Advanced Accounting - Chapter 17 exam

Advanced Accounting - Chapter 17 exam Which organization has the authority to establish generally accepted accounting principles for state and local government entities? A. The National Council on Governmental Accounting B. The Governmental Accounting Standards Board C. The Financial Accounting Standards Board D. The Municipal Officers Finance Organization - answerB. The Governmental Accounting Standards Board Which of the following characteristics are emphasized in the accounting for state and local government entities? I. Revenues should be matched with expenditures to measure success or failure of the government entity. II. There is an emphasis on expendability of resources to accomplish objectives of the governmental entity. A. I only B. II only C. I and II D. Neither I nor II - answerB. II only Which of the following statements is (are) correct about the funds used by governmental entities? I. Funds are fiscal entities II. Funds are accounting entities