Author Question: Even though GAAP requires the accrual basis of accounting, some businesses prefer using the cash ... (Read 108 times)

RYAN BANYAN · **on:** Jul 5, 2018

Even though GAAP requires the accrual basis of accounting, some businesses prefer using the cash basis of accounting.
a. True
b. False

Indicate whether the statement is true or false

Question 2

Concepts statements issued by the GASB and the FASAB emphasize which of the following objectives of governmental financial reporting?

a. It should help the chief executive assess the entity's financial condition.
b. It should help department heads assess their department's results of operations.
c. It should help the judiciary determine whether the government has complied with the law.
d. It should help report users assess accountability.