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  3. ter 1 the government and notforprofit environment 5 the organization...

Question: ter 1 the government and notforprofit environment 5 the organization...

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TER 1 The Government and Not-for-Profit Environment 5. The organization responsible for setting accounting standards for state and local governments is the a. FASB b. GASB c. FASAB d. AICPA 6. The number of governmental units in the United States is approximately a. 900 b. 9,000 с. 90,056 d. 900,000 7. Governments differ from businesses in that they a. Do not raise capital in the financial markets b. Do not necessarily engage in transactions in which they sell goods or services c. Are not required to prepare annual financial reports d. Do not issue common stock 8. Interperiod equity refers to a condition whereby a. Total tax revenues b. Taxes are distributed fairly among all taxpayers, regardless of income level c. Current-year revenues are sufficient to pay for current-year services d. Current-year revenues cover both operating and capital expenditures are approximately the same from year to year

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