Test Bank for Accounting for Governmental & Nonprofit Entities 19th Edition By Jacqueline Reck

Test Bank for Accounting for Governmental & Nonprofit Entities 19th Edition By Jacqueline Reck Version 1 2 Student name:__________ 1) Explain the essential differences between general purpose and special purpose governments and give several examples of each. 2) Identify and explain the characteristics that distinguish governments and not-for-profit entities from business entities. 3) GASB and FASB standards are concerned only with external financial reporting; whereas, FASAB standards are concerned with both internal and external financial reporting. Do you agree with this statement? Why or why not? Version 1 3 4) Why should persons interested in reading financial reports of governments and not-forprofit entities be familiar with standards set by the GASB and the FASB? 5) Explain in your own words why accountability is the cornerstone of all financial reporting in government. Version 1 4 6) In your own words state the primary needs the GASB believes external users have for financial reports of state and local governments. For contrast, state the uses the FASB believes external users have for the financial reports of not-