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What are the questions on the Government Accounting test?
Question 25 25. This fund is one that the government uses to pay the government's debt. Question 26 26. This fund is set up with intent of the government serving as the middle man to make payments to other entities, often used in utilities. Question 27 27.
What are the different types of government accounting?
Governmental funds use the current financial resources measurement focus and the modified accrual basis of accounting. Proprietary funds use the economic resources measurement focus and the accrual basis of accounting.
Why is government accounting important to the public?
Because government agencies serve as stewards of taxpayer money, using the money to provide valuable services and goods to the public, there's a need for both uniformity and transparency in the way financial data is reported.
Is it possible to record all governmental financial transactions?
This makes it impossible to record all governmental financial transactions and balances in a single accounting entity.
Last Update: Oct 2021
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