Statement 1 – The Treasurer’s primary function is to give oversight on the accounting and financial reports and government reportorial compliance. Statement 2 - The Controller’s primary responsibility is to screen profitable capital investment projects. a. True; True b. False; False c. False; True d. True; False

Statement 1 – The Treasurer’s primary function is to give oversight on the accounting and financial reports and government reportorial compliance. Statement 2 - The Controller’s primary responsibility is to screen profitable capital investment projects. a. True; True b. False; False c. False; True d. True; False

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter2: Financial Reporting: Its Conceptual Framework

Section: Chapter Questions

Problem 4C

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The following are part of the responsibilities of a treasurer except a Capital raising b Investment management c Financial statements preparation d Development and management of company’s credit policy
6 Which of the following is a primary objective of financial reporting by state and local governments? Multiple Choice To provide information that can be used for capital allocation decisions made by external investors. To report on the legal requirements imposed on the government by its elected officials. To provide information that can be used to assess a government's accountability. To fulfill the government's statutory duty to report on cash received and cash disbursed.
19.The government regulates financial market and financial institutions for three main reasons. What are those reasons? I. To ensure the soundness of financial market and institutionII. To ensure the soundness of the financial systemIII. To increase the information available to the investorsIV. To increase the information available to the users.V. To improve control of the financial informationVI. To improve control of financial system. a. I, II, V b. I, III, IV c. II, III, IV d. II, III, VI
true or false 26) When government entities prepare financial statements using accrual basis the focus is on all economic resources to assist in long-term financial and operational accountability.
V6. What is the entity in charge of creating and ensuring accounting standards for government organizations? Do you understand that government accounting standards offer some benefit to users of financial statements? Explain Distingue entre fondos gubernamentales y fondos de propietario Name and explain the two types of owner funds.
The commercial business activities are governed by the market places then the government organizations activities are governed by___________ a. Fund financial statements b. Governmentwide financial statement c. None of the options d. Appropriations and encumbrances
-------- is the sacrifice resources of the government Select one: a. Owners Equity b. Income c. Liabilities d. Assets
4.Internal service fund activities are: A. not allowed to be reported as part of businessotype activities B. required to be reported as part of governmental activities Č. sometimes detailed int the management discussion and analysis D. sometimes reported in government activities and sometimes in business-type activities
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The objective of financial reporting places most emphasis on:a. reporting to capital providers.b. reporting on stewardship.c. providing specific guidance related to specific needs.d. providing information to individuals who are experts in the field.
5. Which of the following items is the function of a treasurer? ____ A. cost accounting B. internal control C. capital budgeting D. general ledger