Which of the following statements best describes the reporting process for profit seeking and governmental entities?
a) Both profit-seeking enterprises and governmental entities use the accrual or cash basis of accounting to record and report transactions.
b) In profit-seeking enterprises the measurement focus is on the flow of current financial resources, whereas the focus for government funds is on all economic resources.
c) Both profit-seeking enterprises and governmental entities have an objective to measure profitability.
d) In profit-seeking enterprises the measurement focus is on the flow of all economic resources of the firm, whereas the focus for governmental funds is on current financial resources.

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15-07-2024
Business

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Which of the following statements best describes the reporting process for profit seeking and governmental entities?
a) Both profit-seeking enterprises and governmental entities use the accrual or cash basis of accounting to record and report transactions.
b) In profit-seeking enterprises the measurement focus is on the flow of current financial resources, whereas the focus for government funds is on all economic resources.
c) Both profit-seeking enterprises and governmental entities have an objective to measure profitability.
d) In profit-seeking enterprises the measurement focus is on the flow of all economic resources of the firm, whereas the focus for governmental funds is on current financial resources.

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fannv68893a fannv68893a · Answer 1 · 2024-07-15T08:15:17-04:00

fannv68893a fannv68893a

15-07-2024

Answer:

A answer=In profit - seeking enterprises the measurement focus is on the flow of current financial resources, whereas the focus for government funds is on all economic resources.

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