Chapter 1 - Intro to GNFP

Interperiod equity is the term used when state and local governments'
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Interperiod equity is the term used when state and local governments'
Current year revenues are sufficient to pay for current year service
The FASB has the authority to set accounting standards for which of the follwing

Federal agencies
Non-Gov, not-for-profit
State and local gov
non-gov, not-for-profit
GASB has the authority to set accounting and financial reporting standards for all the following except:

State and Local Gov
Federal Agencies
Governmental not-for profit
Federal Gov Agencies
Which of the following bodies would establish accounting standards for a not-for-profit entity that receives federal grants as well as revenue from ticket sales?

FASB
FASAB
GASB
GAO
FASB
The authoritative standards-setting body that focuses on both internal and external financial reporting is the:

GASB
FASB
AICPA
FASAB
FASAB
A characteristic that distinguishes both governmental and not-for-profit organizations from businesses is:

Importance of Budgeting
Dependence on exchange transactions
Resource providers who do not expect benefits proportional to the resources they provide
Resource providers who do not expect benefits proportional to the resources they provide
The type of entity that labels the difference between assets and liabilities as "net assets" is a:

Federal agency
Not-for-profit organization
Local government
Business
Not-for-profit organization
FASB conceptual framework for financial reporting by not-for-profit entities is tested on which part of the CPA exam?
FAR
Government and not-for-profit accounting topics are tested on which parts of the CPA exam? (3)
FAR
AUDIT
REG

Everything but BEC
Financial reporting for state and local Gov is guided by the GASB's concept statement no.1 which stresses
Accountability