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QUESTION: 41

The National Committee on Municipal Accounting (NCMA), sponsored by the Municipal Finance Officers Association (later Government Finance Association [GFOA]), published in what is called, for obvious reasons, the "Blue Book." The third Blue book was titled as:

Governmental Accounting, Auditing, and Financial Reporting
Federal Accounting and Financial Reporting
Blue book III
None of these

Answer(s): A

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QUESTION: 42

FASB (Financial Accounting Standards Board) is a _________________ organization and controlled and supported by a _________________, Financial Accounting Foundation.

Governmental Organization, Non-Profit Organization.
Private Organization, Non-Profit Organization.
Non-Profit Organization, Governmental Organization.
Semi- governmental Organization, Private Organization

Answer(s): B

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QUESTION: 43

_________________had separate principles for _________________ in the past.

I). Colleges and universities
II). Hospital and health care entities
III). Voluntary health and welfare organization
IV). Nonprofit organization

Federal Government
State Government
Local Government
Non-profit Organization

Answer(s): D

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QUESTION: 44

Issuance of practice and consensus bulletins prepared by the AICPA's Accounting and Standard Executive Committee is done at_________________ level of GAAP.