WEEK 2 QUIZ 1 ACC 410
CHAPTER 1 The Government and Not-For-Profit Environment TRUE/FALSE (CHAPTER 1) 1.The main objective of a typical governmental entity is to earn a profit. 2.A government’s budget may be backed by the force of law. 1. Governmental entities have no need for an accounting system. 3.Governments and not-for-profits employ a system of accounting known as fund accounting. 4.Governments and not-for-profits may never engage in business-type activities.
Content
CHAPTER 1
The Government and Not-For-Profit Environment
TRUE/FALSE (CHAPTER 1)
1.The main objective of a typical governmental entity is to earn a profit.
2.A government’s budget may be backed by the force of law.
1. Governmental entities have no need for an accounting system.
3.Governments and not-for-profits employ a system of accounting known as fund accounting.
4.Governments and not-for-profits may never engage in business-type activities.
