Governmental accounting differs from corporate financial accounting primarily because
A) the size of the government and the various levels would make it unreasonable to use corporate GAAP.
B) governments lack a profit motive and must focus on accountability to the public they serve.
C) the government has no stakeholders who require financial reporting.
D) the government has too many types of organizations to use one type of corporate GAAP.
Correct Answer:
Verified
Q3: A fund
A)has its own accounting equation.
B)has consolidated
Q4: The key focus of government fund accounting
Q5: The modified accrual basis of accounting is
Q6: A comprehensive annual financial report has the
Q7: When examining revenue transactions,which of the following
Q9: Government-wide financial statements include a
A)balance sheet,an income
Q10: Centralized data processing,central motor pools and garages,centralized
Q11: Under the modified accrual basis of accounting,revenues
Q12: Which type of fund is used to
Q13: Which pronouncements have the highest level of
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