accountant or auditor use the hierarchy if the guidance given in a GASB statement and an AICPA audit and accounting guide regarding the proper accounting treatment of a state gov- ernment transaction or event conflicted? Q1-10 How can one determine whether a specific not-for-profit organization should follow GASB guidance? FASB guidance? E1-1 (Multiple Choice) Identify the best answer for each of the following: 1. The body with primary accounting standards-setting authority for state and local governments is the a. American Institute of Certified Public Accountants. b. Financial Accounting Standards Board. c. Government Finance Officers Association. d. Governmental Accounting Standards Board. e. U.S. Government Accountability Office. 2. The body with primary accounting standards-setting authority for colleges and universities is the a. National Association of College and University Business Officers. b. Financial Accounting Standards Board. C. Governmental Accounting Standards Board. d. Governmental Accounting Standards Board for governmental colleges and universi- ties and the Financial Accounting Standards Board for all other colleges and universities e. U.S. Department of Education. 5. Payments were approved and made for the recreational equipment and the electricity $78.550. Accrued. unpaid payroll at year-end amounted to $2.700. E3-5 Statement of Revenues. Expenditures, and Changes in Fund Balances) Prepare. in good form, the 20X9 GAAP-based Statement of Revenues. Expenditures, and Changes in Fund Balance for the General Fund of Hicks Township, based on the following information: Property tax revenues..... Licenses and permits......... Intergovernmental grants..... Short-term note proceeds..... General capital asset sale proceeds (Equal to book value less 10%).... $13.000.000 800.000 2.500.000 775.000 523.000 accountant or auditor use the hierarchy if the guidance given in a GASB statement and an AICPA audit and accounting guide regarding the proper accounting treatment of a state gov- ernment transaction or event conflicted? Q1-10 How can one determine whether a specific not-for-profit organization should follow GASB guidance? FASB guidance? E1-1 (Multiple Choice) Identify the best answer for each of the following: 1. The body with primary accounting standards-setting authority for state and local governments is the a. American Institute of Certified Public Accountants. b. Financial Accounting Standards Board. c. Government Finance Officers Association. d. Governmental Accounting Standards Board. e. U.S. Government Accountability Office. 2. The body with primary accounting standards-setting authority for colleges and universities is the a. National Association of College and University Business Officers. b. Financial Accounting Standards Board. C. Governmental Accounting Standards Board. d. Governmental Accounting Standards Board for governmental colleges and universi- ties and the Financial Accounting Standards Board for all other colleges and universities e. U.S. Department of Education. 5. Payments were approved and made for the recreational equipment and the electricity $78.550. Accrued. unpaid payroll at year-end amounted to $2.700. E3-5 Statement of Revenues. Expenditures, and Changes in Fund Balances) Prepare. in good form, the 20X9 GAAP-based Statement of Revenues. Expenditures, and Changes in Fund Balance for the General Fund of Hicks Township, based on the following information: Property tax revenues..... Licenses and permits......... Intergovernmental grants..... Short-term note proceeds..... General capital asset sale proceeds (Equal to book value less 10%).... $13.000.000 800.000 2.500.000 775.000 523.000
