16.1. Governments and not-for-profit entities may never engage in business-type activities. (1.5 Points) True False 18. GASB requires that government entities present their budget-to-actual comparisondata on which of the following bases of accounting? (1.5 Points) Budgetary basis Cash basis. Modified accrual basis Accrual basis. 19. Lakeside Art Center, a nongovernmental not-for-profit entity, receives a contribution of $5 million. The donor stipulates that the contribution must be used to acquire paintings by local artists. Lakeside should classify the contribution as W (1.5 Points) O Permanently restricted: Committed O Temporarily restricted Unrestricted 20. As per IPSAS Accounting Standard-2, Cash Flow is classified into (1.5 Points) Operating activities and investing activities Operating activities and financing activities Investing activities and financing activities Operating activities, Investing activities and financing activities 24. The purpose of the FASAB is to establish accounting standards for (1.5 Points) O Not-for-profit entities. Federal government. O All governments. O Non-federal governments. 25. Which of the following is information that should be included in the financial section of a comprehensive annual financial report? (1.5 points) O The auditor's report The basic financial statements. ting Notes to the financial statements All of these should be included