Exam 1: Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Depreciation on capital assets is not included as an expense in the Statement of Revenues,Expenses,and Changes in Fund Net Assets in the proprietary fund financial statements

The FASAB has the authority to establish accounting and financial reporting standards for:

Capitalized fixed assets are reported in which of the following fund-basis statements?

What type of fund is used when resources are provided mainly through business-like transactions to parties external to the government?

The GASB Concept Statement on Service Efforts and Accomplishments Reporting requires state and local governments to include inputs of nonmonetary resources in their financial reporting.

The GASB sets accounting standards for all of the following except:

The Governmental Accounting Standards Board considers the financial reporting entity to include the primary government and its component units.

Fiduciary funds are to use the:

The FASAB requires more financial statements than are typically required of state and local governments.

What are Enterprise funds used for?

The FASB,GASB,and FASAB have each established a hierarchy of GAAP for financial statements preparers? List one category A and one category B item for each organization.

The Financial Accounting Standards Board sets financial reporting standards for private not-for-profits and investor-owned businesses.

Which of the following is an objective of federal financial reporting?

The Governmental Accounting Standards Board has been given authority to establish accounting and financial reporting standards for:

State and local governments may use eleven different fund types.

General fixed assets of the government are reported both in the government-wide financial statements and the governmental fund financial statements.

The fund basis statements for governmental funds are presented using the

Which of the following statement(s)are not included in the proprietary funds:

Under GASB Statement 34,capital assets:

Long-term debt paid from proprietary funds is reported as a liability in