11 which of the following is the most authoritative source of accounting standards f 4312041

11 which of the following is the most authoritative source of accounting standards f 4312041

11.Which of the following is the most authoritative source of accounting standards for cities and counties?

a.Current practices widely used by not-for-profit entities

b.GASB Statements and Interpretations

c.AICPA Industry Audit Guides

d.Implementation guides published by GASB staff

12.Concepts statements issued by the GASB and the FASAB emphasize which of the following objectives of governmental financial reporting?

a.It should help the chief executive assess the entity's financial condition.

b.It should help department heads assess their department's results of operations.

c.It should help the judiciary determine whether the government has complied with the law.

d.It should help report users assess accountability.

13.An activity that is unique to governments is

a.Budgeting

b.Cash management

c.Levying taxes

d.Advertising

14.To what extent do organizations that use fund accounting also report on the entity as a whole?

a.Organizations that use fund accounting are not required to report on the entity as a whole

b.Organizations that choose to report on the entity as a whole are not permitted to use fund accounting for internal purposes

c.Organizations that use fund accounting are required to report on the entity as a whole

d.Organizations that use fund accounting have the option of reporting either on funds or on the organization as a whole

15.Not-for-profit organizations obtain their revenues primarily from

a.Sales to customers

b.Contributions from donors

c.Taxes on personal property

d.Taxes on real property

Problems

16.(True or false)

State whether these statements are true or false.  Discuss why the false statements are false.

a.An entity is likely to be a governmental entity if a controlling majority of its governing body is appointed by governmental officials.

b.The objective of a government is to provide services to its constituents.

c.AICPA pronouncements have approximately the same level of authority as articles appearing in the Journal of Accountancy.

d.The objective of a not-for-profit organization is to provide services to its constituents.

e.By definition, all funds have cash, financial resources, and capital resources.

f.The objective of a business organization is to enhance the wealth of its owners.

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