Question 1

Service Efforts and Accomplishments reporting is relevant because:

Accepted Answer

A)  SEA reporting provides more complete information about a government entity's performance than can be provided by the basic financial statements. 
B)  The GASB requires supplemental reporting of service efforts and accomplishments. 
C)  Enterprise fund statements do not do a good job of measuring efficiency or effectiveness. 
D)  All of the above. 
A)  SEA reporting provides more complete information about a government entity's performance than can be provided by the basic financial statements. 
B)  The GASB requires supplemental reporting of service efforts and accomplishments. 
C)  Enterprise fund statements do not do a good job of measuring efficiency or effectiveness. 
D)  All of the above.

Question 2

Why is Service Efforts and Accomplishments reporting especially important for governmental and not-for-profit entities?

Accepted Answer

Service Efforts and Accomplishments repo

Question 3

Which of the following provisions of the Sarbanes-Oxley Act already existed in governmental auditing standards?

Accepted Answer

A)  Auditors are required to report deficiencies in the design or operation of internal controls. 
B)  Not-for-profit organizations are required to establish audit committees composed of non-management board members. 
C)  All nonaudit services performed by the auditors must be approved by the audit committee. 
D)  All of the above. 
A)  Auditors are required to report deficiencies in the design or operation of internal controls. 
B)  Not-for-profit organizations are required to establish audit committees composed of non-management board members. 
C)  All nonaudit services performed by the auditors must be approved by the audit committee. 
D)  All of the above.

Question 4

Which of the following is true regarding Service Efforts and Accomplishments Reporting?

Accepted Answer

A)  SEA reporting utilizes both financial and non-financial performance measures. 
B)  GASB standards require the reporting of service efforts and accomplishments for public school systems. 
C)  Service efforts and accomplishments reporting is commonly covered by the auditor's opinion. 
D)  All of the above. 
A)  SEA reporting utilizes both financial and non-financial performance measures. 
B)  GASB standards require the reporting of service efforts and accomplishments for public school systems. 
C)  Service efforts and accomplishments reporting is commonly covered by the auditor's opinion. 
D)  All of the above.

Question 5

Which of the following audit opinions is issued when a government fails to comply with generally accepted accounting principles?

Accepted Answer

A)  Qualified 
B)  Adverse 
C)  Either of the above, depending on the severity of the noncompliance 
D)  Neither a) or b) above 
A)  Qualified 
B)  Adverse 
C)  Either of the above, depending on the severity of the noncompliance 
D)  Neither a) or b) above

Question 6

Which of the following is  notrequired to qualify as tax exempt?

Accepted Answer

A)  A mission that covers a broad scope. 
B)  Not have the authority to engage in activities other than exempt purposes. 
C)  Not be engaged in political activities. 
D)  No part of the net earnings inures to the benefit of any individual or shareholder. 
A)  A mission that covers a broad scope. 
B)  Not have the authority to engage in activities other than exempt purposes. 
C)  Not be engaged in political activities. 
D)  No part of the net earnings inures to the benefit of any individual or shareholder.

Question 7

The Government Accountability Office has authority for issuing Generally Accepted Auditing Standards.

Accepted Answer

A) True 
 B)False

Question 8

What factors would cause income that would otherwise qualify as unrelated business income to not be taxed?

Accepted Answer

The existence of one or more of the foll

Question 9

Government financial audits are subject only to GAGAS.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is true concerning with respect to unrelated business income?

Accepted Answer

A)  They may deduct the first $1,000 of unrelated business income. 
B)  They must include income from donated merchandise. 
C)  They must include investment income in computing their tax liability. 
D)  None of the above. 
A)  They may deduct the first $1,000 of unrelated business income. 
B)  They must include income from donated merchandise. 
C)  They must include investment income in computing their tax liability. 
D)  None of the above.

Question 11

are required to disclose the compensation of its officers, directors, trustees, highest paid employees and independent contractors in the Form 990.

Accepted Answer

A) True 
 B)False

Question 12

GASB's Analyst's Guide to Government Financial Statements identifies four categories of financial ratios. What are these categories?

Accepted Answer

A)  Financial leverage, Liquidity, solvency, and ability to pay, 
B)  Solvency, ability to pay, financial position and financial leverage 
C)  Long-term liquidity, short-term liquidity, financial position and solvency 
D)  Financial position, liquidity, solvency, and ability to pay. 
A)  Financial leverage, Liquidity, solvency, and ability to pay, 
B)  Solvency, ability to pay, financial position and financial leverage 
C)  Long-term liquidity, short-term liquidity, financial position and solvency 
D)  Financial position, liquidity, solvency, and ability to pay.

Question 13

Which of the following is an area of concern by the IRS with respect to ?

Accepted Answer

A)  Cost allocations. 
B)  Excess executive compensation. 
C)  Organizations operating out of their tax-exempt purpose. 
D)  All the above. 
A)  Cost allocations. 
B)  Excess executive compensation. 
C)  Organizations operating out of their tax-exempt purpose. 
D)  All the above.

Question 14

The use of opinion units allows an auditor to issue different opinions on different statements, instead of issuing a single opinion.

Accepted Answer

A) True 
 B)False

Question 15

Service Efforts and Accomplishments Reporting is best completed by using a variety of measures, which are reported consistently.

Accepted Answer

A) True 
 B)False

Question 16

The Government Accounting Standards Board has authority for issuing Governmental Auditing Standards, but not auditing standards for private companies and not-for-profits.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is a prohibited activity for a Tax-exempt Organization?

Accepted Answer

A)  Make a Profit. 
B)  File a tax return. 
C)  Give money away. 
D)  Make financial contributions to a political candidate. 
A)  Make a Profit. 
B)  File a tax return. 
C)  Give money away. 
D)  Make financial contributions to a political candidate.

Question 18

Assume the mission statement for the Area Homeless Shelter is as follows:
To provide temporary shelter and meals to area homeless and to assist them in obtaining self-sufficiency.
The Shelter has approached you about contributing a substantial amount of money to support their operations. Before contributing your money, you would like to evaluate the Shelter's service efforts and accomplishments. Give an example of Input, Output, Outcome, and Efficiency measures that you might find useful in assessing the Service Efforts and Accomplishments of the Area Homeless Shelter.

Accepted Answer

a) Input measures - Dollars expended for

Question 19

Service Efforts and Accomplishments Reporting is limited to financial measures such as revenues and expenses.

Accepted Answer

A) True 
 B)False

Question 20

Entities that expend $500,000 or more of federal funds are generally required to have a single audit.

Accepted Answer

A) True 
 B)False

Service Efforts and Accomplishments reporting is relevant because:

Why is Service Efforts and Accomplishments reporting especially important for governmental and not-for-profit entities?

Which of the following provisions of the Sarbanes-Oxley Act already existed in governmental auditing standards?

Which of the following is true regarding Service Efforts and Accomplishments Reporting?

Which of the following audit opinions is issued when a government fails to comply with generally accepted accounting principles?

Which of the following is notrequired to qualify as tax exempt?

The Government Accountability Office has authority for issuing Generally Accepted Auditing Standards.

What factors would cause income that would otherwise qualify as unrelated business income to not be taxed?

Government financial audits are subject only to GAGAS.

Which of the following is true concerning with respect to unrelated business income?

are required to disclose the compensation of its officers, directors, trustees, highest paid employees and independent contractors in the Form 990.

GASB's Analyst's Guide to Government Financial Statements identifies four categories of financial ratios. What are these categories?

Which of the following is an area of concern by the IRS with respect to ?

The use of opinion units allows an auditor to issue different opinions on different statements, instead of issuing a single opinion.

Service Efforts and Accomplishments Reporting is best completed by using a variety of measures, which are reported consistently.

The Government Accounting Standards Board has authority for issuing Governmental Auditing Standards, but not auditing standards for private companies and not-for-profits.

Which of the following is a prohibited activity for a Tax-exempt Organization?

Service Efforts and Accomplishments Reporting is limited to financial measures such as revenues and expenses.

Entities that expend $500,000 or more of federal funds are generally required to have a single audit.

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

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 Funds, Interfund Transactions

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

Financial Reporting by the Federal Government

Filters

Exam 13: Auditing, Tax-exempt Organizations, and Evaluating Performance

Service Efforts and Accomplishments reporting is relevant because:

Why is Service Efforts and Accomplishments reporting especially important for governmental and not-for-profit entities?

Which of the following provisions of the Sarbanes-Oxley Act already existed in governmental auditing standards?

Which of the following is true regarding Service Efforts and Accomplishments Reporting?

Which of the following audit opinions is issued when a government fails to comply with generally accepted accounting principles?

Which of the following is notrequired to qualify as tax exempt?

The Government Accountability Office has authority for issuing Generally Accepted Auditing Standards.

What factors would cause income that would otherwise qualify as unrelated business income to not be taxed?

Government financial audits are subject only to GAGAS.

Which of the following is true concerning with respect to unrelated business income?

are required to disclose the compensation of its officers, directors, trustees, highest paid employees and independent contractors in the Form 990.

GASB's Analyst's Guide to Government Financial Statements identifies four categories of financial ratios. What are these categories?

Which of the following is an area of concern by the IRS with respect to ?

The use of opinion units allows an auditor to issue different opinions on different statements, instead of issuing a single opinion.

Service Efforts and Accomplishments Reporting is best completed by using a variety of measures, which are reported consistently.

The Government Accounting Standards Board has authority for issuing Governmental Auditing Standards, but not auditing standards for private companies and not-for-profits.

Which of the following is a prohibited activity for a Tax-exempt Organization?

Service Efforts and Accomplishments Reporting is limited to financial measures such as revenues and expenses.

Entities that expend $500,000 or more of federal funds are generally required to have a single audit.

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

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 Funds, Interfund Transactions

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

Financial Reporting by the Federal Government

Filters