GASB and FASB standards are concerned only with external financial reporting; whereas, FASAB standards are concerned with both internal and external financial reporting. Do you agree with this statement? Why or why not?
What will be an ideal response?
Agree. Both the Governmental Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB) issue standards for external users of financial information-those who lack the authority to prescribe information they want and who must rely on the information management communicates to them. By contrast, the Federal Accounting Standards Advisory Board (FASAB) has identified users who are both internal and external to the government: citizens, the Congress, executives, and program managers. Not surprisingly, then, its standards address both internal and external financial information needs.
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Answer the following statement true (T) or false (F)
An account balance is:
A. Always a credit. B. Used to identify source documents. C. The difference between the total debits and total credits for an account including the beginning balance. D. The total of the debit side of the account. E. The total of the credit side of the account.
The goal of OB theorists is to understand, explain, ______, and ______ behavior to improve performance.
a. document; change b. predict; influence c. modify; reinforce d. develop; maintain
______ should be fair, unbiased, appropriate, and from a recognized expert.
a. Testimony b. Example c. Narrative d. Fact