2. PART i. MULTIPLE CHOICE QUESTIONS (60 POINTS) Government and not for profit organizations differ from private sector organizations because: a. They serve the public with no profit motive b. They have no proprietary interest c. They generate revenue through contributions, taxes or levies d. All of the above e. Only a and c above Governments and Not-for-Profit organizations depend on the citizens source of revenue, except: a. General Fund Sources of revenue b. Government Internal Agency Fund c. Capital Project Fund d. All of the above e. None of the above. 1. 2. Generally, government and not-for-profit organizations prepare their financial statements to satisfy: a. The information needs of their resource suppliers b. The legal instruments that established the government entity or not-for-profit 3. c. d. e. organization The needs of their constituents All of the above Only a and c above. 4. Which of the following rule-making body will establish accounting standards for a University as Southern University at New Orleans? a. The AICPA b. The FASB c. The FASAB d. The GASB e. None of the above. Standards set by the FASB are most likely to be adhered to by the following units? a. A police Department b. A public School c. An electric Company of the State d. A department of Highways e. None of the above. 5