Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key


Play button


Play button




Click to flip

8 Cards in this Set

  • Front
  • Back
What is GASB
The governmental accting standards board is the private, nonpartisan organization that works to create and improve the rules U.S. state and local gov't follow when accting for their finances and reporting to the public
What is the basic criteria to determine the reporting entity for a gov't unit?
financial accountability
As far as taxes which of the following accting methods assist in assuring that these revenues are expended legally?
Fund and budgetary accounting?
Who are the users of governmental financial reports?
Citizens, legislative and oversight bodies, investors and creditors and internal users
What are the characteristics of financial reporting?
Understandability, relability, relevance, timeliness, consistency, comparability and limitations of financial reporting
What is the objective of GASB 34?
estabish greater accountability by state and local gov't by providing more useful information to a wider ranger of users.
GASB 34 orginally excluded public colleges and universities but GASB 35 includes these in special purpose gov't funds
What are the 4 required columns in GWS?
gov't activities, business type activities, primary gov't (sum of these previous two) and component units.