Acct 6343.01 Accounting For Governmental & Not-for-profit Entities
5 Questions
Settings
-
+
The accounting midterm exam is coming up and as promised these quiz consists of the first five true or false questions you will be expected to answer on 19/3/2918. Give them a try and continue with your revision for the midterms. Remember to remind your friends to do the same.
Questions and Answers
- 1.The accounting standard setting authority for the federal government is the Governmental Accounting Standards Board (GASB).
- A.
True
- B.
False
- 2.For most governmental entities, there is typically more than one general fund.
- A.
True
- B.
False
- 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.
True
- B.
False
- 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
- 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
Back to top