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 interpretations.

A permanent fund classified under governmental funds:

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

Governmental funds include:

Which fund category must change from modified accrual to accrual basis when preparing government-wide financial statements?

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

Which of the following fund types uses modified accrual accounting?

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

Level "A" GAAP for The University of Virginia,a public institution,would be established by the:

The GASB recently published a white paper which identifies five environmental differences between governments and for-profit enterprises.

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

All funds of a governmental unit use the current financial resources measurement focus and modified accrual basis of accounting.

Infrastructure may or may not be capitalized by state and local governmental units.

Which of the following characteristics would define an organization as governmental?

The FASAB requires more financial statements than are typically required of state and local governments.

The "Hierarchy of GAAP" is established by the:

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.

Which of the following use current financial resources measurement focus?

According to GASB standards relating to Budgetary Accounting,the accounting system should provide the basis for appropriate budgetary control.

The GASB requires supplementary information to be reported with its financial statements if it is essential to establish appropriate context for the financial statements and notes.