Accongting for Government and Non Profit Organization True or False 1 point each.

1.The government wide financial statements must include a balance sheet.

2.GASB requires fund balances to be reported as restricted when constraints are placed on the use of resources either externally imposed by creditors or those imposed by taxpayers.

3.GASB does not require budgetary comparisons in the RSI information for the financial statements.

4.GASB does not require the notes to financial statements to address significant subsequent events.

5.Capital assets related to specific proprietary funds should be accounted for in the government wide statements only.

6.A major difference between fund statements and proprietary statements is the treatment of transactions that impact cash balances in the bank.

7.Agency funds take in monies that are used to invest in order to make the fund a profit.

8.The basic criterion used to determine the reporting entity for a govt. unit is its geographical boundaries.

9.The Summary of the 990 includes in the Activities and Governance, a total for unrelated business expenses.

10.Non-Profit organizations use three basic financial statements and modified accrual accounting.