Gov&Non Profit Ch. 1 Notes

Gov&Non Profit Ch. 1 Notes - Ya GOVERNMENT NONPROFIT...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
CHAPTER 1 NOTES I. Types of governments A. General purpose – provide many services B. Special purpose – provide only a single function (or limited function) II. A. FASB 1) Statement of Financial Accounting Concept #4 a) Income not proportional to the service b) Purpose lacks profit motive c) Ownership interest not defined B. GASB 1) Power rests in the hands of the people a) Voters elect officials 2) Accountable to higher governments (ie: grants, subsidies) 3) Revenues raised through taxes 4) Difficult to measure due to lack of competition a) efficiency b) optimal quantity or quality C. FASAB 1) Federal Accounting Standards Advisory Board D. AICPA Code of Professional Conduct, Rule 203 1) Designated GASB, FASAB, FASB as authoritative bodies See illustration 1-1, p. 4 III. Government A. US Bureau of census defines 1) Organization 2) Has governmental character 3) Has discretion to manage itself separately from other
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 10/11/2010 for the course ACCT 658 taught by Professor Zurek during the Fall '10 term at La Sierra.

Page1 / 4

Gov&Non Profit Ch. 1 Notes - Ya GOVERNMENT NONPROFIT...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online