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.

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Definitions:

World War II

A global conflict that lasted from 1939 to 1945, involving most of the world's nations and marked by significant battles, genocide, and the first use of nuclear weapons.

Industrialization

The process of transforming economies to large-scale manufacturing and technological advancements, shifting from agrarian to industrial sectors.

Middle-Class Children

Children raised in socioeconomic conditions characterized by moderate financial stability and access to education.

Adolescence

The transitional stage of development between childhood and adulthood, characterized by physical, psychological, and social changes.