Check T or F for the following statements.

Governmental Accounting Standards Board (GASB) generates primary standards.

Focuses on financial reporting for non-profit governmental agencies.

Many concepts are similar to financial accounting, but terminology and

procedures differ.

Requires two sets of financial statements.

Check T or F for the following statements.

Fund Financial Statements - Show restrictions on the use of resources,

and report current revenues and expenditures from certain activities.

Government-wide Financial Statements - Show restrictions on the use of

resources, and report current revenues and expenditures from certain activities.

Special Revenue Fund - Expenditures are legally restricted for a specific

purpose other than debt payments or capital projects.

Statement of Financial Position - Restrictions by an outside donor results in an asset that is classified as:

Temporarily restricted - For a particular purpose OR For use in a future time

Period.

Permanently restricted - Expected to remain restricted for as long as the

organization exists.

Unrestricted - Board-designated or internally restricted assets.

Are the items below T or F as they pertain to Discovery of Claims Against the Estate

Typical order of priority:

Expenses of administering the estate.

Funeral and medical expenses (during last illness).

Debts and taxes.

All other claims.

Are the items below False as they pertain to Federal Estate Taxes?

To determine the fair value of all property held at death

(an alternate valuation date of six months after death may be elected).