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Acc 365 Chapter 1 Flashcards
Acc 365 Chapter 1 Flashcards
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A) A
B) B
C) C
D) D
A) A
B) B
C) C
D) D
A) A
B) B
C) C
D) D
Which of the following is included as B
part of the Financial Report of the
United States Government but not the
performance and accountability report
(PAR) prepared by federal agencies and
departments?
A) MD&A.
B) A Citizen's Guide.
C) Financial statements.
D) All of the above are included in both
reports.
C. Not-for-profit organizations.
A. Understandability.
B. Representational faithfulness.
C. Accountability.
D. Interperiod equity.
Which of the following organizations A
issue standards that are intended for
both internal and external users of
financial information?
A. Decision usefulness.
B. Accountability.
C. Understandability.
D. Budget integrity.
Which of the following is not an A
objective of financial reporting by state
and local governments?
A. Citizens.
C. Employees.
D. Statistical information.
B. Government-wide financial
statements.
B. Letter of transmittal.
A. Introductory section.
C. Statistical section.
D. Financial section.
Which of the following should be B
included in the financial section of a
comprehensive annual financial report?
A. Transmittal letter.
B. Fiscal accountability.
D. Budgetary compliance.
A. GASB.
B. FASB.
C. FASAB.
D. Both A and C.
31. On what should the governmental B
fund financial statements report?
B. Fiscal accountability.
C. Operational accountability.
C. Statistical section.
A. A state hospital.
B. A college or university.
D. Both A and B.
A. Accrual.
B. Modified accrual.
C. Modified cash.
D. Budgetary.