Chapter 1 Assignment True or false: State whether these statements are true (T) or false (F) (30%) 1. An entity is likely to be a governmental entity if a controlling majority of its governing body is appointed by governmental officials. 2.The objective of a government is to provide services to its constituents 3. The objective of a business organization is to provide services to its constituents. 4. By definition, all funds have cash, financial resources, and capital resources. 5. The objective of a not-for-profit organization is to enhance the wealth of its owners. Rank the sources of the following guidance according to the governmental GAAP hierarchy (20%) A non-existent position of GASB Emerging Issue Task Force A GASB staff Implementation Guide An article in a leading auditing journal A speech by a leading governmental accounting professor Multiple Choice: (Put your MC answer in the following boxes) (30%) 1. 2. 3. 4. 5. 6. 1. Labour Affairs Bureau is under the supervision of which of the Secretary in the structure of the Macao SAR Government. A) Secretary for Administration and Justice. B) Secretary for Economy and Finance C) Secretary for Security. D) Secretary for Social Affairs and Culture. E) Secretary for Transport and Public Works. F) None of the above. The answer is 2. University of Macau is under the supervision of which of the Secretary in the structure of the Macao SAR Government. A) Secretary for Administration and Justice. B) Secretary for Economy and Finance C) Secretary for Security. D) Secretary for Social Affairs and Culture. E) Secretary for Transport and Public Works. F) None of the above. The answer is 1