General Purpose Governments vs. Special Purpose Governments

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ch01 Student: ___________________________________________________________________________ 1. General purpose governments generally provide a wider range of services to their residents than do special purpose governments. True False Examples of special purpose governments include cities, towns, and public schools that receive tax revenue to finance the services they provide. True False The Governmental Accounting Standards Board (GASB) is the body authorized to establish accounting principles for all state and local governments, both general purpose and special purpose. True False A characteristic common to governmental and not-for-profit organizations is operating purposes that are other than to provide goods or services at a profit…show more content…
A. Federal Accounting Standards Advisory Board. B. Governmental Accounting Standards Board. C. Financial Accounting Standards Board. D. American Institute of CPAs. 19. Which of the following is identified by the FASAB as the foundation for federal financial reporting? A. B. C. D. Decision usefulness. Accountability. Understandability. Budget integrity. 20. Which of the following is not an objective of financial reporting by state and local governments? A. To assist users in assessing the adequacy of systems and controls. B. To assist users in assessing financial condition and results of operations. C. To assist financial report users in comparing actual financial results with the legally adopted budget. D. To assist in determining compliance with finance-related laws, rules, and regulations. 21. Which of the following groups is considered a primary user of a state or local government 's generalpurpose external financial statements? A. Citizens. B. Managers and administrators. C. Employees. D. Special interest groups. 22. One of the minimum requirements for general purpose external financial reporting is: A. Management 's discussion and analysis (MD&A). B. Consolidated financial statements. C. Other supplementary information, such as combining and individual fund statements. D. Statistical information. 23. A comprehensive annual financial report (CAFR) prepared in conformity with GASB recommendations should include which of the following sections? A. Letter of

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