Accy 407 chapter 4 - Study guides, Class notes & Summaries

ACCY 407 - Chapter 4, Top Questions and answers, 100% Accurate. Graded A+ What is the measurement focus for governmental funds? - -Governmental funds focus on the flow of current financial resources. They include: Cash, receivables, securities, prepaid items, and supplies inventories. Liabilities include current liabilities such as accounts or vouchers payable, accrued liabilities,and deferred revenues. Where are assets and noncurrent liabilities recorded for government funds? - -Not...

ACCY 407 Chapter 9, Top Exam questions and answers. Rated A+ Two primary objectives of government financial reports - -To provide information that can be used to assess accountability -To assist users in making economic, social, and political decisions Characteristics of useful information are: _______ - understandability reliability relevance timeliness consistency comparability Communicating the information in a manner that is helpful to the user is an important part of making...

Chapter 3 ACCY 407, Top Exam Questions and answers, 100% Accurate. VERIFIED. Government-wide statement of activities - a net expense or revenue format is used on the top section of the statement of activities expenses - program revenues = net (expense) revenue How should expenses be reported on gov-wide statement of activities? - Should be reported by function or program -functions and programs represent major activities or services of a government direct expense - those associat...