Accounting in Class Notes

The standards for accounting for governmental entities are established by:GASB

The standards for accounting for not-for-profit entities are established by:FASB

The standards for accounting for entities other than government and NFP entities are established by: FASB

Organizations with 501(c)(3) status should not make a profit and if they do, it is taxable False

Other names for the Income Statement are: All of the above

The primary governmental fund that accounts for the majority operating activities of the entity: General Fund

There is no difference between the accounting principles for a non-profit organization and a for-profit organization False

In accounting for government entities, the budget of the government is formally entered into the accounting system True

In governmental accounting, proprietary funds provide services for fees and are run similarly to a for-profit business True

The financial statement that reports the net increase or decrease in cash during the reporting period is called the: Statement of Cash Flows

The Securities and Exchange Commission is an independent regulatory agency of the U.S. government that provides oversight in the establishment of accounting standards for publically traded companies True

All of the following are examples of types of audit opinions, except: Report of No Opinion

The following types of accountants can perform external financial audits in the United States: Certified Public Accountant

Temporary income tax differences have the following consequences: All of the above

When a company tries to engage auditors that will issue unqualified audit opinions, regardless of the evidence generated by the audit procedures this is called: Opinion Shopping

Deferral of income taxes is: Tax avoidance

Appropriations represent: the legally approved amount of total expenditures

When a donor attaches contractual covenants to their donation to a voluntary health and welfare organization, the accounting system classifies...