Ch. 37 - Public Sector Accounting Standards

Question 1

PSAB means

Answer 1

Public Sector Accounting Board

Question 2

PSAS means

Answer 2

Public Sector Accounting Standards

Question 3

Government business enterprises:

Answer 3

1. separate legal entities from government
2. the power to contract their own name
3. can sue and be sued
4. financial and operational authority to sell goods/services outside of government

Question 4

Government not-for-profit organizations:

Answer 4

1. no transferable ownership interest

2. operate for social, educational or professional purposes

Question 5

Other government organizations:

Answer 5

anything not a government business enterprise or a government not-for-profit