5. The accrual basis of accounting applicable to proprietary fund types requires that exchange revenues be recognized when (1.5 Points) O Eamed O Collected in cash. Authorized by the budget ordinance. Measurable and available. 6. Which of the following objectives is considered the cornerstone of financial reporting by a state orlocal government?* (1.5 Points) Accountability. Budgetary compliance. Interperiod equity. Service efforts and accomplishments. 7. Capital budgets focus on plans for theacquisition and construction of fixed assets. * (15 Points) ES KOD TRUE False 9. The purpose of the IPSAS is to establish accounting standards for * (1.5 Points) Not-for-profit entities. Federal government. o public sector establishments, with the exception of government businesses, Non-federal governments. 12. Government and nonprofit accounting focuses on which of the following (1.5 Points) Calculating profit or loss O Protecting investors from fraud O Demonstrating accountability o reporting to management 14. Fiduciary activities only benefit parties otherthan the government itself.* (1.5 Points) True False