Question

1

8. The term independent sector" refers to a. States that have opted not to receive federal funds b. Not-for-profit organizations c. Churches that are unaffiliated with a particular denomination d. Universities that are not affiliated with a particular athletic conference 9. Which of the following is not an objective of external financial reporting by either the GASB or the FASB? a. To enable the statement user to detect fraud b. To disclose legal or contractual restrictions on the use of resources c. To provide information about how the organizations meet their cash requirements d. To provide information that would enable a user to assess the service potential of long-lived assets 10. Which of the following is the least appropriate use of the external financial statements of a government? a. To assess the entity's financial condition b. To assess whether the compensation of management is reasonable in relation to that of comparable entitics c. To compare actual results with the budget d. To evaluate the efficiency and effectiveness of the entity in achieving its objectives

Answer 1

Answer to Question - 8 :- Option - B.

Independent sector refers to Not for profit organization that works to strengthen America's nonprofit.

Answer to Question - 9 :- Option - A.

To enable the statement users to detect the frauds is not the objective of either the reporting of GASB or the FASB.

Answer to Question - 10 :- Option :- A.

To access whether the compensation of management is reasonable in relation to that of comparable entities is the least appropriate use of external financial statements of a government.