Accounting for Governmental & Nonprofit Entities 17th edition by reck
Chapter 01
Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Entities
True / False Questions
| 1. |
| Special purpose governments generally provide a wider range of services to their residents than do general purpose governments. |
True False |
| 2. |
| Examples of general 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. |
| The Governmental Accounting Standards Board (GASB) is the body authorized to establish accounting principles for all government entities. |
True False |
| 5. |
| The Financial Accounting Standards Board (FASB) is the body authorized to establish accounting principles for all colleges and universities and health care entities. |
True False |
| 6. |
| Neither governmental nor not-for-profit entities have residual equity that can be distributed to owners. |
True False |
| 7. |
| A characteristic common to governmental and not-for-profit organizations is that they do not exist to provide goods or services at a profit or profit equivalent. |
True False |
| 8. |
| The needs of users of government financial reports are the same as those of users of business entity financial reports. |
True False |
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