Governmental Accounting Differs from Corporate Financial Accounting Primarily Because

question 35

Multiple Choice

Governmental accounting differs from corporate financial accounting primarily because

• A)the size of the government and the various levels would make it unreasonable to use corporate GAAP.
• B)governments lack a profit motive and must focus on accountability to the public they serve.
• C)the government has no stakeholders who require financial reporting.
• D)the government has too many types of organizations to use one type of corporate GAAP.