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

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What are the four objectives that should be followed with respect to federal financial reporting according to SFFAC #1 as issued by the FASAB?

(Essay)

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Question 101

A government may have two or more General Funds.

(True/False)

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Question 102

Which of the following fund types is present in every general-purpose government?

(Multiple Choice)

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Question 103

Which of the following best describes how many funds a government should use?

(Multiple Choice)

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Question 104

According to GASB standards relating to Budgetary Accounting,an annual budget should be adopted by every governmental unit.

(True/False)

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Question 105

What type of fund is used when resources are provided mainly through business-like transactions to parties external to the government?

(Multiple Choice)

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Question 106

Infrastructure is capitalized by state and local governmental units.

(True/False)

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Question 107

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

(Essay)

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Question 108

Long-term debt of a governmental unit would be reported in the:

(Multiple Choice)

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Question 109

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

(Multiple Choice)

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Question 110

Which of the following is not a fiduciary fund type?

(Multiple Choice)

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Question 111

Fund accounting exists primarily to provide assurance that resources are used according to legal or donor restrictions.

(True/False)

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Question 112

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?

(Multiple Choice)

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Question 113

The format and content of supplementary information which is not required by GASB is up to the discretion of the reporting entity

(True/False)

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Question 114

Depreciation on capital assets is included as an expense in the Statement of Revenues,Expenses,and Changes in Fund Net Position in the proprietary fund financial statements

(True/False)

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Question 115

What basis of accounting would the Enterprise Fund use?

(Multiple Choice)

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Question 116

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.

(True/False)

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Question 117

The FASAB was established to recommend accounting and financial reporting standards for the federal government.

(True/False)

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Question 118

A permanent fund classified under governmental funds…

(Multiple Choice)

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Question 119

The term "fiduciary funds" applies to:

(Multiple Choice)

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Question 120

Showing 101 - 120 of 132

What are the four objectives that should be followed with respect to federal financial reporting according to SFFAC #1 as issued by the FASAB?

A government may have two or more General Funds.

Which of the following fund types is present in every general-purpose government?

Which of the following best describes how many funds a government should use?

According to GASB standards relating to Budgetary Accounting,an annual budget should be adopted by every governmental unit.

What type of fund is used when resources are provided mainly through business-like transactions to parties external to the government?

Infrastructure is capitalized by state and local governmental units.

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

Long-term debt of a governmental unit would be reported in the:

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

Which of the following is not a fiduciary fund type?

Fund accounting exists primarily to provide assurance that resources are used according to legal or donor restrictions.

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?

The format and content of supplementary information which is not required by GASB is up to the discretion of the reporting entity

Depreciation on capital assets is included as an expense in the Statement of Revenues,Expenses,and Changes in Fund Net Position in the proprietary fund financial statements

What basis of accounting would the Enterprise Fund use?

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 FASAB was established to recommend accounting and financial reporting standards for the federal government.

A permanent fund classified under governmental funds…

The term "fiduciary funds" applies to:

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Proprietary Funds

Fiduciary Funds, Inter-fund Transactions

Government-Wide Statements: Capital Assets; Long-Term Debt

Accounting for Special-Purpose Entities Including Public Colleges and Universities

Accounting for Private Not-For-Profit Organizations

College and University Accounting Private Institutions

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

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