F6 M5

Question 1

what is fund accounting?

Answer 1

helps orgs monitor and report compliance on spending purposes (fund restrictions), spending limits (budgets), and other fiscal accountability objectives

Question 2

what are governmental units?

Answer 2

include federal, state, county, municipal, and other local governments
-run by governments and use governmental accounting and reporting principles

Question 3

if organizations are organized as NFPs or are commercial what standards do they follow?

Answer 3

FASB

Question 4

if an organization is held accountable to a primary government, what standards does it follow?

Answer 4

GASB