ACCT 6343.01 Accounting for Governmental & Not-for-Profit Entities

ACCT 6343.01 Accounting for Governmental & Not-for-Profit Entities

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Q.1 ) The accounting standard setting authority for the federal government is the Governmental Accounting Standards Board (GASB). A . True B . False Q.2 ) For most governmental entities, there is typically more than one general fund. A . True B . False Q.3 ) The fund that accounts for financial resources provided by revenue sources that are legally restricted to a specific purpose, other than capital projects or debt service, is the special revenue fund. A .
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Unformatted text preview: True B . False Q.4 ) One difference between accounting for commercial businesses and accounting in the governmental/nonprofit environment is that the generation of net income is no longer a primary objective. A . True B . False Q.5 ) A "major" governmental fund is one with 10% of total assets, liabilities, revenues, or expenditures in the governmental funds category and 5% in the governmental and enterprise funds combined. A . True B . False...
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