Question: First: Complete the following concepts and sentences: (1) The suitable definition for Governmental Accounting is..... (2) The main differences between Governmental & Financial Accounting

First: Complete the following concepts and sentences: (1) The suitable definition for Governmental Accounting is..... (2) The main differences between Governmental & Financial Accounting are.. (3) The objective of the Governmental Accounting is (4) Financial Accounting uses the double entry system in recording financial transactions in the journal record & Governmental Accounting se (5) Financial Accounting applies each of the cash and acdrual basses and some times the production base according to the entity's nature, but Governmental Accounting applies (6) Regarding the depreciation calculation, in Financial Accounting there are many methods at Straight line, declining balance and revaluation methods, but Governmental Accounting (7) Entities applying Financial Accounting calculate different types of provisions and consider reserves, while Governmental entities. Second: Clarify briefly what is meant by this paragraph: There are three main classifications to treat the governmental entity's expenditures and revenues object classification, governmental entity classification & tunction or program distication because

Step by Step Solution

★★★★★

3.41 Rating (157 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

1 A government accounting is a process by which the management of a public authority publishes financial statements that show the financial position performance and cash flows of that authority The de... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Law Questions!

At December 31, 2025, Sarasota Corporation reported the following plant assets. Land $ 5,898,000 Buildings $26,650,000 Less: Accumulated depreciation-buildings 11,992,500 14,657,500 Equipment...

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

What is financial risk exposure? Describe the following concepts and techniques that can be used to reduce financial risks: (1) Derivatives; (2) Futures markets; (3) Hedging; and (4) Swaps. MINI CASE...

Olympus Motors, Inc., computed a pretax financial income of $90,000 for its first year of operations ended December 31, 2011. In preparing the income tax return for the year, the tax accountant...

A boron-doped carbon was prepared by adding 0.1 wt % B to a graphitized carbon black (Monarch 700, Cabot Corp.) and then heat treating this material, designated BC-1, at 2773 K under Ar [71,72]. Its...

Effect of different order quantities on ordering costs and carrying costs, EOQ. Koala Blue, a retailer of bed and bath linen, sells 234,000 packages of Mona Lisa designer sheets each year Koala Blue...

Under the reporting model required by GASB Statement 34, fund statements are required for governmental, proprietary, and fiduciary funds. Government-wide statements include the Statement of Net...

The following two depreciation methods are acceptable for tax purposes: (a) Straight line with a half-year convention. The half-year convention is the assumption that all assets are acquired in the...

Vickers Company reports taxable income of $4,500 for 2007. The company has two temporary differences between pretax financial income and taxable income at the end of 2007. The first difference is...

Given (a) Without computing the eigenvalues of A, show that A is positive definite. (b) Factor A into a product LDLT where L is unit lower triangular and D is diagonal. (c) Compute the Cholesky...

A portable CD player does not have a power rating listed, but it has a label stating that it draws a maximum current of 250.0 mA. The player uses three 1.50-V batteries connected in series. What is...

If f ( 4 ) = 3 and f ( 4 ) = 4 7 , use the formula ( f 1 ) ( x ) = 1 f ( f 1 ( x ) ) to find ( f 1 ) ( 3 ) .

Prepare an income statement for Rex Manufacturing for the year ended December 31 using the following information. Hint. Not all information given is needed for the solution. Finished goods inventory,...

Please help Accounting question Snavely, Inc., manufactures and sells two products: Product E1 and Product A7. Data concerning the expected production of each product and the expected total direct...

FI-AP Challenge Learning Objective Perform an accounts payable process in Germany. Time 60 Min. Motivation After you have successfully worked through the Financial Accounting - Accounts Payable case...

Prime Petroleum Inc. is considering an acquisition of a new production facility in order to expand production of it its main product, a gasoline additive Gas Gain. The cost of construction (first...

Problem 14-8 (Algo) Bonds; effective interest; partial period interest; financial statement effects [LO14-2] The fiscal year ends December 31 for Lake Hamilton Development. To provide funding for its...

a Question 4: The Protect Sheet command can be accessed on the Review and Home tabs. Answer: () True B. False

For each of the following fund types, indicate its fund category by placing either GF for governmental funds, PF for proprietary funds, or FF for fiduciary funds in the space provided before each...

Section A provides a list of the results of Allen-towns analysis of its fund balances. Section B provides a list of the possible classifications for reporting the items listed in Section A. Section A...

What is the difference between an unconditional and a conditional pledge? How are the two pledges reported?

1. According to the James-Lange theory, what kind of person should feel no emotions?

18. How might stress to a pregnant rat alter the sexual orientation of her male off spring?

11. What is a common cause for a genetic female (XX) to develop a partly masculinized anatomy?