Governmental Accounting

Question 1

What defines a governmental organization

Answer 1

A or B
A. Public corporations and bodies corporate and politic
B. Other Organizations that have one or more of the following
1. Popular election of officers or appointment of a controlling majority
2.The potential for unilateral dissolution by the government with assets reverting to a government
3.The power to enact and enforce a tax levy
4.The ability to issue directly debt that pays inerest exempt from federal taxation.

Question 2

Nongovernment not-for-profit Organization should follow which authoritive guidance

Answer 2

FASB Accounting Standard Codification