ACC 460 Week 2 Individual Problems Ch. 1,2 & 3

May 8th, 2015
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ACC 460 Week 2 Individual Problems Ch. 1,2 & 3

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Week 2 Individual ProblemsChapter 1, E1-1Prob. #QuestionAnswer1.The traditional business model of accounting is inadequate for governments and not-for-profit organizations primarily because businesses differ from government and not-for-profit organizations in thatA3.The primary objective of a not-for-profit organization or a government is toC4.In governments, in contrast to businesses,A C5.The organization responsible for setting accounting standards for state and local governments is the B7.Governments differ from businesses in that they D8.Interperiod equity refers to a condition whereby CChapter 2, Question 12What is a CAFR? What are its main components?The CAFR is short for Comprehensive Annual Financial Report. The CAFR reports the governments activities from the fund accounts and the government-wide financial statements. The Main components are t

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