ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ENTITIES 17TH EDITION TEST BANK FREE

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Chapter 01

Summary to Accounting and also Financial Reporting for Governmental

and also Not-for-Profit Entities

True / False Questions

1

. Special function governments mainly carry out a broader variety of services to their citizens than carry out basic function governments.

True False

2

. Examples of general objective governments include cities, towns, and public schools that get tax revenue to finance the solutions they provide.

True False

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Test financial institution Accounting for Governpsychological and also Nonprofit Entities 17th Edition Reck + Solutions manual link

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3

. The Governmental Accounting Standards Board (GASB) is the body authorized to create bookkeeping values for all state and regional federal governments,

both general objective and also one-of-a-kind function.

True False

4

. The Governmental Accounting Standards Board (GASB) is the body authorized to establish bookkeeping values for all federal government entities.

True False

5

. The Financial Accounting Standards Board (FASB) is the body authorized to establish bookkeeping ethics for all colleges and colleges and also health

care entities.

True False

6

. Neither governpsychological nor not-for-profit entities have residual equity that deserve to be distributed to owners.

True False

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7

. A characteristic widespread to governmental and also not-for-profit organizations is that they carry out not exist to carry out items or solutions at a profit or profit

indistinguishable.

True False

8

. The requirements of users of government financial reports are the exact same as those of individuals of business entity financial reports.

True False

9

. The Federal Accounting Standards Advisory Board (FASAB) recommends accountancy ethics and requirements for the federal government and its

agencies and also departments.

True False

1

0. The FASB, GASB, and also FASAB all emphasis their criteria on both internal and outside financial reporting.

True False

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1

1. Interduration equity refers to the concept that current-year profits are adequate to pay for services offered that year, so that future taxpayers will not

be required to assume the burden for services previously gave.

True False

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2. The minimum requirements for basic function exterior financial reporting are (1) management"s conversation and evaluation (MD&A), (2) the basic

financial statements, consisting of the notes to the financial statements, and (3) combining and individual money financial statements.

True False

1

3. The Financial Accounting Foundation has actually oversight over both FASB and GASB.

True False

1

4. In enhancement to financial statements and also notes, GASB calls for federal governments to carry out indevelopment on business efforts and accomplishments (SEA) in

their reports to the public.

True False

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5. Providing information on accountability is the primary financial reporting objective for both governmental and not-for-profit entities.

True False

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6. A distinction in the financial reporting missions for governmental entities and not-for-profit entities is that governmental entities report on compliance

through regulations, regulations, and also rules that impact financial reports.

True False

1

7. Because neither governpsychological nor not-for-profit entities have actually investors, the financial reporting goals are the exact same for both forms of entities.

True False

1

8. The GASB offers optional guidance for those entities providing organization initiatives and accomplishments (SEA) reports to the public.

True False

1

9. The Office of Management and also Budget Plan (OMB) needs major federal departments and also agencies to prepare an yearly performance report.

True False

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2

0. The FASB standards need not-for-profit entities to report net assets in 3 categories: unminimal, minimal, and also net investment in resources assets.

True False

2

1. The FASB criteria call for not-for-profit entities to individually report regimen prices and support prices.

True False

2

2. The governmental fund financial statements are intended to report on fiscal accountability.

True False

2

3. The governmental money financial statements are valuable in assessing operational accountcapacity.

True False

2

4. Government-wide financial statements are all set making use of the accrual basis of accounting.

True False

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2

5. Both the GASB and also the FASB require entities to encompass a management discussion and also evaluation in the financial reports.

True False

Multiple Choice Questions

2

6. The Governpsychological Accounting Standards Board is assigned obligation for setting accounting and financial reporting criteria for

A.

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Governments such as federal agencies, claims, cities, counties, villperiods, and also townships.

B.

State and also local government entities and governmentally-associated devices and agencies, such as utilities, authorities, hospitals, and

colleges and also universities.

C.

Not-for-profit organizations.

D.

State and local governments and all not-for-profit establishments.

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2

7. The body that has been established to recommfinish accountancy and financial reporting requirements for the federal government is the

A.

Financial Accounting Standards Board (FASB).

B.

Governpsychological Accounting Standards Board (GASB).

C.

Federal Accounting Foundation (FAF).

D.

Federal Accounting Standards Advisory Board (FASAB).

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8. The Financial Accounting Standards Board has actually the duty for setting audit and also financial reporting requirements for

A.

All not-for-profit institutions that are nongovernmental and organization entities.

B.

All not-for-profit establishments and company entities.

C.

All not-for-profit establishments.

D.

Special purpose governments through a service purpose.

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9. You are trying to decide if an entity you are reviewing is a federal government or a not-for-profit. Which of the complying with would certainly indicate it is a government fairly

than a not-for-profit entity?

A.

Absence of profit motive.

B.

A primary source of revenues is taxes.

C.

Resource companies execute not mean benefits proportional to the sources provided.

D.

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Absence of a defined ownership interemainder that can be marketed, transferred, or reunderstood.

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3

0. Which of the following is determined by the GASB as the "cornerstone" of all financial reporting in government?

A.

Decision usefulness.

B.

Stewardship.

C.

Accountability.

D.

Interperiod equity.

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1. Which of the complying with establishments concern criteria that emphasis on both internal and outside financial reporting?

A.

Federal Accounting Standards Advisory Board.

B.

Governmental Accounting Standards Board.

C.

Financial Accounting Standards Board.

D.

American Institute of CPAs.

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2. Which of the adhering to is determined by the FASAB as the structure for federal financial reporting?

A.

Decision usefulness.

B.

Accountcapability.

C.

Understandcapability.

D.

Spending Plan integrity.

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3. Which of the adhering to is not an objective of financial reporting by state and regional governments?

A.

To aid customers in assessing the adequacy of devices and also controls.

B.

To assist users in assessing financial condition and outcomes of operations.

C.

To assist financial report users in comparing actual financial results with the legally adopted budobtain.

D.

To aid in determining compliance via finance-related legislations, rules, and also regulations.

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4. Which of the following teams is considered a primary user of a state or regional government"s gen