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TRUE OR FALSE 7. The Statement of Net Assets and Statement of Activities are the only...

TRUE OR FALSE

7. The Statement of Net Assets and Statement of Activities are the only two statements for the government-wide financial statements.

8. Debt limit is the total amount of indebtedness of specified kinds that is allowed by law to be outstanding at any time.

9. The AICPA Audit and Accounting Guide: Health Care Organizations applies equally to private not-for-profit and investor-owned but not governmentally owned health care organizations.

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Question 7 - The Statement of Net Assets and Statement of Activities are the only two statements for the government-wide financial statements. The above statement is true.

Question 8 - Debt limit is the total amount of indebtedness of specified kinds that is allowed by law to be outstanding at any time. The above statement is true

Question 9 - Health Care Organizations applies equally to private not-for-profit and investor-owned but not governmentally owned health care organizations.The above statement is false.

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