1. To what extent do accounting standards promulgated by the Financial Accounting Standards Board (FASB) apply to state and local governmental entities?

Select one:

a. FASB standards apply if so designated by the AICPA

b. FASB standards never apply to governmental entities

c. All governmental entities have a choice between GASB and FASB standards

d. FASB standards apply if so designated by the GASB

2. Which of the following is the most authoritative source of accounting standards for not-for-profit colleges, universities, and health care providers?

Select one:

a. FASB Statements and Interpretations

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

c. AICPA Industry Audit Guides

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

Select one:

a. It should help report users assess accountability

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

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

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

Select one:

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

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

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