Assignment One

Name: Hussein Abdulkadir Ibrahim ( Allauun )

TOPIC: Assignment of ch1
Subject: Governmental Accounting
Date: 14/03/2021
Day: Sunday
Lecturer: Ustad Abdinaim
Tell: 0617622726
Email: allauun25@gmail.com

Prepared by Hussein Allaauun

Answers:
1. -Bus Orgs: Providers of resources expect either repayment or economic benefits
proportionate to the resources proved.
-Govt/NFP: ....Do not expect either repayment or economic benefits
proportionate to the resources proved.
-Bus Orgs: Primary operations are undertaken to provide goods or services at a
profit.
-Govt/NFP: ...Are not undertaken...
-Bus orgs: There are defined ownership interests that can be sold, transferred or
redeemed or entitle the owner to a share of remaining resources at liquidation
-Govt/NFP: There are no defined ownership interests.
2. a) GASB b) FASB c) FASB d) FASAB
3. No I am not agree because we use FASB it is responsiple for non-governmental not for
profit organisations
4. Interperiod equity is a government’s obligation to disclose whether current-year
revenues were sufficient to pay for current-year benefits—or did current citizens defer
payments to future taxpayers?
5. Purpose of operational accountability is to assess whether the govt has used its
resources efficiently and effectively in meeting its operating objectives. The
purpose of fiscal accountability is to assess the short-term flow of current
financial resources. Govt-wide financial statements are primarily focused on
providing info to assess operational accountability, while fund financial
statements are focused on providing information to assess fiscal accountability.
6. -For NFP: to provide decision-useful financial information to resource providers,
such as donors, members, and credits.
-For Govt: accountability, but other objectives include providing useful info for
economic, social and political decisions.

NFP focuses on providing info that is useful in making decisions; while GOVT org
is to focus primarily on providing info that can be used to assess whether public
resources were raised and used for their intended purposes.
7. 1. an MD&A: provides a brief overview of the entire PAR and describes the
agency's mission and performance goals, among other items
2. Performance section: essentially consisting of the agency's annual
performance report
3. Basic financial statements
4. Other accompanying info: info about nation's tax burden, tax gap, challenges
facing the agency's management, and revenue forgone.

Prepared by Hussein Allauun