How can one determine whether a specific not-for-profit organization should follow GASB guidance? FASB guidance?
Answer to relevant QuestionsMultiple Choice Questions Identify the best answer for each of the following:1. The body with primary accounting standards-setting authority for state and local governments is thea. American Institute of Certified Public ...Governmental accounting systems are different from business accounting systems. Why?Distinguish between the basic financial statements of a government and its comprehensive annual financial report.Indicate the fund or nonfund accounts that should be used to account for each of the following:1. Tax revenues restricted for road maintenance.2. Resources restricted for construction of a new government office building.3. ...Analyze each of the following transactions and events. (1) Indicate all of the effects of each transaction on each of the funds and the nonfund accounts of a local government. Be sure to indicate the fund(s) affected. ...
Post your question