Term
| How do governments & not-for-profits differ from for-profit businesses? (11) |
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Definition
1. Different missions
2. Budgets, not the marketplace, governs
3. Expenditures may drive revenues
4. Budget, not annual report, is most important financial document
5. Ensure interperiod equity
6. Revenue not indicative of demand
7. No direct link between revenues and expenses
8. Capital assets may neither produce revenue nor save costs
9. Resources may be restricted
10. No ownership
11. Less distinction between internal & external reporting |
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Term
| Term: Not shifting burden of payment for services to children |
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Definition
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Term
| Term: Not shifting burden of payment for services to future periods |
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Definition
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Term
| Interperiod equity applies only to __ expenditures. |
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Definition
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Term
| True/False: Governments & Not-for-Profits more focused on short-term results |
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Definition
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Term
| Name four unique characteristics of a government. |
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Definition
1. May issue taxes
2. May issue tax-exempt debt
3. Governing bodies are elected
4. Another government can unilaterally dissolve & assume assets |
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Term
| What are the four purposes of financial reporting? |
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Definition
1. Assess financial conditions
2. Compare actual results with budget
3. Determine compliance with appropriate laws, regulations, and restrictions on use of funds
4. Evaluate efficiency and effectiveness |
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Term
| What are the three GASB objectives? |
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Definition
1. Interperiod equity
2. Budgetary & fiscal compliance
3. Service effort costs and accomplishments (outcomes) |
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Term
| What is the purpose of GASB 34? |
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Definition
| It requires two sets of financial statements: one full accrual, one on budget or near-budget basis |
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Term
| Term: Complying with spending mandates |
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Definition
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Term
| The primary accounting organization responsible for creating standards for state and local governments is the __. |
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Definition
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Term
| The primary accounting organization responsible for creating standards for not-for-profits is the __. |
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Definition
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Term
| The primary accounting organization responsible for creating standards for the federal government is the __. |
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Definition
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