Gasb 34 - Study guides, Class notes & Summaries

I 1.The Defense Logistics Agency holds jet fuel as inventory, which it sells to support flight operations. The table on the left provides beginning/ending fiscal year 2017 inventory levels and purchase information. Assuming the agency uses the FIFO inventory valuation method, what was the cost of goods sold for jet fuel in fiscal year 2017? - ANSWER-Correct Answer: $133.50 I 2.In financial reporting, consistency of communication means - ANSWER-Correct Answer: if accounting principles have cha...

CHAPTER 17: ACCOUNTING AND REPORTING FOR THE FEDERAL GOVERNMENT OUTLINE Number Topic Type/Task Status (re: 15/e) Questions: 17-1 Federal financial management responsibilities Identify New 17-2 Federal GAAP hierarchy Compare New 17-3 Conceptual framework Describe 11-3 17-4 Accounts used in federal accounting Explain 11-4 17-5 Net position and net assets Compare 11-5 17-6 FASAB compared to GASB Contrast 11-6 17-7 Federal funds Identify, compare New 17-8 Stewardship assets Define, ...

CPFO Budget Exam Questions with Verified Answers Already Passed Types of performance measures - Answers inputs (resources), outputs, efficiency, and effectiveness (outcomes). Structural Balance - Answers Balance between operating expenditures and operating revenues over the long term. Performance benchmarks - Answers Comparative standards of performance and provide a frame of reference for evaluating program and service quality and cost-effectiveness. Line-item budgets - Answers Focus prima...

Gleim's CPA Test Prep Auditing [1] Which of the following is required documentation in an audit in accordance with generally accepted auditing standards? A. A flowchart or narrative of the accounting system describing the recording and classification of transactions for financial reporting. B. An audit program setting forth in detail the procedures necessary to accomplish the engagement's objectives. C. A planning memorandum establishing the timing of the audit procedures and coordinating the ...

Test Bank For Auditing And Assurance Services A Systematic Approach 8 th Edition By Messier, Glover, Prawitt Full file at Chapter 02 The Financial Statement Auditing Environment True / False Questions 1. A series of business and related auditing failures led to the passage of the Sarbanes-Oxley Act (2002). True False 2. The primary audit context with which an auditor is concerned is the client's industry or business. True False 3. The audit committee generally i...

WGU C252 PA Questions and Answers 100% Correct 1. Which activity is aligned with the actions of a governing body of a governmental and nonprofit organization? a. Resolving differences quickly for dissatisfied constituents b. Ensuring the constituents receive value for their equity shares c. Making decisions based on majority vote of the state legislature d. Providing services on a profitable basis through the private sector Making decisions based on majority vote of the state legislature 2....

Chapter 03 International Convergence of Financial Reporting Multiple Choice Questions 1. According to Sir Bryan Carsberg, former IASC Secretary-General, what is the most significant cost of accounting diversity? A) The time expended by accountants to create multiple sets of financial statements conforming to different national standards B) The cost of the IASB to regulate compliance with many national accounting standards C) The reduction in effectiveness of the international m...

Governmental and Non-Profit Accounting - Chapter 9Test Bank

CTP Exam 1 Practice Questions (Answered) 100% Correct Over the past 3 years XYZ Company has expanded into multiple countries and significantly grown its banking relationships. The company now incurs significant expenses related to payment transaction costs and maintaining multiple bank connections. What shoudl the company use to cobat these rising costs. A. SWIFT network B. ACH Network C. CHIPS network D. TARGET 2 *ANS* A An Instrument that gives the right to buy a stated number of...

CHAPTER 2: PRINCIPLES OF ACCOUNTING AND FINANCIAL REPORTING FOR STATE AND LOCAL GOVERNMENTS OUTLINE Number Topic Type/Task Status (re: 13/e) Questions: 2-1 Governmental activities Describe Same 2-2 Business-type activities Describe Same 2-3 Fiduciary activities Describe Same 2-4 Reporting entity Define and explain New 2-5 Component unit ...