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

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Fiduciary funds of a governmental unit use the current financial resources measurement focus and modified accrual basis of accounting

(True/False)

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Question 61

The economic resource measurement focus and accrual basis of measurement is an important feature of government-wide financial statements.

(True/False)

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Question 62

In order for a fund to exist,there must be:

(Multiple Choice)

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Question 63

What basis of accounting would the Enterprise Fund use?

(Multiple Choice)

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Question 64

Depreciation on capital assets is included as an expense in the Statement of Activities in the government-wide financial statements

(True/False)

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Question 65

The ______ Fund accounts for all resources other than those required to be accounted for in other funds.

(Multiple Choice)

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Question 66

A Management's Discussion and Analysis is required for state and local governmental units,but not the federal government.

(True/False)

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Question 67

Comparison of the legally approved budget with actual results of the General Fund is not part of required supplementary information in the CAFR.

(True/False)

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Question 68

In its Statement of Financial Accounting Concepts #4,the FASB identifies the information needs of the users of non-business financial statements.These include providing information that is useful to present and potential resource providers in which four evaluation areas?

(Essay)

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Question 69

A fund represents part of the activities of an organization which is separated from other activities in the accounting records to more easily demonstrate compliance with legal restrictions or limitations.

(True/False)

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Question 70

Internal Service funds are treated as governmental activities in the government-wide statements if the principal customers are other departments within the General Fund.

(True/False)

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Question 71

Identify the accounting standard setting bodies for U.S.commercial,private not-for-profits,public not-for-profits,state and local governments,and the federal government.

(Essay)

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Question 72

A government may have two or more General Funds.

(True/False)

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Question 73

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

(True/False)

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Question 74

The GASB is under the oversight of:

(Multiple Choice)

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Question 75

The FASAB was established to recommend accounting and financial reporting standards for governmental and nonprofit enterprises.

(True/False)

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Question 76

Which of the following fund types is present in every general-purpose government?

(Multiple Choice)

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Question 77

Under the accrual basis of accounting,revenues are recognized when measurable and available to finance expenditures of the current period.

(True/False)

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Question 78

Which of the following are the governmental funds?

(Multiple Choice)

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Question 79

The term "fiduciary funds" applies to:

(Multiple Choice)

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Question 80

Showing 61 - 80 of 134

Fiduciary funds of a governmental unit use the current financial resources measurement focus and modified accrual basis of accounting

The economic resource measurement focus and accrual basis of measurement is an important feature of government-wide financial statements.

In order for a fund to exist,there must be:

What basis of accounting would the Enterprise Fund use?

Depreciation on capital assets is included as an expense in the Statement of Activities in the government-wide financial statements

The ______ Fund accounts for all resources other than those required to be accounted for in other funds.

A Management's Discussion and Analysis is required for state and local governmental units,but not the federal government.

Comparison of the legally approved budget with actual results of the General Fund is not part of required supplementary information in the CAFR.

In its Statement of Financial Accounting Concepts #4,the FASB identifies the information needs of the users of non-business financial statements.These include providing information that is useful to present and potential resource providers in which four evaluation areas?

A fund represents part of the activities of an organization which is separated from other activities in the accounting records to more easily demonstrate compliance with legal restrictions or limitations.

Internal Service funds are treated as governmental activities in the government-wide statements if the principal customers are other departments within the General Fund.

Identify the accounting standard setting bodies for U.S.commercial,private not-for-profits,public not-for-profits,state and local governments,and the federal government.

A government may have two or more General Funds.

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

The GASB is under the oversight of:

The FASAB was established to recommend accounting and financial reporting standards for governmental and nonprofit enterprises.

Which of the following fund types is present in every general-purpose government?

Under the accrual basis of accounting,revenues are recognized when measurable and available to finance expenditures of the current period.

Which of the following are the governmental funds?

The term "fiduciary funds" applies to:

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Proprietary Funds

Fiduciary Trustfunds

Government-Wide Statements, Capital Assets, Long-Term Debt

Accounting for Special-Purpose Entities, Including Public Colleges and Universities

Accounting for Private Not-For-Profit Organizations

College and University Accounting Private Institutions

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

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