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Determine if the financial statements are correct

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Reference no: EM132516033

Question 1: Audits of governments' financial statements are performed to determine if the financial statements are correct and in accordance with generally accepted accounting principles, but not to determine if there is compliance with laws and regulations.

True

False

Question 2: In accounting for state and local governments the modified accrual basis is required for

1. Proprietary and fiduciary funds.

2. Governmental funds only.

3. Proprietary funds only.

4. All funds.

Reference no: EM132516033

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