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ACC460_COOKE_WEEK2 - Ch 1 Exercise 1-1 Questions 1 3 4 5 7...

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Ch. 1: Exercise 1-1, Questions 1, 3, 4, 5, 7, & 8 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 a. They have different missions b. They have fewer assets c. Their assets are intangible d. Taxes are a major expenditure of businesses The primary objective of a not-for-profit organization or a government is to a. Maximize revenues b. Minimize expenditures c. Provide services to constituents d. All of the above In governments, in contrast to businesses, a . Expenditures are driven mainly by the ability of the entity to raise revenues b. The amount of revenues collected is a signal of the demand for services c. There may not be a direct relationship between revenues raised and the demand for the entity’s services d. The amount of expenditures is independent of the amount of revenues collected The organization responsible for setting accounting standards for state and local governments is the a. FASB b. GASB c. FASAB d. AICPA Governments differ from businesses in that they a. Do not raise capital in the financial markets b. Do not engage in transactions in which they ‘‘sell’’ goods or services c.
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