What are the government offices primarily charged with the accounting responsibility
What Is the Government Accounting Standards Board (GASB)?The Government Accounting Standards Board (GASB) is a private non-governmental organization that creates accounting reporting standards, or generally accepted accounting principles (GAAP), for state and local governments in the United States. Show
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Understanding the Government Accounting Standards Board (GASB)The Government Accounting Standards Board is an independent, non-political organization founded in 1984. The board's mission is to promote clear, consistent, transparent, and comparable financial reporting for state and local governments—the Federal Accounting Standards Board (FASB) does the same for the federal government. Taxpayers, holders of municipal bonds, legislators, and oversight bodies rely on this financial information to shape public policy and invest. The Government Accounting Standards Board's (GASB) FunctionsThe GASB’s uses an open and independent process that encourages broad participation from all stakeholders and objectively considers and analyzes all their views. For example, in June 2022, GASB issued an Invitation to Comment for public feedback which regards providing users of government financial statements with critical information about vulnerabilities for risk and disclosure for state and local governments. Oversight and FundingThe GASB is led by a board. There are seven members of the board, which is headed by a chair and a vice-chair. The FAF Board of Trustees appoints board members for five-year terms, and members serve for up to 10 years. The chair serves on the board full-time, while the vice-chair and the remaining five members serve the board on a part-time basis. GASB members are qualified in governmental accounting and finance and are concerned with public interests in the nation's accounting and financial reporting. The GASB is subject to oversight by the Financial Accounting Foundation (FAF) Board of Trustees, which selects its board members, and the FASB, both of which it funds. In turn, the GASB is funded primarily by accounting support fees paid by brokers and dealers who trade in municipal bonds. This funding mechanism was established by Section 978 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The GASB's MissionAccording to the GASB's website, "The collective mission of the GASB, the FASB, and the FAF is to establish and improve financial accounting and reporting standards to provide useful information to investors and other users of financial reports and educate stakeholders on how to most effectively understand and implement those standards." In that regard, the GASB relies on a variety of intelligence sources when settling its policies. Consultative GroupsTo ensure that diverse opinions are considered, the GASB convenes consultative groups and task forces. Consultative groups perform research for agenda items concerning accounting and financial reporting standards. Task forces are formed to conduct the board's technical projects. Both groups are important sounding boards to ensure that the GASB makes the best decisions for the tax payer, finance, and business communities. 10.Which is not charged with the government accounting responsibility?a.Commission on Auditb.Department of Budget and Managementc.National Government Agenciesd.Legislative Department11.In government accounting, which of the following is a personal service? 12.It is a component of budget accountability reports that should be reported on monthly basis. Get answer to your question and much more 13.To provide for responsibility accounting, the NGAS uses a standard chart of accounts with: Get answer to your question and much more 14.It is the process of analyzing, recording, classifying, summarizing and communicating all transactions involving Get answer to your question and much more the receipt and disposition of government funds and property and interpreting the results thereof.a.Government auditingb.Government budgetingc.Government accountingd.National government15.What is the role of the Bureau of Treasury in relation to government accounting responsibility? 16. What is the legal basis of the Commission on Audit in prescribing the New Government Accounting System Get answer to your question and much more manual?17.What is the basis of accounting under the New Government Accounting System (NGAS)?
Get answer to your question and much more 18.The following are the objectives of the NGAS, which is not: Get answer to your question and much more a.Simplify government accountingb.Conform to international accounting standardsc.Comply with the requirements of international monetary boardd.Generate periodic and relevant financial reports for better monitoring or performance19.It is a statement of estimated receipts and estimated expenses of the government which serves as basis for a General Appropriation Act. Get answer to your question and much more Which is charged with the Government accounting responsibilities?Accounting responsibility is mandated by the Constitution of the Philippines. The head of the agency and other personnel who have authority over government funds are directly responsible.
Who is responsible for Government accounting?The Governmental Accounting Standards Board
The GASB is tasked with the development of accounting and financial reporting standards for state and local governments, while the Financial Accounting Standards Board (FASB) has the same responsibility, but for all other entities not related to governmental activities.
What is the role of government in accounting?Prepare Budgets and Reports: Government accountants prepare budgets for various government branches, departments, and agencies. They also prepare reports on taxes, spending, and general finances. These tasks require careful analysis and documentation.
What are the types of Government accounting?9 types of government accounting jobs. Auditor.. Accounting clerk.. General accountant.. Financial accountant.. Cost accountant.. Accounting supervisor.. Budget analyst.. Financial advisor.. |
