Chapter 1: Accounting for
Governmental & Nonprofit
Entities Questions And Answers
Which of the following is a special purpose government?
- The state of arkansas
-greene country
-Minneapolis public schools
-city of seattle - Correct Answer ✔✔ - 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. - Correct Answer ✔✔ - 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.
Governmental & Nonprofit
Entities Questions And Answers
Which of the following is a special purpose government?
- The state of arkansas
-greene country
-Minneapolis public schools
-city of seattle - Correct Answer ✔✔ - 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. - Correct Answer ✔✔ - 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.
