Question 1 (1 point) Which of the following statements regarding the difference between governmental entities and for-profit businesses is correct? There is an absence of defined ownership interests that can be bought or sold in governmental and not-for-profit organizations The primary operating purpose of a governmental entity is to provide goods and services that can be sold to the public for a profit The difference between Total Assets and Total Liabilities is reported as Equity in the financial statements of governmental and not-for-profit organizations The primary users of governmental and not-for-profit financial statements are the owners and managers of the organizations Question 4 (1 point) The Whittlesey Independent School District (ISD) has the power to levy taxes on Whittlesey residents in order to pay for educational services provided to citizens of the district. The Whittlesey ISD would be considered a(n): Educational purpose government General purpose government nongovernmental not-for-profit Special purpose government Question 5 (1 point) All of the following characteristics would identify an organization as a governmental entity EXCEPT: the power to issue debt with tax exempt interest the popular election of officers or the appointment of governing bodies the power to enact or enforce a tax levy the receipt of grants or contracts from federal agencies The economic resources measurement focus, which focuses on the total flow of resources in and out of the government is consistent with which basis of accounting? Accrual basis Modified accrual basis Cash basis All of the above