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

The Financial Accounting Standards Board (FASB)is the standard setting organization for which of the following reporting organizations?

Which of the following fund types does not use modified accrual accounting?

Which of the following is a fiduciary fund?

Which of the following fund types uses modified accrual accounting?

According to GASB standards relating to Budgetary Accounting,budgetary comparisons should be included in the appropriate financial statements or schedules for governmental funds for which an annual budget has been adopted.

The term "proprietary funds" applies to:

Notre Dame University,a private institution,has level "A" GAAP established by the:

The Federal Accounting Standards Advisory Board requires less extensive reports than does the FASB or GASB.

Measurement focus refers to those items,such as current and long-term assets,that are being reported on the financial statements.

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

Which of the following is not one of the objectives of Federal Financial Reporting,as outlined in SFFAC 1,which was issued by the FASAB?

According to GASB standards relating to Budgetary Accounting,the accounting system should provide the basis for appropriate budgetary control.

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

Infrastructure is not capitalized by state and local governmental units.