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

The GASB recently published a white paper outlining prohibited transactions for not-for-profit organizations.

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 is a fiduciary fund?

Governmental funds are to use the:

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

General fixed assets of the government are reported both in the government-wide financial statements and the governmental fund financial statements.

Under GASB Statement 34,accrual accounting is used for:

State and local governments may use eleven different fund types.

A government may have multiple funds for each of the following fund types except:

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

The ______ Funds are used when resources are provided primarily through the use of sales and service charges to parties external to the government.

State and local governmental funds are organized into three categories including:

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

Which of the following would not be included in FASB Statement of Financial Accounting Concepts #4,which identifies the information needs of the users of non-business financial statements?

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

Common measurement focus and basis of measurement is an important feature of government-wide financial statements.

The GASB is under the oversight of:

Capitalized fixed assets are reported in which financial statement?

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

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