Chapter_1_Homework_Key - and budget, the comptroller...

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C HAPTER 1 Introduction to Accounting and Financial Reporting for Governmental and Not for Profit Organizations 1 1. The solution to this and the first exercise of Chapters 2 through 9 will differ from student to student assuming each has a different CAFR. 1 3. The three standards setting bodies in question are the Governmental Accounting Standards Board (GASB), the Federal Accounting Standards Accounting Advisory Board (FASAB), and the Financial Accounting Standards Board (FASB). The GASB sets accounting and financial reporting standards for state and local governmental organizations, including those not for profit organizations that are determined to be state and local governments. The FASAB establishes accounting standards for the federal government and its agencies unless objected to by one of the "principals" (the director of the office of management
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Unformatted text preview: and budget, the comptroller general of the united states, and the secretary of the treasury). When the "principals" approve, the FASAB standards become GAAP. The FASB sets accounting and financial reporting standards for all nongovernmental entities, including business entities and nongovernmental, not ‐ for ‐ profit entities. 1 ‐ 7. Public sector organizations are governments or organizations owned or controlled by governments. Private sector organizations are organizations that are not owned or controlled by governments and include businesses as well as private not ‐ for ‐ profit organizations. 1 ‐ C The solution to the continuous problem will be given following completion of the whole problem on July 27 th ....
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This note was uploaded on 11/04/2009 for the course ACCTG 411 taught by Professor Gillick during the Spring '09 term at University of Washington.

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