Study Guide and Test Bank for Accounting for Governmental & Nonprofit Entities – Chapter 1

Study Guide and Test Bank for Accounting for Governmental & Nonprofit Entities,Study
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Governmental & Nonprofit Entities, Chapter 1 Complete Questions and Verified Answers.pdf




Study Guide and Test Bank
for Accounting for
Governmental & Nonprofit
Entities, Chapter 1 Complete
Questions and Verified
Answers


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Which of the following is a special purpose government?
- The state of arkansas
-greene country
-Minneapolis public schools
-city of seattle


Minneapolis public schools


Which of the following statement is true for both governmental organizations and for-profit organizations?
-lack of a profit organization
- revenue may be earned through exchange transactions
-absence of owners
-Resources are provided by individuals and entities that my not directly benefit from the use of the resources.


Resources are provided by individuals and entities that my not directly benefit from the use of the resources.


Which of the following statements regarding primary sources of accounting and financial reporting standard is false.
-The GASB sets standards for all state and local governments.
- The FASB sets standards for all business and not for profit entities.
- The FASB and GASB are administered by the financial accounting foundation.
-The FASAB sets standards for the federal government and its agencies and departments.


The FASB sets standards for all business and not for profit entities.


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