Acc 410 Midterm 2016 - Question 1 8 out of 8 points Which...

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Question 1 8 out of 8 points Which of the following constituency groups would be most likely to evaluate government financial statements to determine likely areas in which to achieve cost-savings? Selected Answer: Union officials representing the government’s employees. Correct Answer: Union officials representing the government’s employees. Question 2 8 out of 8 points In descending order, the hierarchy of GAAP applicable to a church-owned college may be: Selected Answer: FASB Statements and Interpretations, FASB Technical Bulletins, AICPA Industry Audit Guides, FASB Implementation Guides, other accounting literature—including GASB standards. Correct Answer: FASB Statements and Interpretations, FASB Technical Bulletins, AICPA Industry Audit Guides, FASB Implementation Guides, other accounting literature—including GASB standards. Question 3 8 out of 8 points Which of the following characteristics distinguishes a government or not- for-profit entity from a business? Selected Answer: The mission of the entity will determine the goods or services provided. Correct Answer: The mission of the entity will determine the goods or services provided. Question 4 8 out of 8 points The Governmental Accounting Standards Board is the primary standard- setting body for: Selected Answer: All state and local
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governments. Correct Answer: All state and local governments. Question 5 8 out of 8 points Riverside Golf Course is a city-owned golf course that collects greens fees in amounts sufficient to cover its expenses. Riverside Golf Course should be accounted for in which of the following funds? Selected Answer: Enterprise fund.
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