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True / False Questions 40.Political parties and campaign committees can qualify for tax-exempt status.  41.All not-for-profit organizations are required to file some type of Form 990 with the Internal Revenue Service.  42.The Internal Revenue Service requires that information from the audited financial statements be used to complete the Form 990.  Multiple.
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True / False Questions 1.Financial reporting standards for all hospitals are established by the FASB.  2.Patient service revenues and related receivables exclude charges for charity care services.  3.In accounting for health care entities, the provision for bad debt should always be recorded as a revenue deduction, rather than as an expense. .
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27.One of the purposes of the Federal Financial Management Improvement Act of 1996 was to  A. Establish a requirement that the financial statements of the federal government as a whole be audited. B. Improve the effectiveness of programs receiving federal funds. C. Establish generally accepted federal accounting principles. D. Rebuild.
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33.Effective capital budgeting for general capital assets of a government requires A. Intermediate and long-range capital improvement plans for general capital assets. B. Nonfinancial information on physical measures and service condition of capital assets of component units. C. Consideration of how proprietary fund capital projects will be financed. D. Information about the capital.
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MULTIPLE-CHOICE QUESTIONS 46.The term that best describes an information system that is tailored to the strategic              information needs of top-level management is called an: a.  accounting information system b.  expert system c.  executive information system d.  EDP system 47.Which of the following is  an example of a common functional MIS subsystem? a.  Decision support system b.  Marketing information.
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11.The financial statements of the U.S. government are prepared using generally accepted accounting principles promulgated by the Governmental Accounting Standards Board.  12.Federal government agencies prepare a management's discussion and analysis (MD&A) to be included in their general purpose federal financial report.  13.Under SFFAS No. 2, all federal agencies are defined.
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True / False Questions 1.Responsibility for setting accounting and reporting standards for federal agencies rests primarily with the Federal Accounting Standards Advisory Board.  2.By law, federal agencies must incorporate the accounting standards (GAAP) established for the federal government into their financial management systems.  3.The objectives of federal financial reporting are to.
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Essay Questions 50.If the revenues budget of a government is prepared on the modified accrual basis is there any reason why the revenues budget should be converted to a cash receipts budget? Explain. 51."Because a budgetary comparison statement is required for conformity with GAAP (under GASBS 34), resource management purposes are.
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57.Why should persons who manage, advise, or audit governments and not-for-profit organizations be generally familiar with OMB Circulars A-87, A-21, and A-122? In your answer explain what "OMB" means, and why its circulars should be of concern to those involved with management, advisement, or auditing of state and local governments.
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FILL-IN-THE-BLANK QUESTIONS 31.A systems development project consists of __________ general phases. 32.The purpose of the __________ approach is to assist in the orderly development of effective systems. 33.Many companies prefer business process __________ because they find it more cost-effective than designing their own system from the ground up. 34.A philosophy of ___________ design fosters.
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92.Presented below is a list of terms relating to accounting information systems, followed by definitions of those terms. Required:  Match the letter next to each definition with the appropriate term. Each answer will be used only once. _____  1.  XBRL _____  2.  Telecommuting _____  3.  JIT _____  4.  Total quality management _____  5.  OA _____  6.  Primary.
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MATCHING 91.Presented below is a list of terms relating to accounting information systems, followed by definitions of those terms. Required:  Match the letter next to each definition with the appropriate term. Each answer will be used only once. _____  1.  Chief Information Officer _____  2.  Treasurer _____  3.  Transaction processing cycle _____  4.  Technical support function _____ .
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Multiple Choice Questions 17.Which of the following is a not a true statement about tax-exempt organizations?  A. They must be organized to serve the charitable needs of the public at large. B. They must first become a not-for-profit corporation or charitable trust. C. They are permitted to do some political lobbying.
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76.Which of the following is  a merchant benefit of Web commerce? a.  Cost savings through automated ordering b.  Worldwide availability of the company’s products c.  No waiting in line for a salesperson or to obtain product information d.  Low overhead 77.A company known for its use of blueprints in systems design for clients is: a.  SAM b. .
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11.External users of accounting information include investors, customers, governmental agencies, and suppliers. 12.The functional management information system (such as marketing, manufacturing, human resources, and financial) are logically independent. 13.A decision support system (DSS) is tailored to the strategic information needs of top-level management. 14.Business processes are always triggered by some economic event, and.
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Essay Questions 46.Record in general journal form the following selected transactions for Avalon General Hospital, a nongovernmental not-for-profit institution. 47.Show entries in general journal form for the following transactions of Bothwell Regional Hospital, a nongovernmental not-for-profit hospital. 48.Georgetown Hospital, a governmental hospital, recorded during its fiscal year ended September 30, gross patient services.
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TRUE/FALSE QUESTIONS . 1.A system is a collection of resources related such that certain objectives can be achieved. 2.Accounting information systems are designed to gather and utilize information which may cost more to provide than it is worth to the user. 3.Examples of the information provided by a financial information system are cash flow.
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FILL-IN-THE-BLANK QUESTIONS 31.Preparing flowcharts can be viewed as more ________ than ________. 32.__________ __________ are a fact-gathering technique where persons provide written answers to general, rather than specific, questions. 33.__________ __________ is based on the premise that quantitative measurement is essential to the design of efficient procedures. 34.The formula for capacity utilization can be.
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True / False Questions 1.Some of the budgeting approaches governments have experimented with as alternatives to line-item, incremental budgeting include performance budgeting, program budgeting, the planning-programming-budgeting system, and zero-based budgeting.  2.In governments, the budget has always played a role in external financial reports through the required budget-to-actual comparison schedules or statements.
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11.A nongovernmental not-for-profit health care entity would report the net asset categories unrestricted, restricted and permanently restricted.   12.Continuing care retirement communities (CCRC) provide residential care in a facility, along with some level of long-term medical care that is less intensive than hospital care.  13.All health care organizations report investments at.
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True / False Questions 1.A state has the obligation to monitor and regulate a not-for-profit (NFP) organization because it granted the NFP tax-exempt status through the not-for-profit corporation laws.  2.The federal government's primary objective in regulating not-for-profit organizations through the income tax laws is to limit the number of exempt organizations.
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76.Which of the following would generally  be appropriate in preparing a document flowchart? a.  Columnar headings b.  Flowlines c.  Process symbols d.  Connector symbols 77.A type of resource utilization technique which is used to rationally assign work activities to particular individuals, departments, or other entities is: a.  work measurement b.  work distribution analysis c.  branching table d.  decision table 78.Which of the.
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11.Systems analysis involves formulating a blueprint for a completed system. 12.Auditors primarily use IPO and HIPO charts. 13.Manual input and display symbols are among the basic flowchart symbols. 14.In the United States, the AICPA is responsible for establishing standard flowchart symbols. 15.The four basic symbols corresponding to basic data processing functions are the input/output.
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11.Not-for-profit organizations risk loss of their tax-exempt status if they engage in any political activity.  12."Excess benefit transactions" are those in which persons who have substantial influence over the not-for-profit organization engage in transactions that result in economic benefits to them that are excessive, such as unreasonable compensation, sale of.
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21.An information center is a support facility for end users in an organization. 22.DBMS is the hands-on use of computers by end users. 23.Information system specialists are used in the traditional approach to data processing for end users. 24.EDI is a key component to quick-response technology system. 25.The philosophy that one should do the.
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25.Which of the following is required as part of a complete set of financial statements for a private college or university? A. Statement of changes in operations. B. Statement of revenues, expenses, and changes in net assets. C. Statement of activities. D. Statement of functional expenses. 26.Colleges and universities often make loans to students. How.
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Multiple Choice Questions 21.According to FASB standards, which of the following entities would not be considered a health care organization? A. The Heart Research Institute. B. The St. George Hospital. C. The Family Practice Medical Clinic. D. The Northeast Health Maintenance Organization. 22.Which of the following is (are) considered an authoritative.
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66.Which of the statements below is  regarding extensible business reporting language (XBRL)? a.  Many experts feel that XBRL will replace EDI. b.  XBRL is in effect a narrower standard than the ANSI X.12 standard for EDI. c.  The SEC allows use of the XBRL format. d.  XBRL facilitates the exchange of business documents over.
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Essay Questions 46.The Desert Conservation Agency was authorized by the United States Congress to commence operations on October 1, 2014. Record the following transactions in general journal form, as they should appear in the budgetary and proprietary accounts of the agency. For each entry indicate whether it affects the budgetary accounts.
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MATCHING QUESTIONS 101.Presented below is a list of terms relating to accounting information systems, followed by definitions of those terms. Required:  Match the letter next to each definition with the appropriate term. Each answer will be used only once. _____  1. On-line storage symbol _____  2. Off-page connector symbol _____  3. Manual input symbol _____  4..
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Multiple Choice Questions 17.Which of the following is not a part of the FASAB due process for establishing a federal financial accounting standard?  A. Public comment on a discussion memorandum. B. Issuing an exposure draft. C. Unanimous approval by the FASAB. D. Support (or lack of opposition) of the standard by.
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Essay Questions 43.Prepare in general journal form the entries required for each of the following selected transactions of Northern University, a state-funded public institution engaged only in business-type activities. Some of these transactions are related and some are not. 44.Manthei University, a private university, has provided the following information concerning selected transactions..
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ESSAYS 93.Explain what is meant by “internal control,” and give two examples. Suggested answer: 94.Give four components that may be found in an organization’s quick-response system and briefly describe each component. Suggested answer: 95.Briefly describe and distinguish technical support and user support. Suggested answer: .
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53.Explain what is required to develop an effective total quality management (TQM) program for a government. 54.How can service efforts and accomplishments (SEA) indicators be useful in improving budgeting? 56.What is the role of cost drivers in an activity-based cost (ABC) system? Explain how analysis of cost drivers can be.
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21.An IPO chart provides a narrative description of the inputs needed to generate desired system outputs. 22.A HIPO chart contains two segments: a hierarchy chart and one or more IPO charts. 23.AN IPO chart can provide much detail concerning the processing function. 24.HIPO structures a “bottom-up” strategy in structured systems analysis and design. 25.A.
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86.The first step in preparing a flowchart is to: a.  select the symbols to be used b.  analyze the system c.  sketch a rough draft of the system d.  consult the work papers from previous audits 87.How many general guidelines should be followed when preparing a flowchart? a.  Three b.  Five c.  Seven d.  Four 88.The goal of work measurement.
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TRUE/FALSE QUESTIONS 1.Tools used in the analysis, design, and documentation of system and subsystem relationships are known as system techniques. 2.The interim audit requires some type of substantive testing. 3.Substantive testing involves direct verification of financial statement figures. 4.When evaluating internal controls, auditors are usually not concerned with the flow of processing and distribution.
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MULTIPLE-CHOICE QUESTIONS 46.The acronym for the organization responsible for standardizing flowchart symbols is: a.  FASB b.  ANSI c.  AICPA d.  CMA 47.Audit tests that follow compliance tests and rely on the interim audit’s results are called: a.  substantive test b.  follow-up tests c.  internal control tests d.  evaluation tests 48.Which of the following is a procedure included in systems design? a.  Computer.
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38.All of the following reports are included in the reporting package resulting from the single audit except  A. Financial statements and schedule of expenditures of federal awards. B. Summary schedule of prior audit findings. C. Report on efficiency and effectiveness. D. Corrective action plan. 39.Which of the following is not.
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56.The “hierarchy” aspect of HIPO charts refers to the fact that this technique factors a task into modules by: a.  using the entity’s organization chart b.  utilizing a horizontal approach c.  going from the general to the specific d.  None of these answers are correct. 57.The charting technique which emphasizes a logical rather than a.
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Multiple Choice Questions 15.Which of the following statements is true regarding generally accepted accounting principles (GAAP) for colleges and universities? A. The FASB has set standards for private and public colleges and universities from the time of its inception in 1974. B. The National Association of Colleges and University Business Officers (NACUBO) provides.
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102.Presented below is a list of terms relating to accounting information systems, followed by definitions of those terms. Required:  Match the letter next to each definition with the appropriate term. Each answer will be used only once. _____  1. Systems techniques _____  2. Work measurement _____  3. Decision table _____  4. HIPO chart _____  5. Data.
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66.In a logical data flow diagram for a payroll system, the employees’ time cards would best be represented by which of the following symbols? a.  The terminator symbol b.  The process symbol c.  The data store symbol d.  The data flow symbol 67.Which of the following systems development activities may require the use of systems techniques? a.  systems.
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11.Total quality management (TQM) seeks to continuously improve an organization's ability to meet or exceed customers' demands, and, as such, is useful in a government setting as well as a business setting.  12.Service efforts and accomplishments measures suffer from the same problem as line-item or object-of-expenditures budgeting; that is, focusing.
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31.Which of the following could be included in the performance indicator measure provided by a nongovernmental not-for-profit hospital?  A. Contribution to an endowment. B. Gain on sale of equipment. C. Grant restricted for diabetes research. D. Interest income that is temporarily restricted. 32.Which of the following would usually be considered.
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True / False Questions 1.Nongovernmental (private) colleges and universities should follow FASB standards; governmental (public) colleges and universities should follow GASB standards. 2.Under GASB standards, public colleges and universities are considered general purpose governments. 3.Revenues and expenses of both public business-type and private colleges and universities are accounted for on the accrual basis. 4.A.
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Multiple Choice Questions 23.Which of the following statements is not consistent with the GASB's "Budgeting, Budgetary Control, and Budgetary Reporting Principle?" A. An annual budget must be adopted using generally accepted accounting principles. B. The accounting system should provide the basis for appropriate budgetary control. C. Budgetary comparison schedules should be presented as.
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56.From an organization’s viewpoint, a distinction can be drawn between the following two broad classes of accounting information: a.  historical and future b.  strategic and operational c.  internal and external d.  mandatory and discretionary 57.Which item listed below is considered a primary business process? a.  Marketing b.  Outbound sales logistics c.  Technology development d.  Service 58.Which of the following is .
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27.A good measure of whether a not-for-profit organization is spending too much on overhead, such as general and administrative expenses, is  A. Percentage of unrestricted net assets to operating expenses. B. Current ratio. C. Total revenues divided by total expenses. D. Percentage of total expenses spent on the program function.
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