Test Bank Essentials of Accounting for Governmental and Not-for-Profit Organizations 14th Edition By
- From Business, General Business
- NUMBER1TUTOR
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Description
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) The Governmental Accounting Standards Board sets financial reporting standards for all units of government: federal, state, and local.
⊚ true
⊚ false
2) Fund accounting exists primarily to provide assurance that resources are used according to legal or donor restrictions.
⊚ true
⊚ false
3) The Financial Accounting Standards Board sets financial reporting standards for profit-seeking businesses and nongovernmental, not-for-profit organizations.
⊚ true
⊚ false
4) FASAB, GASB and FASB standards are set forth primarily in documents called statements.
⊚ true
⊚ false