Multiple Choice. Choose the best answer. 1. Which of the following is a special purpose government?...

Transcribed Image Text:

Multiple Choice. Choose the best answer. 1. Which of the following is a special purpose government? a. The State of Arkansas. b. Greene County. c. Rutgers University. d. Seattle, Washington. 2. Which of the following is not a distinguishing difference between governmental organizations and for-profit organizations? a. Lack of a profit motive. b. Revenue may be earned through exchange transactions. c. Absence of owners. d. Resources are provided by individuals and entities that may not directly benefit from the use of the resources. 3. Which of the following statements regarding primary sources of accounting and financial reporting standards is false? a. The GASB sets standards for all state and local governments. b. The FASB sets standards for all business and not-for-profit entities. c. The FASB and GASB are administered by the Financial Accounting Foundation. d. The FASAB sets standards for the federal government and its agencies and departments. 4. James Black is reviewing his city's financial reporting because he wants to run for the city council. He is concerned that the city is not using its resources effectively. James is primarily interested in: a. Fiscal accountability. b. Social accountability. c. Political accountability. d. Operational accountability. Multiple Choice. Choose the best answer. 1. Which of the following is a special purpose government? a. The State of Arkansas. b. Greene County. c. Rutgers University. d. Seattle, Washington. 2. Which of the following is not a distinguishing difference between governmental organizations and for-profit organizations? a. Lack of a profit motive. b. Revenue may be earned through exchange transactions. c. Absence of owners. d. Resources are provided by individuals and entities that may not directly benefit from the use of the resources. 3. Which of the following statements regarding primary sources of accounting and financial reporting standards is false? a. The GASB sets standards for all state and local governments. b. The FASB sets standards for all business and not-for-profit entities. c. The FASB and GASB are administered by the Financial Accounting Foundation. d. The FASAB sets standards for the federal government and its agencies and departments. 4. James Black is reviewing his city's financial reporting because he wants to run for the city council. He is concerned that the city is not using its resources effectively. James is primarily interested in: a. Fiscal accountability. b. Social accountability. c. Political accountability. d. Operational accountability.

Answer rating: 100% (QA)

1 the right answer is C Cities states villages townships are the generalpurpose government School districts structure and libraries are the special pu... View the full answer