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

Explore all topics

What is the difference between recording an expenditure under modified accrual accounting and an expense under accrual accounting?

(Essay)

4.7/5

(46)

Question 61

Which of the following are the governmental funds?

(Multiple Choice)

4.7/5

(29)

Question 62

The Financial Accounting Standards Board sets financial reporting standards for profit-seeking businesses and nongovernmental, not-for-profit organizations.

(True/False)

4.9/5

(42)

Question 63

The FASAB was established to recommend accounting and financial reporting standards for the federal government.

(True/False)

4.9/5

(41)

Question 64

The Governmental Accounting Standards Board sets financial reporting standards for all units of government: federal, state, and local.

(True/False)

4.8/5

(42)

Question 65

Which of the following fund types is present in every general-purpose government?

(Multiple Choice)

4.8/5

(43)

Question 66

In FASB's Statement of Financial Accounting Concepts No. 4, the FASB identifies the information needs of the users of nonbusiness financial statements. Which of the following is not one of those needs?

(Multiple Choice)

4.8/5

(47)

Question 67

According to the GASB, Capital assets:

(Multiple Choice)

4.7/5

(36)

Question 68

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

(Multiple Choice)

4.8/5

(46)

Question 69

The GASB and the FASB are parallel bodies under the oversight of the Financial Accounting Foundation FAF

(True/False)

4.9/5

(40)

Question 70

Contrast revenue recognition under the accrual and modified accrual bases of accounting.

(Essay)

4.8/5

(41)

Question 71

State and local governmental funds are organized into three categories including:

(Multiple Choice)

4.8/5

(35)

Question 72

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

(Multiple Choice)

4.7/5

(40)

Question 73

Internal Service funds are treated as governmental activities in the government-wide statements if the principal customers are other departments within the General Fund.

(True/False)

4.8/5

(45)

Question 74

Measurement focus refers to those items, such as current and long-term assets, that are being reported on the financial statements.

(True/False)

4.8/5

(37)

Question 75

Under the modified accrual basis of accounting, expenditures should be recognized when:

(Multiple Choice)

4.8/5

(35)

Question 76

GASB standards provide that accounting systems of governmental funds are designed to measure:

(Multiple Choice)

4.9/5

(28)

Question 77

In order for a fund to exist, there must be:

(Multiple Choice)

5.0/5

(37)

Question 78

Which of the following statements is false?

(Multiple Choice)

4.8/5

(34)

Question 79

Fiduciary funds use the:

(Multiple Choice)

4.8/5

(33)

Question 80

Showing 61 - 80 of 153

What is the difference between recording an expenditure under modified accrual accounting and an expense under accrual accounting?

Which of the following are the governmental funds?

The Financial Accounting Standards Board sets financial reporting standards for profit-seeking businesses and nongovernmental, not-for-profit organizations.

The FASAB was established to recommend accounting and financial reporting standards for the federal government.

The Governmental Accounting Standards Board sets financial reporting standards for all units of government: federal, state, and local.

Which of the following fund types is present in every general-purpose government?

In FASB's Statement of Financial Accounting Concepts No. 4, the FASB identifies the information needs of the users of nonbusiness financial statements. Which of the following is not one of those needs?

According to the GASB, Capital assets:

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

The GASB and the FASB are parallel bodies under the oversight of the Financial Accounting Foundation FAF

Contrast revenue recognition under the accrual and modified accrual bases of accounting.

State and local governmental funds are organized into three categories including:

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

Internal Service funds are treated as governmental activities in the government-wide statements if the principal customers are other departments within the General Fund.

Measurement focus refers to those items, such as current and long-term assets, that are being reported on the financial statements.

Under the modified accrual basis of accounting, expenditures should be recognized when:

GASB standards provide that accounting systems of governmental funds are designed to measure:

In order for a fund to exist, there must be:

Which of the following statements is false?

Fiduciary funds use the:

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

Auditing, Tax-exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters