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

Under GASB Statement 34,accrual accounting is used for:

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

Which of the following funds is not a Fiduciary Fund?

Which of the following is a proprietary fund?

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

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?

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?

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

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

Contrast the economic resources measurement focus and the current financial resources measurement focus with regard to the accounting treatment of long-term debt.

Under GASB Statement 34,modified accrual accounting would be found in the:

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

General fixed assets of the government are reported both in the government-wide financial statements and the governmental fund financial statements.

Which of the following is not an objective of federal financial reporting?

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

Capitalized fixed assets are reported in which of the following fund-basis statements?

A city government collects local option sales taxes legally restricted to pay for the hiring of teachers for hearing impaired school children. Which fund should account for the receipt of the sales taxes?

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.

The GASB sets accounting standards for all of the following except:

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