Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A)  Federal government 
B)  Investor owned business 
C)  State and local governments 
D)  Public not-for-profits 
A)  Federal government 
B)  Investor owned business 
C)  State and local governments 
D)  Public not-for-profits

Question 3

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

Accepted Answer

A)  Assess financial condition and results of operations 
B)  Measuring the effectiveness of government services such as police and fire protection 
C)  Compare actual results with the legally adopted budget 
D)  Assist in determining compliance with finance-related laws and regulations 
A)  Assess financial condition and results of operations 
B)  Measuring the effectiveness of government services such as police and fire protection 
C)  Compare actual results with the legally adopted budget 
D)  Assist in determining compliance with finance-related laws and regulations

Question 4

Under the modified accrual basis of accounting,revenues should be recognized when they are:

Accepted Answer

A)  authorized by the budget ordinance. 
B)  earned and measurable. 
C)  measurable and available to finance expenditures of the current period. 
D)  realized through collection. 
A)  authorized by the budget ordinance. 
B)  earned and measurable. 
C)  measurable and available to finance expenditures of the current period. 
D)  realized through collection.

Question 5

GASB standards contain all of the following in its three-part budgetary principle except:

Accepted Answer

A)  An annual budget should be adopted by every governmental unit. 
B)  The accounting system should provide the basis for appropriate budgetary control. 
C)  Budgetary comparisons should be included in the appropriate financial statement and schedules for governmental funds for which an annual budget has been adopted. 
D)  None of the above; all would be included 
A)  An annual budget should be adopted by every governmental unit. 
B)  The accounting system should provide the basis for appropriate budgetary control. 
C)  Budgetary comparisons should be included in the appropriate financial statement and schedules for governmental funds for which an annual budget has been adopted. 
D)  None of the above; all would be included

Question 6

What are Enterprise funds used for?

Accepted Answer

A)  To account for pension and employee benefit funds for which the governmental unit is the trustee. 
B)  To report resources that are legally restricted so only earnings, not principal, may be expended, and for purposes to benefit the government and its citizenry. 
C)  To account for most of the basic services provided by the governmental units. 
D)  To account for resources provided primarily through the use of sales and service charges to parties external to the government. 
A)  To account for pension and employee benefit funds for which the governmental unit is the trustee. 
B)  To report resources that are legally restricted so only earnings, not principal, may be expended, and for purposes to benefit the government and its citizenry. 
C)  To account for most of the basic services provided by the governmental units. 
D)  To account for resources provided primarily through the use of sales and service charges to parties external to the government.

Question 7

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

Accepted Answer

A)  Debt service fund 
B)  Capital projects fund 
C)  Enterprise fund 
D)  Internal service fund 
A)  Debt service fund 
B)  Capital projects fund 
C)  Enterprise fund 
D)  Internal service fund

Question 8

The Governmental Accounting Standards Board sets financial reporting standards for all units of government:
 federal,state,and local.

Accepted Answer

A) True 
 B)False

Question 9

The ______ Fund accounts for all resources other than those required to be accounted for in other funds.

Accepted Answer

A)  Special Revenue 
B)  General 
C)  Enterprise 
D)  Agency 
A)  Special Revenue 
B)  General 
C)  Enterprise 
D)  Agency

Question 10

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

Accepted Answer

A)  Federal government 
B)  Private not-for-profits 
C)  Public not-for-profits 
D)  State and local governments 
A)  Federal government 
B)  Private not-for-profits 
C)  Public not-for-profits 
D)  State and local governments

Question 11

Government-wide statements use the:

Accepted Answer

A)  current financial resources measurement focus and accrual basis of accounting. 
B)  economic resources measurement focus and accrual basis of accounting. 
C)  economic resources measurement focus and modified accrual basis of accounting. 
D)  none of the above, the fiduciary funds have no revenues. 
A)  current financial resources measurement focus and accrual basis of accounting. 
B)  economic resources measurement focus and accrual basis of accounting. 
C)  economic resources measurement focus and modified accrual basis of accounting. 
D)  none of the above, the fiduciary funds have no revenues.

Question 12

Which of the following is not true regarding GASB Concepts Statement No.2,Service Efforts and Accomplishments Reporting:

Accepted Answer

A)  It encourages governments to experiment with reporting more complete information about an entity's performance than can be displayed in the traditional financial statements. 
B)  It outlines categories of information that might be reported. 
C)  It prescribes detailed standards governing the reporting of service efforts and accomplishments reporting. 
D)  None of the above, all are true. 
A)  It encourages governments to experiment with reporting more complete information about an entity's performance than can be displayed in the traditional financial statements. 
B)  It outlines categories of information that might be reported. 
C)  It prescribes detailed standards governing the reporting of service efforts and accomplishments reporting. 
D)  None of the above, all are true.

Question 13

The Governmental Accounting Standards Board considers the financial reporting entity to include the primary government and its component units.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following are the governmental funds?

Accepted Answer

A)  General, special revenue, debt service, capital projects, permanent. 
B)  General, special revenue, debt service, capital projects, private purpose. 
C)  General, special revenue, debt service, capital projects, internal service. 
D)  None of the above. 
A)  General, special revenue, debt service, capital projects, permanent. 
B)  General, special revenue, debt service, capital projects, private purpose. 
C)  General, special revenue, debt service, capital projects, internal service. 
D)  None of the above.

Question 15

What are the five environmental factors relating to how governments are different from commercial businesses as described by GASB in a white paper published entitled:
 Why Governmental Accounting and Financial Reporting Is - and Should Be - Different:

Accepted Answer

The five environmental differences are:

Question 16

Under GASB Statement 34,capital assets:

Accepted Answer

A)  must be reported in government-wide statements but are not reported in any of the fund financial statements. 
B)  must be reported in government-wide statements and in proprietary fund financial statements. 
C)  are not to be reported in either government-wide or fund financial statements. 
D)  are to be reported but not depreciated in government-wide and fund financial statements. 
A)  must be reported in government-wide statements but are not reported in any of the fund financial statements. 
B)  must be reported in government-wide statements and in proprietary fund financial statements. 
C)  are not to be reported in either government-wide or fund financial statements. 
D)  are to be reported but not depreciated in government-wide and fund financial statements.

Question 17

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

Accepted Answer

Under the economic resources measurement

Question 18

Which of the following funds is not a Fiduciary Fund?

Accepted Answer

A)  Private Purpose Trust Fund 
B)  Special Revenue Fund 
C)  Pension Fund 
D)  Investment Trust Fund 
A)  Private Purpose Trust Fund 
B)  Special Revenue Fund 
C)  Pension Fund 
D)  Investment Trust Fund

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

Which organizations have established a hierarchy of GAAP for financial statements preparers?
 List one category A and one category B item for each organization.

Accepted Answer

FASAB Statement 162,GASB Statement 55,FA

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

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

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

Under the modified accrual basis of accounting,revenues should be recognized when they are:

GASB standards contain all of the following in its three-part budgetary principle except:

What are Enterprise funds used for?

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

The Governmental Accounting Standards Board sets financial reporting standards for all units of government: federal,state,and local.

The ______ Fund accounts for all resources other than those required to be accounted for in other funds.

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

Government-wide statements use the:

Which of the following is not true regarding GASB Concepts Statement No.2,Service Efforts and Accomplishments Reporting:

The Governmental Accounting Standards Board considers the financial reporting entity to include the primary government and its component units.

Which of the following are the governmental funds?

What are the five environmental factors relating to how governments are different from commercial businesses as described by GASB in a white paper published entitled: Why Governmental Accounting and Financial Reporting Is - and Should Be - Different:

Under GASB Statement 34,capital assets:

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

Which of the following funds is not a Fiduciary Fund?

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

Which organizations have established a hierarchy of GAAP for financial statements preparers? List one category A and one category B item for each organization.

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 Trustfunds

Government-Wide Statements, capital Assets, long-Term Debt

Advanced Topics for State and Local Governments

Accounting for Private Not-For-Profit Organizations

College and University Accounting

Accounting for Hospitals and Other Health Care Providers

Auditing, tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters

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

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

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

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

Under the modified accrual basis of accounting,revenues should be recognized when they are:

GASB standards contain all of the following in its three-part budgetary principle except:

What are Enterprise funds used for?

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

The Governmental Accounting Standards Board sets financial reporting standards for all units of government: federal,state,and local.

The ______ Fund accounts for all resources other than those required to be accounted for in other funds.

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

Government-wide statements use the:

Which of the following is not true regarding GASB Concepts Statement No.2,Service Efforts and Accomplishments Reporting:

The Governmental Accounting Standards Board considers the financial reporting entity to include the primary government and its component units.

Which of the following are the governmental funds?

What are the five environmental factors relating to how governments are different from commercial businesses as described by GASB in a white paper published entitled: Why Governmental Accounting and Financial Reporting Is - and Should Be - Different:

Under GASB Statement 34,capital assets:

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

Which of the following funds is not a Fiduciary Fund?

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

Which organizations have established a hierarchy of GAAP for financial statements preparers? List one category A and one category B item for each organization.

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 Trustfunds

Government-Wide Statements, capital Assets, long-Term Debt

Advanced Topics for State and Local Governments

Accounting for Private Not-For-Profit Organizations

College and University Accounting

Accounting for Hospitals and Other Health Care Providers

Auditing, tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters