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

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.

Financial reports for state and local governments are well suited for all the following EXCEPT?

The ___________ is the government's official annual report prepared and published as a matter of public record.

A city government makes its semiannual payment of interest on revenue bonds issued to pay for the construction of additional public transit stations. Which fund would account for the payment?

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?

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

Which of the following characteristics would not define an organization as governmental?

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

Governmental funds do not include:

The GASB Concept Statement on Service Efforts and Accomplishments Reporting requires state and local governments to include inputs of nonmonetary resources in their financial reporting.

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.

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 of the following fund types uses modified accrual accounting?

The "Hierarchy of GAAP" is established by the:

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

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

Which of the following organizations has authority to establish accounting and financial reporting standards for the federal government?

Which of the following use current financial resources measurement focus?

An organization is presumed to be governmental if it has the ability to issue directly debt that is exempt from federal taxes.

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