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Essentials of accounting.

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. The Governmental Accounting Standards Board sets financial reporting standards for all units of government: federal, state, and local. Answer: False 2. Fund accounting exists primarily to provide ... assurance that resources are used according to legal or donor restrictions. Answer: True 3. The Financial Accounting Standards Board sets financial reporting standards for private sector organizations, except nongovernmental, not-for-profit organizations. Answer: False 4. FASAB, GASB and FASB standards are set forth primarily in documents called statements. Answer: True 5. FASAB, GASB and FASB standards are set forth primarily in documents called concept statements. Answer: False 6. The FASAB was established to recommend accounting and financial reporting standards for governmental and nonprofit enterprises. Answer: False 7. The GASB requires supplementary information to be reported with its financial statements if it is essential to establish appropriate context for the financial statements and notes. Answer: True 8. The Financial Accounting Standards Board sets financial reporting standards for private not-for-profits and investor-owned businesses. Answer: True [Show More]

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