5. The GASB has the responsibility for establishing financial accounting standards for all of the following...

5. The GASB has the responsibility for establishing financial accounting standards for all of the following entities EXCEPT:
A. state and local government entities.
B. veteran’s hospitals.

C. school districts.

D. art museum.

6. The expendable fund (governmental fund) measurement focus is on:

A. the flow of current financial resources.
B. the flow of economic resources.
C. the flow of revenue, expenses, and net income.

D. none of these.

Solutions

Expert Solution

5. GASB has the responsibility for establishing financial accounting standards for all of the following entities EXCEPT Option (D.) Art Museum

Governmental Accounting Standards Board (GASB) is establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP).

All given options are Govt units, except Art Museum

6. The expendable fund (governmental fund) measurement focus is on

Option (A.) the flow of current financial resources.

Refer to SUMMARY OF STATEMENT NO. 11 MEASUREMENT FOCUS AND BASIS OF ACCOUNTING—GOVERNMENTAL FUND OPERATING STATEMENTS (ISSUED 5/90), The measurement focus for governmental fund operating statements should be the flow of financial resources measurement focus. The operating results expressed using this measurement focus show the extent to which financial resources obtained during a period are sufficient to cover claims incurred during that period against financial resources. This measurement focus considers financial resources only and uses an accrual basis of accounting.

ekkarill92 answered 1 year ago

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