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Solution Manual For Accounting for Governmental & Nonprofit Entities 19th Edition By Reck, Lowensohn, Neely, Wilson (All Chapters, 100% Original Verified, A+ Grade) $27.49
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Solution Manual For Accounting for Governmental & Nonprofit Entities 19th Edition By Reck, Lowensohn, Neely, Wilson (All Chapters, 100% Original Verified, A+ Grade)

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Solution Manual For Accounting for Governmental & Nonprofit Entities 19th Edition By Reck, Lowensohn, Neely, Wilson (All Chapters, 100% Original Verified, A+ Grade) Solution Manual For Accounting for Governmental & Nonprofit Entities 19th Edition By Reck, Lowensohn, Neely, Wilson (All Chapters...

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  • August 15, 2023
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(Accounting for Governmental & Nonprofit Entities, 19e By Reck, Lowensohn, Neely, Wilson)

(Solution Manual, For Complete File, Download link at the end of this File)


CHAPTER 1: INTRODUCTION TO ACCOUNTING AND FINANCIAL
REPORTING FOR GOVERNMENT AND NOT-FOR-
PROFIT ENTITIES
OUTLINE

Number Topic Type/Task Status
(re: 18/e)
Questions:
1-1 Differences between types of organizations Identify Same
1-2 Distinguishing between general purpose and Identify Revised
special purpose governments
1-3 Standards-setting bodies Identify Same
1-4 Not-for-profit financial reports Identify New
1-5 Relationship of interperiod equity and fiscal Define/Compare New
accountability
1-6 Determining the purpose of the two types of Determine Same
accountability
1-7 Primary reporting objectives for NFPs and Compare Same
governments
1-8 Objective of federal financial reports Explain New
1-9 Federal government performance and Identify/Describe Same
accountability report
1-10 NFP reporting of expenses Explain Same

Cases:
1-11 Research Case—Accountability Reporting Report New
1-12 Research Case—GASB Analyze Revised 1-11
1-13 Research Case—FASB Explain New
1-14 Research Case—FASB Analyze Same
1-15 Research Case—FASAB Summarize Same
1-16 Research Case—Federal Financial Reporting Analyze Same
Objectives

Exercises/Problems:
1-17 Examine the CAFR Examine Same
1-18 Financial statement differences Differentiate Same
1-19 Various Multiple Choice Items 4, and 7
are new;
other items
are the same
1-20 Matching concepts and reporting Classify Revised
characteristics or requirements for government
and NFP organizations
1-21 Matching standards governing organizations Classify Revised



1-1
Copyright ©2022 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written
consent of McGraw-Hill Education.

,Chapter 01 - Introduction to Accounting and Financial Reporting for Government and Not-for-Profit Entities




CHAPTER 1: INTRODUCTION TO ACCOUNTING AND FINANCIAL
REPORTING FOR GOVERNMENT AND NOT-FOR-
PROFIT ENTITIES
Answers to Questions

1-1. Following is a list of some of the differences between business organizations and
government/not-for-profit organizations.


Business Organizations Government/Not-for-for profit
Organizations
Providers of resources expect either Many providers of resources do not
repayment or economic benefits expect repayment or economic
proportionate to the resources benefits proportionate to the
provided. resources provided.
Primary operations are undertaken Primary operations are not
to provide goods or services at a undertaken to provide goods or
profit. services at a profit or profit
equivalent.
There are defined ownership There are no defined ownership
interests that can be sold, interests.
transferred, or redeemed; or entitle
the owner to a share of remaining
resources at liquidation.

General Problem Information: Differences between types of organizations
Learning Objective: 1-1
Topic: Differences Between Governmental and Not-for-Profit Organizations
Bloom’s Taxonomy: Remember
Accreditation Skills tag: AACSB: Communication, AICPA: BB Industry
Level of Difficulty: Easy

1-2. a. GP c. SP e. GP
b. SP d. GP f. SP

General Problem Information: Distinguishing between general purpose and special
purpose governments
Learning Objective: 1-1
Topic: Differences Between Governmental and Not-for-Profit Organizations
Bloom’s Taxonomy: Remember
Accreditation Skills tag: AACSB: Communication, AICPA: BB Industry
Level of Difficulty: Easy




1-2
Copyright ©2022 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written
consent of McGraw-Hill Education.

,Chapter 01 - Introduction to Accounting and Financial Reporting for Government and Not-for-Profit Entities




1-3. Illustration 1-1 shows the standard-setting jurisdiction of the FASB, GASB and FASAB.
As shown, the FASB has responsibility for setting accounting and financial reporting
standards for business entities and nongovernmental not-for-profit organizations. The
GASB has responsibility for setting standards for state and local governments and
government not-for-profit organizations. The FASAB has responsibility for setting
accounting and reporting standards for the federal government and its agencies and
departments.

General Problem Information: Standards-setting bodies
Learning Objective: 1-2
Topic: Sources of Financial Reporting Standards
Bloom’s Taxonomy: Remember
Accreditation Skills tag: AACSB: Communication, AICPA: FN Reporting
Level of Difficulty: Easy

1-4. The required financial statements for a not-for-profit (NFP) organization applying the
FASB standards are (1) Statement of financial position or a balance sheet, (2) Statement
of activities, and (3) Statement of cash flows.

Although not a required statement, NFPs are also required to provide information on the
relationship between functional expenses and natural expenses. The FASB allows NFPs
to provide that information using a separate financial statement, a schedule in the notes,
or displayed on the statement of activities.

General Problem Information: Financial reporting of not-for-profit organizations
Learning Objective: 1-6
Topic: Financial Reporting for Not-for-Profit Organizations
Bloom’s Taxonomy: Remember
Accreditation Skills tag: AACSB: Communication, AICPA: FN Reporting
Level of Difficulty: Easy

1-5. Interperiod equity is whether current period revenues are sufficient to pay for current
period services, and it is considered an important component of accountability. Failure to
pay for current period services means that the financial burden is being passed to future
year taxpayers who may not receive any benefit from the past services. Interperiod equity
is closely related to fiscal accountability in that fiscal accountability is intended to help
ensure that the government is raising and spending resources in compliance with laws
and regulations, which would include the legally approved budget. Providing information
on whether the government is meeting budgetary requirements helps in assessing whether
the government is “living within its means” (achieving interperiod equity) during the
current reporting period.




1-3
Copyright ©2022 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written
consent of McGraw-Hill Education.

, Chapter 01 - Introduction to Accounting and Financial Reporting for Government and Not-for-Profit Entities



Ch. 1, Answers, Question 1-5 (Cont’d)

General Problem Information: Relationship of interperiod equity and fiscal
accountability
Learning Objective: 1-3
Learning Objective: 1-4
Topic: Objectives of Financial Reporting; Financial Reporting of State and Local
Governments
Bloom’s Taxonomy: Analyze
Accreditation Skills tag: AACSB: Analytical Thinking, AICPA: BB Critical Thinking
Level of Difficulty: Medium

1-6. The purpose of operational accountability is to assess whether the government has used
its resources efficiently and effectively in meeting its operating objectives. The purpose
of fiscal accountability is to assess the short-term flow of current financial resources.
Government-wide financial statements are primarily focused on providing information to
assess operational accountability, while fund financial statements are focused on
providing information to assess fiscal accountability.

General Problem Information: Determining the purpose of the two types of
accountability
Learning Objective: 1-4
Topic: Financial Reporting of State and Local Governments
Bloom’s Taxonomy: Understand
Accreditation Skills tag: AACSB: Communication, AICPA: FN Reporting
Level of Difficulty: Easy

1-7. The primary financial reporting objective for not-for-profit organizations is to provide
decision-useful financial information to resource providers, such as donors, members,
and creditors. The primary financial reporting objective for a government organization is
accountability, but other objectives include providing useful information for economic,
social, and political decisions. Thus, the reporting focus for the two types of
organizations differs in that the not-for-profit organization financial reports are to focus
on providing information that is useful in making decisions; while the government
organization financial reports are to focus primarily on providing information that can be
used to assess whether public resources were raised and used for their intended purposes.

General Problem Information: Primary reporting objectives for NFPs and governments
Learning Objective: 1-3
Topic: Objectives of Financial Reporting
Bloom’s Taxonomy: Understand
Accreditation Skills tag: AACSB: Communication, AICPA: FN Reporting
Level of Difficulty: Medium

1-8. The FASAB indicates that federal financial reports are to help meet the needs of both
external and internal users. As such, financial reports are prepared to provide information
that is useful in assessing accountability, efficiency, effectiveness and the results of
providing and spending federal resources.

1-4
Copyright ©2022 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written
consent of McGraw-Hill Education.

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