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

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

The Financial Accounting Standards Board has authority to establish accounting and financial reporting standards for both private and state universities.

The ______ Funds are used to account for situations in which the government is acting as a collecting/disbursing agent.

Governmental funds use the:

Which of the following is not a fiduciary fund?

Proprietary funds use the:

A government may have __________________ General Fund(s).

A Management's Discussion and Analysis is required for state and local governmental units,and the federal government.

In order for a fund to exist,there must be:

Contrast the economic resources measurement focus and the current financial resources measurement focus with regard to the accounting treatment of capital assets.

Which of the following is a governmental fund?

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

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

Long-term debt to be paid from proprietary funds is reported as a liability in

List and define the five classifications of governmental funds.

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

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

Under the modified accrual basis of accounting,expenditures should be recognized when:

Governmental funds include:

GASB Concepts Statement No.3,Communication Methods in General Purpose External Financial Reports that Contain Basic Financial Statements,states that