Governmental Accounting: Exam 3
correctly answered
The private sector organization that has been given primary authority to set accounting and
financial reporting standards for private sector, not-for-profit organizations is the... - correct
answer ✔✔Financial Accounting Standards Board
The private sector organization that has been given primary authority to set accounting and
financial reporting standards for state and local governments is the... - correct answer
✔✔Governmental Accounting Standards Board
The organization that has been given primary authority to set accounting and financial reporting
standards for the federal government and its agencies is the... - correct answer ✔✔Federal
Accounting Standards Advisory Board.
In comparing internal service funds to enterprise funds... - correct answer ✔✔Internal service
funds sell predominantly to other government departments and enterprise funds sell
predominantly to external parties.
The government-wide financial statements include a.. - correct answer ✔✔Statement of net
assets and a statement of activities
Governmental funds include - correct answer ✔✔General, special revenue, debt service, capital
projects, and permanent funds.
Governmental funds use the: - correct answer ✔✔Current financial resources measurement
focus and modified accrual basis of accounting.
correctly answered
The private sector organization that has been given primary authority to set accounting and
financial reporting standards for private sector, not-for-profit organizations is the... - correct
answer ✔✔Financial Accounting Standards Board
The private sector organization that has been given primary authority to set accounting and
financial reporting standards for state and local governments is the... - correct answer
✔✔Governmental Accounting Standards Board
The organization that has been given primary authority to set accounting and financial reporting
standards for the federal government and its agencies is the... - correct answer ✔✔Federal
Accounting Standards Advisory Board.
In comparing internal service funds to enterprise funds... - correct answer ✔✔Internal service
funds sell predominantly to other government departments and enterprise funds sell
predominantly to external parties.
The government-wide financial statements include a.. - correct answer ✔✔Statement of net
assets and a statement of activities
Governmental funds include - correct answer ✔✔General, special revenue, debt service, capital
projects, and permanent funds.
Governmental funds use the: - correct answer ✔✔Current financial resources measurement
focus and modified accrual basis of accounting.
