FASB Sets the Reporting Standards for Private and Public Not-For-For

question 111

True/False

FASB sets the reporting standards for private and public not-for-for profits

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Definitions:

General Revenue Sharing

A federal government program that provides funds to local governments with minimal restrictions on how the money is spent, allowing for local discretion.

Unfunded Mandates

Regulations or mandates imposed by higher levels of government without providing the necessary funding to fulfill them.

Tenth Amendment

An amendment to the U.S. Constitution that reserves powers not delegated to the federal government to the states or to the people.

Necessary and Proper Clause

A provision in the U.S. Constitution granting Congress the power to pass all laws necessary and proper for carrying out its enumerated powers.