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

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Examples of special purpose governments include cities,towns,and public schools that receive tax revenue to finance the services they provide.

(True/False)

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Question 41

Recognizing revenues when measurable and available for paying current obligations and expenditures when incurred describes which basis of accounting?

(Multiple Choice)

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Question 42

The statement of net assets and the statement of activities are the two government-wide financial statements required by GASBS 34.

(True/False)

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Question 43

On what should the governmental fund financial statements report?

(Multiple Choice)

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Question 44

Why is it necessary to reconcile total fund balances reported on the balance sheet-governmental funds to total net assets reported for governmental activities on the government-wide statement of net assets,and net changes in fund balances in fund balances-total governmental funds to the change in net assets reported for governmental activities on the government-wide statement of activities?

(Essay)

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Question 45

Which of the following is identified by the GASB as the "cornerstone" of all financial reporting in government?

(Multiple Choice)

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Question 46

On what should the government-wide financial statements report?

(Multiple Choice)

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Question 47

The body that has been established to recommend accounting and financial reporting standards for the federal government is the

(Multiple Choice)

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Question 48

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Examples of special purpose governments include cities,towns,and public schools that receive tax revenue to finance the services they provide.

Recognizing revenues when measurable and available for paying current obligations and expenditures when incurred describes which basis of accounting?

The statement of net assets and the statement of activities are the two government-wide financial statements required by GASBS 34.

On what should the governmental fund financial statements report?

Which of the following is identified by the GASB as the "cornerstone" of all financial reporting in government?

On what should the government-wide financial statements report?

The body that has been established to recommend accounting and financial reporting standards for the federal government is the

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

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