Governments and other nonprofits receiving federal funds follow Governmental Auditing Standards and do not have to comply with AICPA Statements of Auditing Standards.
Answer the following statement true (T) or false (F)
False
Governmental units and many not-for-profit organizations are subject to Government Auditing Standards which are issued by the U.S. Government Accountability Office (GAO) in addition to the Statements on Auditing Standards, issued by the American Institute of Certified Public Accountants (AICPA). Government Auditing Standards, published in a document commonly known as the Yellow Book, incorporate the AICPA standards and provide extensions that are necessary due to the unique nature of public entities
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Firms must designate each derivative as a hedging instrument, or else accounting views the derivative as a nonhedging instrument. Furthermore, firms must designate each hedging instrument as either a fair value hedge or a cash flow hedge. The accounting for nonhedging derivatives
a. remeasures both the hedged item and the derivative to fair value each period and recognize any unrealized gains and losses in net income. b. remeasures the derivative to fair value each period and include the unrealized gain or loss in other comprehensive income to the extent that the derivative instrument is effective in neutralizing risk. When the firm settles the hedged item, transfer the previously unrealized gain or loss from other comprehensive income to net income. c. remeasures the derivative to fair value each period and include the unrealized gain or loss in net income. d. all of the above e. none of the above
The ____ built-in package retrieves information about database objects.
A. DBMS_JAVA B. DBMS_METADATA C. DBMS_RANDOM D. DBMS_SESSION
Bankruptcy under Chapter 13 differs from Chapter 11 in that:
A) an individual cannot use Chapter 11. B) a corporation cannot use Chapter 13. C) Chapter 11 cannot be instituted by involuntary petition. D) Chapter 13 requires unsecured debts to be less than $100,000.
The doctrine of adverse possession requires the delivery of the deed for the transfer of property to be valid.
Answer the following statement true (T) or false (F)