Chapter 1 quiz Overview of Government Accounting PDF

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Chapter 1Overview of Government AccountingQUIZ: It encompasses the processes of analyzing, recording, classifying, summarizing and communicating all transactions involving the receipt and disposition of government funds and property, and interpreting the results thereof. a. Government accounting b. ...

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Chapter 1 Overview of Government Accounting QUI Z:

1. I te nc ompas s e st he pr oc e s s e s of a nal yzi ng, r e c or di ng, c l as s i f yi ng, s ummar i z i ng and c ommuni c a t i ngal lt r ans ac t i onsi nvol vi ngt her e c e i pta nddi s pos i t i onofgove r nme ntf undsand pr ope r t y ,a ndi nt e r pr e t i ngt her e s ul t st he r e of . a . Go ve r nme ntac c ount i ng b. Go ve r nme ntr e por t i ng c . Go ve r nme ntaudi t i ng d. Taxac c ount i ng 2. TheGAM f o rNGAsi spr omul ga t e dbyt he a . Commi s s i ononAc c ount i ng( COA) b. Commi s s i ononAudi t( COA) c . Boar dofAc c ount anc y( BOA) d. Bur e auofI nt e r na lRe ve nue( BI R) 3. TheCommi s s i ononAudi t( COA)i sr e s pons i bl ef or a .t hef or mul a t i onandi mpl e me nt a t i onoft hena t i ona lbudge twi t ht hegoa lofa t t ai ni ngt he na t i on’ ss oc i oe c onomi cobj e c t i ve s . b. r e c e i vi ng and ke e pi ng na t i ona lf undsa nd ma na gi ng and c ont r ol l i ng t hedi s bur s e me nt s t he r e of . c . di r e c t l yi mpl e me nt i ngt hepr oj e c t soft hegove r nme nt . d. pr omul ga t i nga c c ount i nga nda udi t i ngr ul e sa ndr e gul a t i ons . 4. Whi c hoft hef ol l owi ngi snotc har ge dwi t hgove r nme nta c c ount i ngr e s pons i bi l i t y? a . Commi s s i ononAudi t b. Bur e auofI nt e r na lRe ve nue c . Nons t oc k,nonpr ofitpr i va t ehos pi t al d. De par t mentofBudgeta ndMana ge me nt 5. Whi c hoft hef ol l owi ngqual i t a t i vec ha r ac t e r i s t i c sma ybes ac r i fic e dwhe nr e por t i ngi nf or ma t i on onat i me l ybas i s ? a . Re l e vanc e b. Re l i abi l i t y c . Subs t anc eove rf or m d. Fai t hf ulr e pr e s e nt a t i on 6. Ac c or di ngt ot heGAM f o rNGAs ,i nf or ma t i onha st hi squal i t a t i vec har ac t er i s t i ci fi tc anbeus e dt o as s i s ti ne val ua t i ngpas t ,pr e s e ntorf ut ur ee ve nt sori nc onfir mi ngorc or r e c t i ngpa s te val ua t i ons . a . Fe e dbac kval ue b. Pr e di c t i veval ue c . Ma t e r i a l i t y d. Re l e vanc e 7. Thi sr e f e r st ot hec ompar a bi l i t ybe t we e nt hefinanc i als t a t e me nt sofdi ffe r e nte nt i t i e s ?

a .I nt e r c ompar a bi l i t y b. I nt r ac ompar a bi l i t y c . Hor i z ont alc ompar abi l i t y d. Ve r t i c alc ompar a bi l i t y 8. Whe nt hes ubs t anc eofat r ans ac t i onore ve ntdi ffe r sf r om i t sl e galf or m,t hee nt i t ys houl dr e por t t het r a ns ac t i on’ sore ve nt ’ s a .s ubs t anc e b. l e galf or m c . at r a de offbe t we e naa ndb d. e i t he raorb,bas e dont he i rs i gni fic anc e 9. Thei mpl i c a t i ont ha tus e r smus tbei nf or me doft hee nt i t y’ spol i c i e s ,c hange st ot hos epol i c i e s , andt hee ffe c t soft hos ec hange sr e f er st o a . Compar abi l i t y b. Compl e t e ne s s c . Unde r s t anda bi l i t y d. Re l i abi l i t y 10.I nt hefinanc i a lr e por t i ngs ys t e m oft hena t i ona lgove r nme nt ,t owhi c hoft hef ol l owi ngs ha l la n e nt i t yr e c onc i l e si t sc as hr e c or ds ? a . Commi s s i ononAudi t b. Bur e auofTr e as ur y c . De par t mentofBudgeta ndMana ge me nt d. Offic eoft hePr e s i de nt

“A wise man will hear and increase learning, and a man of understanding will attain wise counsel.” (Proverbs 1:5)

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