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

Explore all topics

Comparison of the legally approved budget with actual results of the General Fund is included as part of required supplementary information in the CAFR.

(True/False)

4.9/5

(25)

Question 81

Permanent funds can be either a governmental fund or a fiduciary fund where only income on donated assets may be spent.

(True/False)

4.9/5

(33)

Question 82

According to GASB standards relating to Budgetary Accounting,an annual budget should be adopted by every governmental unit.

(True/False)

4.8/5

(43)

Question 83

Which of the following would not be included in FASB Statement of Financial Accounting Concepts #4,which identifies the information needs of the users of non-business financial statements?

(Multiple Choice)

4.9/5

(32)

Question 84

A city government sells police cars no longer in use.No restrictions have been placed on the proceeds.Which fund should account for the receipt?

(Multiple Choice)

4.9/5

(30)

Question 85

Which fund category must change from modified accrual to accrual basis when preparing government-wide financial statements?

(Multiple Choice)

4.8/5

(30)

Question 86

A government may have __________________ General Fund(s)in a given year?

(Multiple Choice)

4.8/5

(31)

Question 87

GASB and FASB Concept Statements establish accounting standards that must be complied with to receive an unqualified audit opinion.

(True/False)

4.7/5

(23)

Question 88

The Financial Accounting Standards Board and the Governmental Accounting Standards Board are parallel bodies under the oversight of the Financial Accounting Foundation.

(True/False)

4.9/5

(50)

Question 89

Which of the following funds is not a Fiduciary Fund?

(Multiple Choice)

4.8/5

(27)

Question 90

Contrast revenue recognition under the accrual and modified accrual bases of accounting.

(Essay)

4.7/5

(33)

Question 91

Fiduciary funds include agency,pension trust,investment trust,and permanent funds.

(True/False)

4.8/5

(32)

Question 92

What are the five environmental factors relating to how governments are different from commercial businesses as described by GASB in a white paper entitled: Why Governmental Accounting and Financial Reporting Is - and Should Be - Different:

(Essay)

4.8/5

(35)

Question 93

Which of the following is not a fiduciary fund?

(Multiple Choice)

4.8/5

(37)

Question 94

What are the fund-basis financial statements for each of the following fund categories? Fiduciary Proprietary Governmental

(Essay)

4.8/5

(29)

Question 95

Fund-basis statements are presented for three categories of government activities: governmental,proprietary,and fiduciary.

(True/False)

4.7/5

(38)

Question 96

Government-wide statements use the:

(Multiple Choice)

4.9/5

(30)

Question 97

Level "A" GAAP for The University of Virginia,a public institution,would be established by the:

(Multiple Choice)

4.7/5

(39)

Question 98

Under GASB Statement 34,accrual accounting is used for:

(Multiple Choice)

5.0/5

(28)

Question 99

Proprietary funds use the:

(Multiple Choice)

4.8/5

(33)

Question 100

Showing 81 - 100 of 134

Comparison of the legally approved budget with actual results of the General Fund is included as part of required supplementary information in the CAFR.

Permanent funds can be either a governmental fund or a fiduciary fund where only income on donated assets may be spent.

According to GASB standards relating to Budgetary Accounting,an annual budget should be adopted by every governmental unit.

Which of the following would not be included in FASB Statement of Financial Accounting Concepts #4,which identifies the information needs of the users of non-business financial statements?

A city government sells police cars no longer in use.No restrictions have been placed on the proceeds.Which fund should account for the receipt?

Which fund category must change from modified accrual to accrual basis when preparing government-wide financial statements?

A government may have __________________ General Fund(s)in a given year?

GASB and FASB Concept Statements establish accounting standards that must be complied with to receive an unqualified audit opinion.

The Financial Accounting Standards Board and the Governmental Accounting Standards Board are parallel bodies under the oversight of the Financial Accounting Foundation.

Which of the following funds is not a Fiduciary Fund?

Contrast revenue recognition under the accrual and modified accrual bases of accounting.

Fiduciary funds include agency,pension trust,investment trust,and permanent funds.

What are the five environmental factors relating to how governments are different from commercial businesses as described by GASB in a white paper entitled: Why Governmental Accounting and Financial Reporting Is - and Should Be - Different:

Which of the following is not a fiduciary fund?

What are the fund-basis financial statements for each of the following fund categories? Fiduciary Proprietary Governmental

Fund-basis statements are presented for three categories of government activities: governmental,proprietary,and fiduciary.

Government-wide statements use the:

Level "A" GAAP for The University of Virginia,a public institution,would be established by the:

Under GASB Statement 34,accrual accounting is used for:

Proprietary funds use the:

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

Filters