Question: 1. An unqualified opinion on the financial statements of a local government means that all statements in the comprehensive annual financial report (CAFR) have been audited and conform with GAAP." Do you agree or disagree? Why?
2. Describe the difficulty in comparing the financial performance of a not-for-profit organization to other similar organizations. What benchmarks are available to assist in this task?
3. Describe the treatment of a not-for-profit, nongovernmental foundation that is related to a public university under GASB standards.
4. What are the benefits to a state or local government of establishing an audit committee?
5. Explain when donated materials should be recognized as a contribution and as an expense by a not-for-profit organization.