Government and Not-for-Profit Accounting notes

The Government and Not-For-Profit Environment TRUE/FALSE (CHAPTER 1) 1. The main objective of a typical government or not-for-profit entity is to earn a profit. 2. A government’s budget may be backed by the force of law. 3. Governments have no need for an accounting system. 4. A government’s internal managers rely on general purpose financial statements for a considerable amount of information about their government. 5. Governments and not-for-profit entities may n...

The Government and Not-For-Profit Environment TRUE/FALSE (CHAPTER 1) 1. The main objective of a typical government or not-for-profit entity is to earn a profit. 2. A government’s budget may be backed by the force of law. 3. Governments have no need for an accounting system. 4. A government’s internal managers rely on general purpose financial statements for a considerable amount of information about their government. 5. Governments and not-for-profit entities may n...