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
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
3
Q
if organizations are organized as NFPs or are commercial what standards do they follow?
A
FASB
4
Q
if an organization is held accountable to a primary government, what standards does it follow?
A
GASB