Exam 1.htm - Select the BEST answer to each question from...

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Select the BEST answer to each question from those given. Each Problem is worth 4 points. 1. The Financial Accounting Standards Board has the responsibility for setting accounting and financial reporting standards for A) All federal and state organizations. B) All not-for-profit organizations that are nongovernmental and business entities. C) All not-for-profit organizations. D) Both B) and C) are correct. B 2. The GASB has identified which of the following as the "cornerstone" of all financial reporting in government? C 3. Which of the following is not an objective of financial reporting by state and local governments?
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C 4. The three sections recommended by GASB for inclusion in the Comprehensive Annual Financial Report (CAFR) are: A 5. Which of the following is information that should be included in the financial section of a comprehensive annual financial report? A) The auditor's report. B) The basic financial statements. C) Notes to the financial statements. D) All of these should be included. D
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