Chapter 3 Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority True/False Questions 1. The term‚ Fund Balance‚ is used to indicate the residual net assets of a proprietary fund. Answer: False 2. Net resources of a governmental fund represented by currently due taxes receivable is an example of a nonspendable fund balance Answer: False 3. Net resources of a governmental fund represented by prepaid insurance is an example of a nonspendable fund
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[pic] Copyright © 2011by University of Phoenix. All rights reserved. School of Business Course Syllabus ACC/290 Principles of Accounting I Course Start Date: 06/20/2013 Course End Date: 07/25/2013 Miami Learning Center 11410 NW 20 Street Miami‚ FL 33172 (305) 428-4910 Thursday Evenings – 6 PM to 10 PM June 20‚ 2013 June 27‚ 2013 July 11‚ 2013 July 18‚ 2013 July
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In the present age‚ accounting seems to be an indispensable tool for modern business activities. However‚ not only for the profit orientated commercial business‚ it also plays an important role in the non-profit profit organizations‚ such as public sectors. Moreover‚ due to several deficiencies and drawbacks of government accounting and financial-management systems‚ such as unclear accountability‚ poorly maintained assets and hided losses and long-term liabilities‚ reforms in the public sector have
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Current status of public sector accounting in Malaysia- Cash Basis Accounting Revenue is only recorded when the cash is actually exchanged for example‚ when revenue is received as cash and when expenses are actually paid. http://www.quora.com/What-are-the-differences-between-cash-basis-and-accrual-basis-accounting Why government used the cash basis of accounting? Easy to learn and carry out and requires care but no special accounting skills. Well-adapted to needs of budgetary control and payment
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Accruals Accounting Developments on Public Sector Accounting in Malaysia According to a circular issued by the Accountant General’s Department (AGD)‚ the new system is ‘expected to be flexible and in compliance with accounting standards based on cash or accrual basis‚ or a hybrid of both’ (AGD‚ 2003a: 1). The AGD had also put forward the accrual accounting migration conceptual plan in which it is planned that the government would adopt accrual accounting by 2008. The accrual accounting
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ACC/290 February 14‚ 2013 Wayne Moore Summary Question Accounting systems vary from company to company. However‚ most companies depend on Generally Accepted Accounting Principles (GAAP). These principles keep every company using a standardized system of accounting. Therefore‚ if a financial institution or investor desires to see specific information about a company the financial officer will be able to read those books clearly. Cash based accounting is a
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Cash vs. Accrual Accounting Learn which accounting method is better for your business. RELATED PRODUCTS MORE >>[->0] [->1]&&[->2] Legal Forms for Starting & Running a Small Business[->3] [->4] Quicken Legal Business Pro 2013[->5] [->6] Independent Contractor Agreement for Software Consultant (for Firm)[->7] [->8] Invoice[->9] #right_col #afcSlot_0{height:auto !important;}.googleAdBlock{height:auto !important;} Related Ads Ads by Google[->10] SimplyCash® Business Card[->11]
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18/04/2013 BUSS 1030 Accounting‚ Business and Society Lecture 8: Statement of Cash Flows Chapter 8 Measuring & reporting cash flows pages 448-472 448 472 pages 484-489 1 1 Learning objectives 1. 2. 3. 4. Explain why cash is important to the reporting entity Define cash and cash equivalents Distinguish between accrual- and cash-based transaction recognition Compare and contrast the roles of the four external financial reports (statement of financial performance‚ statement of financial
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Comparing IFRS to GAAP ACC/ 291 11/3/2014 Lori Haines Comparing IFRS to GAAP GAAP Revenue Recognition GAAP rules for recognition are detailed regarding specific industries‚ such as real estate and software. It uses the "complete contract method" and has special rules for rendering software services. Organizations can recognize revenue from the sale of goods made delivery from a definitive agreement for a fixed fee that they are reasonably sure they will collect. Under GAAP‚ companies must wait until
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AC300:Financial Accounting I - Compulsory essay due 15th November Discuss the advantages and disadvantages of financial statements prepared on an accrual basis The financial statement is a financial document used to indicate the financial position of a business at a particular moment in time. A business’s financial position can be analysed into three main areas: Profitability‚ liquidity and stewardships. The statement is prepared at the end of each financial year using accounting basis. The Accrual accounting
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