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

The "Hierarchy of GAAP" is established by the:

Contrast the economic resources measurement focus and the current financial resources measurement focus with regard to the accounting treatment of capital assets.

Governmental activities fund statements may use modified accrual basis when preparing government-wide financial statements.

Which of the following funds is considered a Fiduciary Fund?

FASAB,GASB and FASB standards are set forth primarily in documents called statements.

Which of the following use current financial resources measurement focus?

Financial reports for state and local governments are well suited for all the following EXCEPT?

For most state and local governments,the budget,when adopted according to procedures specified by state laws,is binding upon the administrators of a governmental unit.

List and define the five classifications of governmental funds.

A city government makes its semiannual payment of interest on revenue bonds issued to pay for the construction of additional public transit stations.Which fund would account for the payment?

Which of the following funds is used to account for the payment of principal and interest of general long term debt of a government?

The Financial Accounting Standards Board sets financial reporting standards for private sector organizations,except nongovernmental,not-for-profit organizations.

Level "A" GAAP for Cook County Hospital,a public hospital,would be established by the:

A permanent fund classified under governmental funds…

The ___________ is the government's official annual report prepared and published as a matter of public record.

FASAB,GASB and FASB standards are set forth primarily in documents called interpretations.

The ______ Funds are used when resources are provided primarily through the use of sales and service charges to parties external to the government and it is the intent of the government to measure net profit or loss.

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

Depreciation on capital assets is included as an expense in the Statement of Revenues,Expenses,and Changes in Fund Net Assets in the proprietary fund financial statements

One objective of the Governmental Accounting Standards Board is to help users determine compliance with finance-related laws,rules,and regulations.