ACC 407 Exam 1 (Ch. 1-3) 2023 LATEST EXAM GRADED A+

Under GASB Statement 34, accrual accounting is used for: A. government-wide financial statements only. B. government-wide financial statements and proprietary fund financial statements only. C. government-wide, proprietary fund, and fiduciary fund financial statements only. D. government-wide and all fund financial statements. - ANSWER C. government-wide, proprietary fund, and fiduciary fund financial statements only. The Governmental Accounting Standards Board is assigned responsibility for setting accounting and financial reporting standards for A. Governments; such as federal agencies, states, cities, counties, villages, and townships. B. State and local government entities and governmentally-related units and agencies, such as utilities, authorities, hospitals, and colleges and universities. C. Not-for-profit organizations. D. State and local government and all not-for-profit organizations. - ANSWER B. State and local government entities and governmentally-related units and agencies, such as utilities, authorities, hospitals, and colleges and universities. The Financial Accounting Standards Board has the responsibility for setting accounting and financial reporting standards for A. All not-for-profit organizations that are nongovernmental and business entities. B. All special purpose governments. C. All not-for-profit organizations. D. All federal government agencies. - ANSWER A. All not-for-profit organizations that are nongovernmental and business entities.