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Govt & Non-Profit Acct - Intro
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Questions in this quiz (26)
1Which of the following governments would be considered a general purpose government?
- AMineral Valley State University.
- BJackson County.
- CBillings Community Library.
- DDarien Consolidated School District.
2The organization that establishes accounting and financial reporting standards for the federal government is the:
- AGovernmental Accounting Standards Board (GASB).
- BFederal Accounting Standards Advisory Board (FASAB).
- CFinancial Accounting Standards Board (FASB).
- DCost Accounting Standards Board (CASB).
3The organization that establishes accounting and financial reporting standards for the federal government is the:
- AGovernmental Accounting Standards Board (GASB).
- BFederal Accounting Standards Advisory Board (FASAB).
- CFinancial Accounting Standards Board (FASB).
- DCost Accounting Standards Board (CASB).
4The Governmental Accounting Standards Board (GASB) has the authority to set accounting and financial reporting standards for all of the following except:
- AGovernmental not-for-profit organizations.
- BState and local governments.
- CPublic colleges and universities.
- DThe federal government and its agencies and departments.
5Which of the following concepts is the cornerstone of governmental financial reporting?
- ARelevance.
- BInterperiod equity.
- CAccountability.
- DLiquidity.
6Federal accounting and reporting standards issued by the FASAB:
- AFirst require ratification by the GASB before being released.
- BAre considered authoritative guidance for the federal government and its agencies and departments under Rule 203 of the AICPA Code of Professional Conduct, as well as under the GAAP hierarchy promulgated by the FASAB.
- CFirst require ratification by the GASB before being released, and Are considered authoritative guidance for the federal government and its agencies and departments.
7The concept of interperiod equity relates to whether:
- ACurrent period revenues are sufficient to pay for current period services.
- BCurrent assets are larger than current liabilities.
- CThe organization enforces a policy of tax equity.
- DNon-current assets are larger than non-current liabilities.
8As compared with business organizations, which of the following are distinguishing characteristics of governments and not-for-profit organizations?
- ALower importance of cost accounting systems.
- BResource providers expect benefits proportional to the resources provided.
- CAbsence of profit motive.
9Financial reporting by state and local governments should be useful in making economic, social, and political decisions, and in assessing accountability by:
- AAssisting in determining compliance with finance-related laws, rules, and regulations.
- BAssisting financial report users in evaluating government profitability.
- CImproving government managers' capacity to deliver services to the public.
10Which of the following is included in the minimum requirements for general purpose external financial reporting specified by GASB standards?
- AManagement discussion and analysis (MD&A).
- BGovernment-wide financial statements.
- CFund financial statements.
- DAll of the answers are correct.
11Fiscal accountability can best be assessed by which required basic financial statements?
- AGovernment-wide.
- BGovernmental fund.
- CBoth Government-wide and Governmental fund.
- DNeither Government-wide or Governmental fund.
12Which of the following required supplementary information (RSI) is designed to communicate in narrative, easily readable form the purpose of a state or local government's basic financial statements and current financial position?
- AIndependent auditor's report.
- BLetter of transmittal.
- CManagement's Discussion and Analysis (MD&A).
- DNotes to the financial statements.
13The basis of accounting that reports revenues when measurable and available for spending, rather than when earned, is called the:
- ACash basis.
- BModified cash basis.
- CModified accrual basis.
- DAccrual basis.
14Which of the following would appropriately be reported in the financial section of a CAFR?
- AAn MD&A.
- BLetter of transmittal.
- CStatistical tables and charts showing demographic and economic data.
- DAll of the answers are correct.
15Which of the following is included as part of the Financial Report of the United States Government but not the performance and accountability report (PAR) prepared by federal agencies and departments?
- AMD&A.
- BA Citizen's Guide.
- CFinancial statements.
- DAll of the answers are included in both reports.
16Which of the following reflects the appropriate classification categories for the net assets of not-for-profit organizations?
- ARestricted, designated, unrestricted.
- BRestricted and unrestricted.
- CPermanently restricted, temporarily restricted, unrestricted.
- DProgram, management and general, fund-raising.
17Which of the following distinguishes governments from nongovernmental not-for-profit organizations?
- AAbsence of profit motive.
- BThe power to enact and enforce a tax levy.
- CResource providers do not expect benefits proportional to the resources provided.
- DAbsence of a defined ownership interest that can be sold, transferred, or redeemed.
18Which of the following is not an objective of financial reporting by state and local governments?
- ATo assist users in assessing the adequacy of systems and controls.
- BTo assist users in assessing financial condition and results of operations.
- CTo assist financial report users in comparing actual financial results with the legally adopted budget.
- DTo assist in determining compliance with finance-related laws, rules, and regulations.
19Which of the following would be included in a properly prepared comprehensive annual financial report (CAFR), but not in the minimum requirements for general purpose financial reporting specified by GASB standards?
- AManagement's discussion and analysis (MD&A).
- BGovernment-wide financial statements.
- CNotes to the financial statements.
- DCombining and individual fund financial statements.
20Which of the following would typically not be included in the introductory section of a comprehensive annual financial report?
- ATitle and contents page.
- BLetter of transmittal.
- CA description of the government.
- DSummary of the government's current financial position and results of financial activities.
21Which of the following standard-setting bodies requires a management's discussion and analysis as a part of the financial report?
- AGASB.
- BFASB.
- CFASAB.
- DBoth GASB and FASAB.
22Which of the following types of organizations may be subject to FASB jurisdiction?
- AA state hospital.
- BA college or university.
- CA public school district.
- DA public sanitation district.
23Which of the following statements is prepared by all not-for-profit organizations?
- AStatement of financial position.
- BStatement of functional expenses.
- CStatement of revenues, expenses, and changes in net position.
- DBoth Statement of financial position and Statement of functional expenses.
24Which of the following should be included in the financial section of a comprehensive annual financial report?
- ATransmittal letter.
- BThe basic financial statements, including notes thereto.
- CTables and charts showing demographic and economic data.
- DA description of the government.
25A comprehensive annual financial report (CAFR) prepared in conformity with GASB recommendations should include which of the following sections?
- ALetter of transmittal, management's discussion and analysis (MD&A), and financial.
- BIntroductory, financial, and statistical.
- CIntroductory, MD&A, and financial.
- DLetter of transmittal, financial, and supplementary.
26Which of the following organizations issue standards that are intended for both internal and external users of financial information?
- AFederal Accounting Standards Advisory Board.
- BGovernmental Accounting Standards Board.
- CFinancial Accounting Standards Board.
- DAmerican Institute of CPAs.
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- Chapter 1
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- turquoise_cat
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- Created on 5 Feb 2014 · updated on 18 Jan 2017
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