Test-Bank-for-Accounting-for-Governmental-and-Nonprofit-Entities-15th-Edition-by-Wilson

Test-Bank-for-Accounting-for-Governmental-and-Nonprofit-Entities-15th-Edition-by-Wilson

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You can buy the this complete file at http://testbanksfor.com Chapter 01 Introduction to Accounting and Financial Reporting for Governmental True / False Questions 1. General purpose governments generally provide a wider range of services to their residents than do special purpose governments. True False 2. Examples of special purpose governments include cities, towns, and public schools that receive tax revenue to finance the services they provide. True False 3. The Governmental Accounting Standards Board (GASB) is the body authorized to establish accounting principles for all state and local governments, both general purpose and special purpose. True False 4. A characteristic common to governmental and not-for-profit organizations is operating purposes that are other than to provide goods or services at a profit or profit equivalent. True False 5. The needs of users of governmental financial reports are the same as those of users of business financial reports. True False 6. The Federal Accounting Standards Advisory Board (FASAB) recommends accounting principles and standards for the federal government and its agencies and departments. True False You can buy the this complete file at http://testbanksfor.com
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You can buy the this complete file at http://testbanksfor.com 7. The FASB, GASB, and FASAB all focus their standards on both internal and external financial reporting. True False 8. Interperiod equity refers to the concept that current-year revenues are sufficient to pay for services provided that year, so that future taxpayers will not be required to assume the burden for services previously provided. True False 9. The minimum requirements for general purpose external financial reporting are (1) management's discussion and analysis (MD&A), (2) the basic financial statements, including the notes to the financial statements, and (3) combining and individual fund financial statements. True False 10. The statement of net assets and the statement of activities are the two government-wide financial statements required by GASBS 34 . True False 11. The governmental fund financial statements are intended to report on fiscal accountability . True False 12. The basis of accounting under which revenues are recognized when measurable and available for spending and expenses when resources are consumed is the modified accrual basis of accounting. True False You can buy the this complete file at http://testbanksfor.com
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You can buy the this complete file at http://testbanksfor.com Multiple Choice Questions
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