Far 8

Question 1

Nongovernmental NFP orgs require the following external FS

Answer 1

Statement of Financial Position, Statement of activities, statement of cash flows

Question 2

Restricted Donations are released from restriction when requirements have been satisfied. The release amount is based on:

Answer 2

the amount expensed(not revenue generated)

Question 3

Primary authoritative body for governmental fund operating statements:

Answer 3

Governmental Accounting Standards Board(GASB)

Question 4

Most important objective of financial reporting by state and local governments

Answer 4

Accountability`

Question 5

Governmental Fund Structures- Governmental Activities

Answer 5

General, Special Revenue, Debt Service, Capital Projects, Permananent(GRSPP)(Modified Accrual)

Question 6

Proprietary Fund Structures - Business-Type Activities

Answer 6

Internal Service, Enterprise(SE)(Accrual)

Question 7

Fiduciary Fund Structures