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

The Governmental Accounting Standards Board (GASB)is the body authorized to establish accounting principles for all state and local governments,both general purpose and special purpose.

(True/False)

4.7/5

(39)

Question 21

Which of the following distinguishes governments from nongovernmental not-for-profit organizations?

(Multiple Choice)

4.8/5

(44)

Question 22

Explain the essential differences between general purpose and special purpose governments and give several examples of each.

(Essay)

4.7/5

(30)

Question 23

Describe the difference between a comprehensive annual financial report (CAFR)and the GASBS 34 financial reporting model for state and local governments.

(Essay)

4.8/5

(42)

Question 24

Explain what distinguishes governmental not-for-profit organizations from nongovernmental,not-for-profit organizations.Why is such a distinction necessary?

(Essay)

4.9/5

(31)

Question 25

A comprehensive annual financial report (CAFR)prepared in conformity with GASB recommendations should include which of the following sections?

(Multiple Choice)

4.9/5

(42)

Question 26

Why should persons interested in reading financial reports of governmental and not-for-profit entities be familiar with standards set by the GASB and FASB?

(Essay)

4.9/5

(38)

Question 27

Which of the following organizations issue standards that are intended for both internal and external users of financial information?

(Multiple Choice)

4.7/5

(33)

Question 28

In your own words state the primary uses the GASB believes external users have for financial reports of state and local governments.For contrast,state the uses the FASB believes external users have for the financial reports of not-for-profit organizations.

(Essay)

4.7/5

(33)

Question 29

The governmental fund financial statements are intended to report on fiscal accountability.

(True/False)

4.7/5

(45)

Question 30

Interperiod equity refers to the concept that current-year revenues are sufficient to pay for services provided that year,so that future taxpayers will not be required to assume the burden for services previously provided.

(True/False)

4.8/5

(41)

Question 31

What information is the Management Discussion and Analysis (MD&A)intended to provide?

(Essay)

4.8/5

(39)

Question 32

A statistical section should be included in

(Multiple Choice)

4.9/5

(22)

Question 33

GASB and FASB standards are concerned only with external financial reporting whereas FASAB standards are concerned with both internal and external financial reporting.Do you agree with this statement? Why or why not?

(Essay)

4.8/5

(42)

Question 34

Distinguish between combining financial statements of a governmental entity and basic financial statements.

(Essay)

4.7/5

(25)

Question 35

The minimum requirements for general purpose external financial reporting are (1)management's discussion and analysis (MD&A), (2)the basic financial statements,including the notes to the financial statements,and (3)combining and individual fund financial statements.

(True/False)

4.8/5

(39)

Question 36

Which of the following would typically not be included in the introductory section of a comprehensive annual financial report?

(Multiple Choice)

4.9/5

(43)

Question 37

Which of the following would be included in a properly prepared comprehensive annual financial report (CAFR),but not in the minimum requirements for general purpose financial reporting specified by GASBS 34?

(Multiple Choice)

4.7/5

(28)

Question 38

All of the following characteristics may indicate that an organization is governmental in nature except:

(Multiple Choice)

4.9/5

(40)

Question 39

The Financial Accounting Standards Board has the responsibility for setting accounting and financial reporting standards for

(Multiple Choice)

4.9/5

(37)

Question 40

Showing 21 - 40 of 48

The Governmental Accounting Standards Board (GASB)is the body authorized to establish accounting principles for all state and local governments,both general purpose and special purpose.

Which of the following distinguishes governments from nongovernmental not-for-profit organizations?

Explain the essential differences between general purpose and special purpose governments and give several examples of each.

Describe the difference between a comprehensive annual financial report (CAFR)and the GASBS 34 financial reporting model for state and local governments.

Explain what distinguishes governmental not-for-profit organizations from nongovernmental,not-for-profit organizations.Why is such a distinction necessary?

A comprehensive annual financial report (CAFR)prepared in conformity with GASB recommendations should include which of the following sections?

Why should persons interested in reading financial reports of governmental and not-for-profit entities be familiar with standards set by the GASB and FASB?

Which of the following organizations issue standards that are intended for both internal and external users of financial information?

In your own words state the primary uses the GASB believes external users have for financial reports of state and local governments.For contrast,state the uses the FASB believes external users have for the financial reports of not-for-profit organizations.

The governmental fund financial statements are intended to report on fiscal accountability.

Interperiod equity refers to the concept that current-year revenues are sufficient to pay for services provided that year,so that future taxpayers will not be required to assume the burden for services previously provided.

What information is the Management Discussion and Analysis (MD&A)intended to provide?

A statistical section should be included in

GASB and FASB standards are concerned only with external financial reporting whereas FASAB standards are concerned with both internal and external financial reporting.Do you agree with this statement? Why or why not?

Distinguish between combining financial statements of a governmental entity and basic financial statements.

The minimum requirements for general purpose external financial reporting are (1)management's discussion and analysis (MD&A), (2)the basic financial statements,including the notes to the financial statements,and (3)combining and individual fund financial statements.

Which of the following would typically not be included in the introductory section of a comprehensive annual financial report?

Which of the following would be included in a properly prepared comprehensive annual financial report (CAFR),but not in the minimum requirements for general purpose financial reporting specified by GASBS 34?

All of the following characteristics may indicate that an organization is governmental in nature except:

The Financial Accounting Standards Board has the responsibility for setting accounting and financial reporting standards for

Principles of Accounting and Financial Reporting for State and Local Governments

Governmental Operating Statement Accounts; Budgetary Accounting

Accounting for Governmental Operating Activitiesillustrative Transactions and Financial Statements

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-Type Activities of State and Local Governments

Accounting for Fiduciary Activities Agency and Trust Funds

Financial Reporting of State and Local Governments

Analysis of Governmental Financial Performance

Auditing of Governmental and Not-For-Profit Organizations

Budgeting and Performance Measurement

Accounting for Not-For-Profit Organizations

Not-For-Profit Organizations Regulatory, taxation, and Performance Issues

Accounting for Colleges and Universities

Accounting for Health Care Organizations

Accounting and Reporting for the Federal Government

Filters