Q1 Comparison of the legally approved budget with actual results of the General Fund is included as part of required supplementary information in the annual report as required by GASB.

a.

FALSE

b.

TRUE

Governmental entities are required by law to provide certain services, their budgets are legal documents and generally can be exceeded without specific legislative approval

a.

TRUE

b.

FALSE

Not for profit organizations engage in ownership type transactions such as issuing stocks while governmental organizations do not.

a.

FALSE

b.

TRUE

Accrual basis of accounting is not used in governmental entities because they use modified accrual basis of accounting.

a.

TRUE

b.

FALSE