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

Short investment horizon suppose you plan to go to graduate

Short investment horizon: Suppose you plan to go to graduate school in two years and you will need money for tuition. Which type of risk would you be most concerned with and why? Long investment horizon: Suppose that a y ...

Assignmenton december 1 2015 john and patty driver formed a

Assignment On December 1, 2015, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the l ...

Assignmentintroductionannual report analysis projectis

Assignment INTRODUCTION Annual Report Analysis Projectis designed to get you familiar with a real company's financial statements and disclosures. The purpose of the project is for student to be able to identify the discl ...

Application calculating variances and analyzing the

Application: Calculating Variances and Analyzing the Results While many organizational costs can be planned for, the actual results may vary from the initial projections. Assessing how these variances impact the bottom l ...

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?

Assignmentwrite a five- to seven-page financial statement

Assignment Write a five- to seven-page financial statement analysis of a public company, formatted according to APA style. Here is a breakdown of the sections within the body of the assignment: Company Overview Provide a ...

Application calculating variances and analyzing the

Application: Calculating Variances and Analyzing the Results While many organizational costs can be planned for, the actual results may vary from the initial projections. Assessing how these variances impact the bottom l ...

The ryde and rowe inc had the following account balances as

The Ryde and Rowe Inc. had the following account balances as of January 1: Direct Materials Inventory $ 8,700 Work in Process Inventory 76,500 Finished Goods Inventory 53,000 Manufacturing Overhead 0 During the month of ...

Financial accounting assignmentcase study 1 - activity

FINANCIAL ACCOUNTING ASSIGNMENT Case Study 1 - Activity Classification (Statement of Cash Flows) You are provided with the following transactions that took place during a recent fiscal year. Transaction Statement of Cash ...

1 morris minor corporation manufactures two products each

1. Morris Minor Corporation manufactures two products each of which require machine processing and labor operations. There is extensive demand for both products, but Morris Minor could devote all of its capacity to manuf ...

  • 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