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

Chapter 1 1 which of the following goals of the firm are

Chapter 1 1) Which of the following goals of the firm are synonymous (equivalent) to the maximization of shareholder wealth? A) profit maximization B) maximization of the total market value of the firm's common stock C) ...

1 wellplace hospital provides you with the following

1. Wellplace Hospital provides you with the following financial statements for 20X2 and 20X1: December 31 20X2 20X1 Cash $ 168 $ 211 Temporary investments 126 34 Receivables-patients, net 1,011 893 Inventory 296 315 Prep ...

Infrastructure of homeland security hmls 4081 i choose the

Infrastructure of Homeland Security (HMLS 408) 1. I choose The Department Of Energy 2. Parts I and II are to be submitted as one submission, in the form of a continuous document. Make sure to delineate/identify part I an ...

Financial accounting multiple choice1 preparing a bank

Financial Accounting Multiple Choice 1) Preparing a bank reconciliation enables a company to ________. A) locate any errors, whether made by the bank or by the company B) make adjustments for transactions that have alrea ...

Describe the steps in the exporting process and each of the

Describe the steps in the exporting process and each of the instruments that facilitate exporting. What are export management companies and what are export trading companies? What purposes do they serve and in what way a ...

Introduction to financial accounting assignment please

Introduction to Financial Accounting Assignment Please answer all Questions.  QUESTION 1 - Frank, a hospitality event consultant, started business on 01 May. The following is a list of transactions for the month of May.  ...

Gaappartnershipsethics1500 words - apa formatyou are an

GAAP/Partnerships/Ethics (1,500 Words - APA Format) You are an accounting student taking a class in accounting. Your professor has given you an assignment for the weekend. He wants you to look at each ethical scenario li ...

Accounting discussion questionsdq1review the provisions of

ACCOUNTING DISCUSSION QUESTIONS DQ1 Review the provisions of the Sarbanes-Oxley Act of 2002 to address the accounting scandals in the late 1990s and early 2000s (Enron, WorldCom, etc.). Identify the provisions that you b ...

1 discuss how marketing is often misunderstood by the other

1. Discuss how marketing is often misunderstood by the other functional areas of business. 2. What is the meaning of Balanced and Unbalanced Assignment Problems? 3. Describe the function of a Change Control Board 4. Disc ...

1 in reviewing a claim under the equal pay act do the

1. In reviewing a claim under the Equal Pay Act, do the courts require that the jobs in question be identical? 2. Why do health professionals view marketing in a different way than their counterparts in other industries? ...

  • 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