Accounting > HESI > Chapter 1 The Government and Not-For-Profit Environment (All)

Chapter 1 The Government and Not-For-Profit Environment

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1. F The main objective of a typical governmental or not-for-profit entity is to earn a profit. 2. TA government’s budget may be backed by the force of law. 3. FGovernmental entities have no need ... for an accounting system. 4. TA government’s internal managers rely on general purpose financial statements for a considerable amount of information about their government. 5. FGovernments and not-for-profits may never engage in business-type activities. 6. TLenders use the financial statements of governments and not-for profits just as they would those of businesses, that is, to help assess the borrower’s credit-worthiness. [Show More]

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