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Long-term debt that is to be paid with tax revenues is reported both in the government-wide statements and in the governmental fund statements.

A) True
B) False

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Under modified accrual accounting,revenues are recognized when measurable and available to finance expenditures of the current period.

A) True
B) False

Correct Answer

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Name three of the six Statements of Federal Financial Accounting concepts (SFFAC's)issued by the FASAB:

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SFFAC #1 Objectives of financial reporti...

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The Federal Accounting Standards Advisory Board requires less extensive reports than does the FASB or GASB.

A) True
B) False

Correct Answer

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