired staff auditor, you have been assigned to a governmental engagement that includes a single audit. Your supervisor asks you to familiarize yourself with OMB Circular A-133, the OMB Compliance Supplement, and ...Are governments required to report their budgets externally? Explain.What financial statements does FASB require NFPs to present?Explain which NFP organizations have to file a Form 990. Because there are different types of Form 990, explain how an NFP would know which type it must file.The NACUBO chart of accounts for colleges and universities does not identify the program and support functions. Discuss whether private colleges and universities are required to identify program and support expenses and how ...
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