Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

problem 1:

a) Describe fully the given financial accounting methods:

• Cash accounting
• Accrual accounting
• Fund accounting                    
• Budgetary Accounting

b) Describe in brief the two advantages and two drawbacks of cash accounting.

c) Identify and describe, with one illustration, the five key elements of the accural accounting.

d) describe how the given transactions are reported by using cash and accrual accounting.

• Purchase of services on credit
• Acquisition of assets
• Consumption of asset through use

problem 2: There are some distinctive characteristics of government’s operating environment that affect the type of accounting it uses.

Required:

a) Identify and describe four characteristics which are unique to government.

b) Describe the given three dimensions of Government accounting:

• Managerial                                                              
• Compliance                                                             
• Civil society

problem 3: With the view to modernize its accounting system Government is considering adopting International Public Sector Accounting Standards (IPSAS) so as to maximize the reliability and helpfulness of reported financial information.

Required:

a) What are IPSAS and describe four main drivers for changing to IPSAS.

b) In brief describe six benefits government can derive from adopting IPSAS.

i) Government is presently using the Treasury Accounting System (TAS) to account for all financial transactions.

Describe what TAS is and in brief describe the different Modules used to process the financial transactions of the government.

ii) Government has recently set up a new Chart of Accounts to record its financial transactions. Identify and in brief describe two segments of the Chart of Account with one illustration of its application. 

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M96416

Have any Question? 


Related Questions in Financial Accounting

Determine how you would segment the market to conduct

Determine how you would segment the market to conduct research for the health care product or service you found. Explain your rationale. Referring to the same health care product or service, determine the most effective ...

The market environment heavily influences corporate

The market environment heavily influences corporate decision-making ability. Identify the differences in executive decisions concerning pricing, product design, and advertising between a company in a competitive market a ...

Is there something in your life that is typically

Is there something in your life that is typically considered credible (product, tradition, performance technique, equipment, etc.) that you believe needs to be critically challenged? What and why?

Definedescribediscuss database fields records tables

Define/Describe/Discuss Database (Fields, Records, Tables, Database) and Database Management Define/Discuss/Describe ERD: Relationships, Primary Keys, Foreign Keys, Cardinality, etc. Provide Examples. Define/Describe/Dis ...

Assignment1 frazer corporation purchased 60 percent of

Assignment 1. Frazer Corporation purchased 60 percent of Minnow Corporation's voting common stock on January 1, 20X1. On December 31, 20X1 Frazer received $210,000 from Minnoq for a truck. Frazer had purchased on January ...

Discussionpart 1 please respond the following question no

Discussion Part 1 please respond the following question no less then 350 words (original work, no plagiarism, 1 reference) "accounting methods" please respond to the following: • Evaluate the likely impact on a firm's va ...

Select an organization corporate or nonprofit with which

Select an organization (corporate or nonprofit) with which you are somewhat familiar that uses both online and offline channels. Discuss two or three specific examples of how it is taking advantage of the Internet in gen ...

John rogers has been hired by a condominium association to

John Rogers has been hired by a condominium association to take over its management. The previous management company had written the contract so that it would be paid a percentage of the unit owner’s monthly common area ...

Most agree that we should work to bring down the deficit

Most agree that we should work to bring down the deficit. Should the United States increase revenues by eliminating tax credits and loopholes, raising taxes, or stimulating the economy?

Assignemntpart 1 the following information is available for

Assignemnt PART 1: The following information is available for GFI's maintenance cost over the last seven months. Use the high low method to estimate the fixed and variable components of its maintenance cost. Would this b ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro