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

Governmental-type activities fund statements must use accrual basis when preparing government-wide financial statements.

Which of the following funds is not a Fiduciary Fund?

Financial reports for state and local governments are well suited for all the following EXCEPT?

A capital projects fund classified under governmental funds…

FASAB, GASB and FASB standards are set forth primarily in documents called statements.

Contrast the economic resources measurement focus and the current financial resources measurement focus with regard to the accounting treatment of long-term debt.

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

Which of the following is not one of the objectives of Federal Financial Reporting, as outlined in SFFAC 1, which was issued by the FASAB?

The ______ Fund accounts for and reports the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purpose other than debt service or capital projects.

A city government makes its semiannual payment of interest on revenue bonds issued to pay for the construction of additional public transit stations. Which fund would account for the payment?

Which of the following is not an objective of federal financial reporting?

The GASB is under the oversight of:

Which of the following funds is used to account for the payment of principal and interest of general long term debt of a government?

What is the definition of governmental organizations agreed upon by the FASB and GASB?

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

The ______ Fund accounts for all resources other than those required to be accounted for in other funds.

Level "A" GAAP for Cook County Hospital, a public hospital, would be established by the:

Notre Dame University, a private institution, has level "A" GAAP established by the:

Although certain supplementary information may not be required, if presented, it must follow GASB guidance regarding its format and content.

A government may have two or more General Funds.