Temporarily restricted net assets are released from restrictions:

		when funds are received from a donor.
		as assets are used for their intended purpose or a time restriction passes.
		at the end of each fiscal year.
		when they are converted to permanently restricted net assets.

Financial statements for Madison County, a local county, should be prepared according to standards set by:

		AICPA.
		FASB.
		GASB.
		Madison may choose any of the above.

Which of the following categories is included in the Objectives of Federal Financial Reporting?

		Operating performance.
		Congressional performance.
		Executive performance.
		Accountability.