Question 1

State and local governments may use twelve different fund types.

Accepted Answer

A) True 
 B)False

Question 2

Fund-basis statements are presented for three categories of government activities: governmental, proprietary, and fiduciary.

Accepted Answer

A) True 
 B)False

Question 3

Identify the accounting standard setting bodies for U.S. commercial, private not-for-profits, public not-for-profits, state and local governments, and the federal government.

Accepted Answer

Commercial enterprises: The Financial Ac

Question 4

Which of the following is a proprietary fund?

Accepted Answer

A)  Internal service 
B)  Investment trust 
C)  Permanent 
D)  Special revenue 
A)  Internal service 
B)  Investment trust 
C)  Permanent 
D)  Special revenue

Question 5

Fiduciary funds include agency, pension trust, investment trust, and permanent funds.

Accepted Answer

A) True 
 B)False

Question 6

The ______ Funds are used to account for situations in which the government is acting as a collecting/disbursing agent.

Accepted Answer

A)  Agency 
B)  Enterprise 
C)  General 
D)  Special revenue 
A)  Agency 
B)  Enterprise 
C)  General 
D)  Special revenue

Question 7

Which of the following is most correct with regard to Management's Discussion and Analysis MD&A?

Accepted Answer

A)  State and local governments are required to provide an MD&A. 
B)  Federal agency financial reports are required to provide an MD&A. 
C)  Both state and local governments and federal agencies are encouraged, but not required to provide an MD&A. 
D)  Both state and local governments and federal agencies are required to provide an MD&A. 
A)  State and local governments are required to provide an MD&A. 
B)  Federal agency financial reports are required to provide an MD&A. 
C)  Both state and local governments and federal agencies are encouraged, but not required to provide an MD&A. 
D)  Both state and local governments and federal agencies are required to provide an MD&A.

Question 8

Which of the following would not be included in FASB Statement of Financial Accounting Concepts #4, which identifies the information needs of the users of non-business financial statements?

Accepted Answer

A)  Assessing services provided by a non-business organization and its ability to continue to provide those services 
B)  Format and content of financial statements 
C)  Assessing managements' stewardship and performance 
D)  Evaluation of an organization's resources, obligations and effects of changes in net resources 
A)  Assessing services provided by a non-business organization and its ability to continue to provide those services 
B)  Format and content of financial statements 
C)  Assessing managements' stewardship and performance 
D)  Evaluation of an organization's resources, obligations and effects of changes in net resources

Question 9

Under GASB, modified accrual accounting would be found in the:

Accepted Answer

A)  government-wide financial statements only. 
B)  governmental fund financial statements only. 
C)  governmental and fiduciary fund financial statements only. 
D)  governmental, proprietary, and fiduciary fund financial statements but not in the government-wide financial statements 
A)  government-wide financial statements only. 
B)  governmental fund financial statements only. 
C)  governmental and fiduciary fund financial statements only. 
D)  governmental, proprietary, and fiduciary fund financial statements but not in the government-wide financial statements

Question 10

A Management's Discussion and Analysis is required for state and local governmental units, and the federal government.

Accepted Answer

A) True 
 B)False

Question 11

The GASB Concept Statement on Service Efforts and Accomplishments Reporting requires state and local governments to include inputs of nonmonetary resources in their financial reporting.

Accepted Answer

A) True 
 B)False

Question 12

In its Statement of Financial Accounting Concepts #4, the FASB identifies the information needs of the users of non-business financial statements. These include providing information that is useful to present and potential resource providers in which four evaluation areas?

Accepted Answer

A) Making decisions about the allocation

Question 13

What basis of accounting would the Enterprise Fund use?

Accepted Answer

A)  Accrual 
B)  Modified Accrual 
C)  Cash 
D)  Expended Accrual 
A)  Accrual 
B)  Modified Accrual 
C)  Cash 
D)  Expended Accrual

Question 14

Accounting and financial reporting standards for profit-seeking businesses and for nongovernmental not-for-profit organizations are set by the Financial Accounting Standards Board.

Accepted Answer

A) True 
 B)False

Question 15

What are the four objectives that should be followed with respect to federal financial reporting according to Statements of Federal Financial Accounting Concepts SFFAC) #1 as issued by the FASAB?

Accepted Answer

Budgetary integrity
Financial reporting

Question 16

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

Accepted Answer

A)  State governments 
B)  Private not-for-profits 
C)  Federal government 
D)  None of the above 
A)  State governments 
B)  Private not-for-profits 
C)  Federal government 
D)  None of the above

Question 17

According to GASB standards relating to Budgetary Accounting, budgetary comparisons should be included in the appropriate financial statements or schedules for governmental funds for which an annual budget has been adopted.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following statements regarding fund accounting is true?

Accepted Answer

A)  A typical town or county government has approximately the same number of funds as cities and states. 
B)  Fund-basis statements are presented for three categories of activities: government-wide, proprietary, and fiduciary 
C)  Each fund requires its own journal, but all funds post the information to a common general ledger. 
D)  While a business will typically have a single general ledger, the activities of governments are broken down into accounting subunits called funds. 
A)  A typical town or county government has approximately the same number of funds as cities and states. 
B)  Fund-basis statements are presented for three categories of activities: government-wide, proprietary, and fiduciary 
C)  Each fund requires its own journal, but all funds post the information to a common general ledger. 
D)  While a business will typically have a single general ledger, the activities of governments are broken down into accounting subunits called funds.

Question 19

How many General Funds may a government have?

Accepted Answer

A)  One. 
B)  As many as is required to fulfill legal obligations. 
C)  A varying number, depending on the annual needs of the government. 
D)  None of the above. 
A)  One. 
B)  As many as is required to fulfill legal obligations. 
C)  A varying number, depending on the annual needs of the government. 
D)  None of the above.

Question 20

Which of the following statements are not included in the proprietary funds for a government entity:

Accepted Answer

A)  Statement of Revenues, Expenditures, and Changes in Fund Balances 
B)  Statement of Cash Flows 
C)  Statement of Net Position 
D)  All of the above are included 
A)  Statement of Revenues, Expenditures, and Changes in Fund Balances 
B)  Statement of Cash Flows 
C)  Statement of Net Position 
D)  All of the above are included

State and local governments may use twelve different fund types.

Fund-basis statements are presented for three categories of government activities: governmental, proprietary, and fiduciary.

Identify the accounting standard setting bodies for U.S. commercial, private not-for-profits, public not-for-profits, state and local governments, and the federal government.

Which of the following is a proprietary fund?

Fiduciary funds include agency, pension trust, investment trust, and permanent funds.

The ______ Funds are used to account for situations in which the government is acting as a collecting/disbursing agent.

Which of the following is most correct with regard to Management's Discussion and Analysis MD&A?

Which of the following would not be included in FASB Statement of Financial Accounting Concepts #4, which identifies the information needs of the users of non-business financial statements?

Under GASB, modified accrual accounting would be found in the:

A Management's Discussion and Analysis is required for state and local governmental units, and the federal government.

The GASB Concept Statement on Service Efforts and Accomplishments Reporting requires state and local governments to include inputs of nonmonetary resources in their financial reporting.

In its Statement of Financial Accounting Concepts #4, the FASB identifies the information needs of the users of non-business financial statements. These include providing information that is useful to present and potential resource providers in which four evaluation areas?

What basis of accounting would the Enterprise Fund use?

Accounting and financial reporting standards for profit-seeking businesses and for nongovernmental not-for-profit organizations are set by the Financial Accounting Standards Board.

What are the four objectives that should be followed with respect to federal financial reporting according to Statements of Federal Financial Accounting Concepts SFFAC) #1 as issued by the FASAB?

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

According to GASB standards relating to Budgetary Accounting, budgetary comparisons should be included in the appropriate financial statements or schedules for governmental funds for which an annual budget has been adopted.

Which of the following statements regarding fund accounting is true?

How many General Funds may a government have?

Which of the following statements are not included in the proprietary funds for a government entity:

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

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

State and local governments may use twelve different fund types.

Fund-basis statements are presented for three categories of government activities: governmental, proprietary, and fiduciary.

Identify the accounting standard setting bodies for U.S. commercial, private not-for-profits, public not-for-profits, state and local governments, and the federal government.

Which of the following is a proprietary fund?

Fiduciary funds include agency, pension trust, investment trust, and permanent funds.

The ______ Funds are used to account for situations in which the government is acting as a collecting/disbursing agent.

Which of the following is most correct with regard to Management's Discussion and Analysis MD&A?

Which of the following would not be included in FASB Statement of Financial Accounting Concepts #4, which identifies the information needs of the users of non-business financial statements?

Under GASB, modified accrual accounting would be found in the:

A Management's Discussion and Analysis is required for state and local governmental units, and the federal government.

The GASB Concept Statement on Service Efforts and Accomplishments Reporting requires state and local governments to include inputs of nonmonetary resources in their financial reporting.

In its Statement of Financial Accounting Concepts #4, the FASB identifies the information needs of the users of non-business financial statements. These include providing information that is useful to present and potential resource providers in which four evaluation areas?

What basis of accounting would the Enterprise Fund use?

Accounting and financial reporting standards for profit-seeking businesses and for nongovernmental not-for-profit organizations are set by the Financial Accounting Standards Board.

What are the four objectives that should be followed with respect to federal financial reporting according to Statements of Federal Financial Accounting Concepts SFFAC) #1 as issued by the FASAB?

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

According to GASB standards relating to Budgetary Accounting, budgetary comparisons should be included in the appropriate financial statements or schedules for governmental funds for which an annual budget has been adopted.

Which of the following statements regarding fund accounting is true?

How many General Funds may a government have?

Which of the following statements are not included in the proprietary funds for a government entity:

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