Accy 407 ch 2 - Study guides, Class notes & Summaries

ACCY 407 ch 1 Questions and answers, graded A+ 2 types of governments - 1. general purpose (broad array) 2. special purpose (single/few services) not-for-profit organizations - -legally separate -usually exempt from taxation difference between local governments/NFPs from businesses - -providers do not expect to receive repayment/economic benefits proportionate to resources provided -operating purposes other than good/services at a profit -no defined ownership interest that can be ...

ACCY 407 Ch 2, Top Exam Questions & Answers. Rated A+ Governmental Activities - -core governmental services, together with admin support ex: police, fire, bridges, public buildings (pay even if not using) Business-Type Activities - -intended to be self-supporting by charging users for services they receive; costs should be covered by revenues Ex: public utilities, Ole Miss, transportation, tolls (don't pay unless you use) Fiduciary Activities - -governments act as either an agent or ...

ACCY 407 ch 1. Top Questions & Answers, 100% Accurate. VERIFIED. General Purpose Government - -provide a broad array of services Special purpose government - -provide only a single or just a few services; ex: public university, hospital Not-for-Profit Organization - -legally separate from those who they receive money from; usually exempt from federal, state, and local taxation Ex: Harvard (private university) How Governments and NFPs are different from Business Organizations - -1. ...

ACCY 407 ch 9. Top Questions & Answers. 100% Accurate. VERIFIED. two primary objectives of government financial reports - -1. to provide information that can be used to assess accountability 2. to assist users in making economic, social and poltical decisions characteristics of useful information - --understandability -reliability -relevance -timeliness -consistency -comparability areas to find useful info - --recognition in the FS -disclosures in the notes of the FS -presen...

ACCY 407 CH 6 to slide 18 Notes and Vocab. Top Questions and answers, 100% Accurate. Verified. general long-term liabilities - -Those that arise from activities of governmental funds and that are not reported as fund liabilities of a proprietary or fiduciary fund; If debt reported in a proprietary or fiduciary fund also has general obligation (full faith and credit) backing (contingent liability should be disclosed in the notes to the financial statement) Where are general long term liab...