ACCT 3124 ch 1 HW Exam Questions and Answers Graded A+

ACCT 3124 ch 1 HW Exam Questions
and Answers Graded A+

Which of the following is not an example of a support expense reported by not-for-

profit entities?

a. fund raising expenses

b. program expenses

c. management expenses

d. general expenses of operating the not-for-profit entity - Correct answer-b.

program expenses

The body that has been established to recommend accounting and financial

reporting standards for the federal government is the

a. Financial Accounting Standards Board (FASB)

b. Governmental Accounting Standards Board (GASB)

c. Federal Accounting Foundation (FAF)




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, d. Federal Accounting Standards Advisory Board (FASAB) - Correct answer-d.

Federal Accounting Standards Advisory Board (FASAB)

The Financial Accounting Standards Board has the responsibility for setting

accounting and financial reporting standards for

a. all not-for profit organizations that are nongovernmental and business entities

b. All not-for profit organizations and business entities

c. Al not-for-profit organizations

d. Special purpose governments with a business purpose - Correct answer-a. all

not-for profit organizations that are nongovernmental and business entities

Which of the following organizations issue standards that focus on both internal

and external financial reporting?




a. Federal Accounting Standards Advisory Board.

b. Governmental Accounting Standards Board.

c. Financial Accounting Standards Board.

d. American Institute of CPAs. - Correct answer-a. Federal Accounting Standards

Advisory Board.


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