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

According to GASB standards relating to Budgetary Accounting,budgetary comparisons are not required for proprietary funds.

Governmental funds use the:

Although certain supplementary information may not be required,if presented,it must follow GASB guidance regarding its format and content.

Which of the following is an environmental difference between governments and for-profit business enterprises?

Which of the following is not true regarding GASB Concepts Statement No.2,Service Efforts and Accomplishments Reporting:

Provide the definition of the following terms as outlined by GASB Concepts Statement No.4,Elements of Financial Statements: Assets Liabilities Net position Inflows of resources Outflows of resources

Identify the three basic fund categories,the funds that make up each of them,and the category's basis of accounting.

Which of the following is a governmental fund?

Governments must have as many funds as necessary to fulfill legal requirements and sound financial administration but must have at a minimum a General Fund.

A city government collects local option sales taxes legally restricted to pay for the construction of a new courthouse.Which fund should account for the receipt of the sales taxes?

FASB sets the reporting standards for private and public not-for-for profits

The _______ sets the accounting and financial reporting standards for both state and local governments and public not-for-profits.

The GASB requires supplementary information to be reported with its financial statements if it is essential to establish appropriate context for the financial statements and notes.

State and local governmental funds are organized into three categories including:

Under the modified accrual basis of accounting,revenues should be recognized when they are:

Which of the following is true regarding fund classifications?

Which of the following is not a fiduciary fund type?

Governmental funds do not include:

Business activities fund statements must be changed to the accrual basis from the modified accrual basis when preparing government-wide financial statements.

The ______ Fund accounts for and reports the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purpose other than debt service or capital projects.