Acct468_Ch1HW - Ch 1 HW Ex1-1 1 The traditional business...

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Ch 1. HW Ex1-1 1. The traditional business model of accounting is inadequate for governments and not for profit organizations primarily because businesses differ from governments and not-for- profit organizations in that They have different missions 2. If businesses are “governed by the market place” governments are governed by Budgets 3. The primary objective of a not-for-profit organization or government is to Provide service to it’s constituents 4. In governments, in contrast to business There may not be a direct relationship between revenues raised and the demand for the entity’s services 5. The organization responsible for setting accounting standards for state and local government is the GASB 6. The number of governmental units in the united states is approximately 89,000 7. Governments differ from businesses in that they Do not raise common stock
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8. Interperiod equity refers to a condition whereby Current-year revenues are sufficient to pay for current-year services 9. Which of the following is not one of the GASB’s financial reporting objectives Ensuring that budgeted revenues are equal to or exceed budgeted expenses 10. Which of the following is not one of the FASB’s financial reporting objectives?
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