F6 M5 Flashcards

Governmental Accounting Overview

1
Q

what is fund accounting?

A

helps orgs monitor and report compliance on spending purposes (fund restrictions), spending limits (budgets), and other fiscal accountability objectives

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2
Q

what are governmental units?

A

include federal, state, county, municipal, and other local governments
-run by governments and use governmental accounting and reporting principles

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3
Q

if organizations are organized as NFPs or are commercial what standards do they follow?

A

FASB

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4
Q

if an organization is held accountable to a primary government, what standards does it follow?

A

GASB

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