The GASB identifies one of the broadestobjectives of government financial reportingas:A. assisting users in assessing profitability ofthe governmentB. assisting users in making economic, social,and political decisions.C. fairly presenting government financialcondition and operating resultsD. providing information about the inflowsand outflows of cash2. The 60-day limit on the period after the endof the fiscal year that is used for governmentalfund revenue recognition cutoff purposes:A. is optional for property taxes, but requiredfor most other governmental fund revenuesB. must be applied to all revenue sourcesexcept charges for licenses and permitsC. must be applied to property taxes, butcannot be applied to other governmentalfund revenue sourcesD. must be applied to property taxes, but mayalso be applied to other revenue sources

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The GASB identifies one of the broadest objectives of government financial reporting as: A. assisting users in assessing profitability of the government B. assisting users in making economic, social, and political decisions. C. fairly presenting government financial condition and operating results D. providing information about the inflows and outflows of cash

The GASB identifies one of the broadest objectives of government financial reporting as: A. assisting users in assessing profitability of the government B. assisting users in making economic, social, and political decisions. C. fairly presenting government financial condition and operating results D. providing information about the inflows and outflows of cash

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The GASB identifies one of the broadest
objectives of government financial reporting
as:
A. assisting users in assessing profitability of
the government
B. assisting users in making economic, social,
and political decisions.
C. fairly presenting government financial
condition and operating results
D. providing information about the inflows
and outflows of cash
2. The 60-day limit on the period after the end
of the fiscal year that is used for governmental
fund revenue recognition cutoff purposes:
A. is optional for property taxes, but required
for most other governmental fund revenues
B. must be applied to all revenue sources
except charges for licenses and permits
C. must be applied to property taxes, but
cannot be applied to other governmental
fund revenue sources
D. must be applied to property taxes, but may
also be applied to other revenue sources

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