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

Which of the following is an environmental difference between governments and for-profit business enterprises?

Level "A" GAAP for The University of Virginia, a public institution, would be established by the:

Which of the following fund types uses accrual accounting?

List and define the five classifications of governmental funds.

What are Enterprise funds used for?

Governments must have as many funds as necessary to fulfill legal requirements and sound financial administration but must have at a minimum a General Fund.

The term "fiduciary funds" applies to:

The Federal Accounting Standards Advisory Board requires less extensive reports than does the FASB or GASB.

The ______ Funds are used when resources are provided primarily through the use of sales and service charges to parties external to the government and it is the intent of the government to measure revenues, expenses and changes in net position.

Which of the following are governmental funds?

Which fund category must change from modified accrual to accrual basis when preparing government-wide financial statements?

Government-wide statements use the:

Under GASB, accrual accounting is used for:

The economic resource measurement focus and accrual basis of measurement is an important feature of government-wide financial statements.

The term "proprietary funds" applies to:

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

According to GASB standards relating to Budgetary Accounting, budgetary comparisons are required for all funds even those for which an annual budget has not been adopted.

Which of the following is not a fiduciary fund type?

FASB sets the reporting standards for private not-for-for profits.

Which of the following organizations has authority to establish accounting and financial reporting standards for the federal government?