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

The _______ sets the accounting and financial reporting standards for both state and local governments and public not-for-profits.

Internal Service funds are treated as governmental activities in the government-wide statements if the only "buyers" are departments within the General Fund.

Fund-basis statements are presented for three categories of government activities: general,proprietary,and fiduciary.

Governmental funds do not include:

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

What basis of accounting would the Enterprise Fund use?

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

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.

Which of the following is not an environmental difference between governments and for-profit business enterprises?

What are the fund-basis financial statements for each of the following fund categories? Fiduciary Proprietary Governmental

What is the minimum number of funds to be used by a governmental unit?

Permanent funds can be either a governmental fund or a fiduciary fund where only income on donated assets may be spent.

The Financial Accounting Standards Board sets financial reporting standards for private sector organizations,except nongovernmental,not-for-profit organizations.

Depreciation on capital assets is included as an expense in the Statement of Activities in the government-wide financial statements.

Governmental activities fund statements may use modified accrual basis when preparing government-wide financial statements.

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

Which of the following is not a fiduciary fund?

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

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.

Fiduciary funds include agency,pension trust,investment trust,and private-purpose trust.