The Governmental Accounting Standards Board (GASB) establishes financial reporting standards for state and local governmental entities. An entity possessing the following characteristics should follow GASB standards:
a. The power to enact and levy a tax.
b. The power to issue debt, for which its interest is exempt from federal taxation.
c. The potential that a government could unilaterally dissolve the entity and assume their assets and liabilities.
d. All of the above.
e. Only a and b.
Question 2
All of the following statements regarding a horizontal analysis are true except:
a. A horizontal analysis is used to compare an item in a current statement with the same item in priorstatements.
b. A horizontal analysis can be performed on a balance sheet and income statement, but not on a statement ofcash flows.
c. If fees earned in Year 1 are 125,000 and fees earned in Year 2 are 143,750, a horizontal analysis willindicate a 15 increase over this period.
d. When two statement s are compared in horizontal analysis, the earlier statement is used as the base forcomputing the amount and the percent of change.
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