Midterm Exam on Governmental and Not-for-Profit Accounting

Midterm exam answers on governmental and non-profit accounting.

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Midterm Exam on Governmental and Not-for-Profit AccountingThis midterm exam consist of 20 multiple choice questions and covers the material in Chapters 1through 5. There are four questions from each Chapter.Question 110 out of 10 pointsWhich of the following objectives is considered to be the cornerstone of financial reporting by agovernmental entity?AnswerSelected Answer:Accountability.Correct Answer:Accountability.Question 210 out of 10 pointsWhich of the following is NOT generally considered a main user of government and not-for-profit entity external financial statements?AnswerSelected Answer:Management.Correct Answer:Management.Question 310 out of 10points

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