True or False

1. The FASB standards require not-for-profit entities to separately report program expenses and support expenses.

2. The Federal Accounting Standards Advisory Board (FASAB) recommends accounting principles and standards for the federal government and its agencies and departments.

3.The Financial Accounting Standards Board (FASB) is the body authorized to establish accounting principles for all colleges and universities and health care entities.

4.The needs of users of government financial reports are the same as those of users of business entity financial reports.

5.Nonmajor funds are not reported on the fund financial statements.

6. Proprietary funds primarily provide services to the general public for a fee.

7.Only those governmental and proprietary funds that meet the GASB size criteria for major funds are reported in separate columns of the governmental and proprietary fund financial statements.

8.Economic resources are cash or items expected to be converted into cash during the current period, or soon enough thereafter to pay current period liabilities.