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ACC 410 Quiz 1



ACC 410 Quiz 1 A regulatory agency would use the external financial statements of a local government for which of the following purposes? To obtain a comprehensive understanding of a government’s fiscal health, a financial analyst should obtain an understanding of which of the following? Which of the following is NOT a purpose of external financial reporting by governments? External financial reports should allow users to Which of the following statements is NOT true? In which of the following activities is a not-for-profit entity least likely to engage? In descending order, the hierarchy of GAAP applicable to a church-owned college may be: As used by GASB, interperiod equity refers to which of the following? Financial reporting should: The most significant financial document provided by a governmental entity may be Which of the following is NOT generally considered a main user of government and not-for-profit entity external financial statements? Which of the following is NOT an objective of financial reporting for not-for-profit entities as established by FASB? Financial reporting should provide information that is useful to present and potential resource providers and other users in: Governments and not-for-profits employ a system of accounting known as Which of the following characteristics is NOT a characteristic that may distinguish a governmental or not-for-profit entity from a business entity? Given a specific set of data, the basis of accounting selected by or imposed on a governmental entity will least affect which of the following? Which of the following is NOT a probable use a donor would make of the external financial statements of a not-for-profit entity? The Governmental Accounting Standards Board is the primary standard-setting body for:


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