GAAP for for-profit companies, non-profit companies, state and local governments, and the federal government are codified by private (non-governmental) entities (Points : 4)

True False

Audits of local governments require compliance with different auditing standards than audits of for-profit companies. (Points : 4)

True False

Internal service funds are required when governments engage in exchange transactions with the public. (Points : 4)

True False

The consolidated financial statements of state, local, and the federal government generally receive unqualified audit opinions.