Phrases

Question 1

Separate accounting and financial reporting standards are essential because the _______ of financial reports of governments and business enterprises differ.

Answer 1

NEEDS OF USERS

Question 2

Businesses receive revenues from a _________exchange between a willing buyer and seller

Answer 2

VOLUNTARY

Question 3

Governments obtain resources primarily from the ___________ payment of taxes

Answer 3

INVOLUNTARY

Question 4

Governments do not have _____________

Answer 4

SHAREHOLDERS

Question 5

GASB’s financial reporting objectives consider public ____________ to be the cornerstone on which all other financial reporting objectives should be built

Answer 5

ACCOUNTABILITY

Question 6

GOB approved budget official charities fund do NOT include donation to _________

Answer 6

UB

Question 7

GOB approved budget includes recurrent expenditures as well as _________________

Answer 7

CAPITAL EXPENDITURES

Question 8

The purpose of government is to enhance or maintain the _________of citizens by providing public services

Answer 8

WELL-BEING

Question 9

Business enterprise performance measures—NI and ______________have no meaning in a governmental environment

Answer 9

EPS

Question 10

Differences in governmental and business financial reporting include the use of ________________and budgetary reporting to meet public accountability needs

Answer 10

FUND ACCOUNTING