9You are trying to decide if an entity you are reviewing is a government or a not-for-profit. Which of the following would indicate it is agovernment rather than a not-for-profit entity?Multiple ChoiceAbsence of profit motive.A primary source of revenues is taxes.Resource providers do not expect benefits proportional to the resources provided.Absence of a defined ownership interest that can be sold, transferred, or redeemed.

Governments are typically responsible for providing a wide range of public services to their…

Answered: You are trying to decide if an entity…

You are trying to decide if an entity you are reviewing is a government or a not-for-profit. Which of the following would indicate it is a government rather than a not-for-profit entity?

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

9
You are trying to decide if an entity you are reviewing is a government or a not-for-profit. Which of the following would indicate it is a
government rather than a not-for-profit entity?
Multiple Choice
Absence of profit motive.
A primary source of revenues is taxes.
Resource providers do not expect benefits proportional to the resources provided.
Absence of a defined ownership interest that can be sold, transferred, or redeemed.

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