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12 Jun 2018

How does the term 'motive' apply to

a commercial business?

a Not for profit enterprise

the objective of financial reporting called"Accountability?"

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Hubert Koch
Hubert KochLv2
13 Jun 2018

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Research Case—

Federal Financial Reporting Objectives. Statement of FinancialAccounting Concepts 1, “Objectives of Federal Financial Reporting”at (http://www.fasab.gov/pdffiles/handbook_sffac_1.pdf) identifiesaccountability and decision usefulness as the fundamental values offederal governmental financial accounting and reporting. Thestatement identifies four groups of users to whom the governmentowes accountability and the possible needs of each user group.

Required

Briefly describe the user groups, their needs for information,and how these tie into the four objectives of federal financialreporting identified in the statement.

Chapter 9

Enterprise systems integrate data and information and support business processes. Identify three accounting and financial processes that enterprise systems support.

In one paragraph, explain how enterprise systems provide value for businesses.

Customer relationship management involves the interaction with customers in sales, marketing and service. Explain how CRM helps a company to maintain a competitive advantage, especially in a global market.

How do companies use Social CRM?

Chapter 10

Define the term E-Commerce.

E-Commerce has grown rapidly. Explain these two terms that apply to E-Commerce: ubiquity and global reach.

Define the term digital goods. Identify one item that you have purchased or obtained digitally over the last year.

Name and describe the three categories or types of electronic commerce.

Explain what is meant by the term “wisdom of crowds.” How does this relate to marketing?

Explain how the “social graph” or social relationships affect marketing and e-Commerce.

1. Which of the following is a distinguishing characteristic of a nonbusiness organization?

Select one:

a. There is an absence of ownership interests that can be sold, transferred, or redeemed.

b. It does not depreciate its capital assets.

c. It does not charge fees for any of its services.

d. Its revenues do not exceed its expenses

2. For which type of organizations is the Financial Accounting Standards Board (FASB) responsible for establishing accounting and financial reporting standards?

Select one:

a. Business-type organizations only.

b. Business-type organizations; not-for-profit organizations; and all colleges, universities and health care providers, whether organized as not-for-profit or governmental entities.

c. All entities, except for those under the jurisdiction of the American Institue of CPAs.

d. Business-type organizations and not-for-profit organizations, including not-for-profit colleges, universities and health care providers.

3. To what extent do accounting standards promulgated by the Financial Accounting Standards Board (FASB) apply to state and local governmental entities?

Select one:

a. FASB standards never apply to governmental entities

b. FASB standards apply if so designated by the AICPA

c. All governmental entities have a choice between GASB and FASB standards

d. FASB standards apply if so designated by the GASB

4. Which of the following is the most authoritative source of accounting standards for not-for-profit colleges, universities, and health care providers?

Select one:

a. Current practices widely used by not-for-profit entities

b. FASB Statements and Interpretations

c. Consensus positions of the FASB Emerging Issues Task Force

d. AICPA Industry Audit Guides

5. To what extent do organizations that use fund accounting also report on the entity as a whole?

Select one:

a. Organizations that use fund accounting are not required to report on the entity as a whole

b. Organizations that use fund accounting are required to report on the entity as a whole

c. Organizations that choose to report on the entity as a whole are not permitted to use fund accounting for internal purposes

d. Organizations that use fund accounting have the option of reporting either on funds or on the organization as a whole

6. A not-for-profit organization performs all of the following activities except?

Select one:

a. Paying overtime to employees

b. Paying dividends to shareholders

c. Charging a fee for services provided

d. Purchasing long-lived (capital) assets

7. For which types of organizations is the Governmental Accounting Standards Board (GASB) responsible for establishing accounting and financial reporting standards?

Select one:

a. All governmental and not-for-profit organizations

b. All state and local governmental organizations, except for state and local governmental colleges, universities, health care providers, and utilities

c. All state and local governmental organizations, including government-sponsored colleges, universities, health care providers, and utilities

d. All state, local, and Federal organizations

8. Government and nonprofit accounting focuses on which of the following?

Select one:

a. Reporting to management

b. Demonstrating accountability

c. Protecting investors from fraud

d. Calculating profit or loss

9. Not-for-profit organizations obtain their revenues primarily from?

Select one:

a. Contributions from donors

b. Sales to customers

c. Taxes on real property

d. Taxes on personal property

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