25.The Governmental Accounting Standards Board is the primary standard-setting body for:a)All governments.b)All state and local governments.c)All governments and all not-for-profit entities.d)All state and local governments and all not-for-profit entities.
26.Under certain circumstances a governmental entity might use standards established by whichof the following standard-setting bodies?
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South-Western Federal Taxation 2020: Individual Income Taxes
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27.The primary standard-setting body for accounting and financial reporting by a state-supported college or university is:
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28.In descending order, the hierarchy of GAAP applicable to a church-owned college may be:
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29.Which of the following entities was a principal in creating the FASAB?a)U.S. Congress.b)Office of Management and Budget.c)Governmental Accounting Standards Board.d)Securities and Exchange Commission.
30.The purpose of the FASAB is to:
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ANSWERS TO TRUE/FALSE QUESTIONS (CHAPTER 1)
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ANSWERS TO MULTIPLE CHOICE (CHAPTER 1)1. B2. B3. D4. C5. A6. D7. C8. C9. C10. D11. D12. C13. D14. D15. D16. A17. D18. B19. A20. B21. C22. B23. C24. D25. B26. D27. A28. A29. B30. BPage 7
Chapter 2Fund AccountingTRUE/FALSE (CHAPTER 2)1.T Fund accounting promotes control and accountability over restricted resources.2.T The basis of accounting determines when transactions and events are recognized.
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Related to Governmental Accounting Standards Board
International Accounting Standards means International Accounting Standards (IAS), International Financial Reporting Standards (IFRS) and related Interpretations (SIC-IFRIC interpretations), subsequent amendments to those standards and related interpretations, and future standards and related interpretations issued or adopted by the International Accounting Standards Board (IASB);
Applicable Accounting Standards means Generally Accepted Accounting Principles in the United States, International Financial Reporting Standards or such other accounting principles or standards as may apply to the Company’s financial statements under United States federal securities laws from time to time.
Accounting Standards means the standards of accounting or any addendum thereto for companies or class of companies referred to in section 133;
International Financial Reporting Standards means that set of accounting standards established and issued by the International Accounting Standards Board, as amended from time to time.
Practice of public accounting means the performance or the offering to perform, by a person holding oneself out to the public as a certified public accountant or a licensed public accountant, one or more kinds of professional services involving the use of accounting, attest, or auditing skills, including the issuance of reports on financial statements, or of one or more kinds of management advisory, financial advisory, or consulting services, or the preparation of tax returns or the furnishing of advice on tax matters. However, with respect to licensed public accountants, the “practice of public accounting” shall not include attest or auditing services or the rendering of an opinion attesting to the reliability of any representation embracing financial information.
Actuarial Standards Board means the board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice.
Common Reporting Standard means the standard for automatic exchange of financial account information developed by the Organisation for Economic Co- Operation and Development as amended from time to time by theOrganisation for Economic Co-operation and Development, set out in Schedule 1;
Agreement Accounting Principles means generally accepted accounting principles as in effect from time to time, applied in a manner consistent with that used in preparing the financial statements referred to in Section 5.4.
Specified public utility means an electrical corporation, gas corporation, or telephone corporation, as those terms are defined in Section 54-2-1.
Independent Certified Public Accountant means a person duly registered in good standing and entitled to practice as a certified public accountant under the laws of the place of his residence or principal office and who is in fact independent. In determining whether an accountant is independent with respect to a particular person, appropriate consideration should be given to all relationships between the accountant and that person or any affiliate thereof. Determination of an accountant’s independence shall not be confined to the relationships existing in connection with the filing of reports with the awarding authority.
Applicable Accounting Principles means the most recent and up-to-date US GAAP applicable at any relevant time;
Accounting Principles means the international financial reporting standards (IFRS) within the meaning of Regulation 1606/2002/EC (or as otherwise adopted or amended from time to time).
Railway Group Standards means standards authorised pursuant to