F9 - M1 - Governmental Accounting Overview

Question 1

__________ enables service- and mission-driven organizations to easily monitor and report compliance with spending purposes (fund restrictions), spending limits (budget), and other fiscal accountability objectives.

Answer 1

Fund accounting

Question 2

Standards for government accounting are established by the _______________

Answer 2

Governmental Accounting Standards Board (GASB).

Question 3

_______ are separate, independent, self-balancing sets of accounts, similar to a “checkbook.”

Answer 3

Funds