Question

In accordance with GASB standards, both a general purpose government and a special purpose government can be considered primary governments if certain criteria are met.

True or False

Special purpose accounting frameworks are considered generally accepted accounting principles (GAAP) for state and local governments.

True or False

According to the Bureau of Census, which of the following would be considered a special district?

Multiple Choice

Colyer Township.

Milborne Independent School District.

Hieher City.

Johnston Building Authority.

Answer 1

1. True

GASB is the standard-setting authority of generally accepted accounting principles (GAAP). Both a general purpose and a special purpose government could be considered examples of primary governments under GAAP.

2. False

Special purpose and general purpose accounting frameworks are considered generally accepted accounting principles (GAAP) for state and local governments.

3. Answer is option A Colyer Township.

Special districts are units that exist separately from local governments such as county, municipal, and township governments