Test Bank Essentials of Accounting for Governmental and Not-for- Profit Organizations 12th Edition
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Test Bank Essentials Of Accounting For Governmental And Not-for- Profit Organizations 12th Edition
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ISE Essentials of Accounting for Governmental and Not-for-Profit Organizations
TestBank Essentials of Accounting for Governmental and Not-for- Profit Organizations 12th Edition
Test Bank Essentials of Accounting for Governmental and Not-for- Profit Organizations 12th Edition Paul
TEST BANK
TO ACCOMPANY
ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL AND
NOT-FOR-PROFIT ORG...
test bank essentials of accounting for governmental and not for profit organizations 12th edition
testbank essentials of accounting for governmental and not for profit organizations 12th edition
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Test Bank Essentials of Accounting for Governmental and Not-for-
Profit Organizations 12th Edition Paul
TEST BANK
TO ACCOMPANY
ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL AND
NOT-FOR-PROFIT ORGANIZATIONS:
TWELFTH EDITION
PREPARED BY:
MARY LORETTA MANKTELOW
MARILLA S. MELCHER
JAMES MADISON UNIVERSITY
1
,Chapter 1 Introduction to Accounting and Financial Reporting for
Governmental and Not-for-Profit Organizations
True/False Questions
1. The Governmental Accounting Standards Board sets financial reporting standards for all
units of government: federal, state, and local.
Answer: False
2. Fund accounting exists primarily to provide assurance that resources are used according
to legal or donor restrictions.
Answer: True
3. The Financial Accounting Standards Board sets financial reporting standards for profit-
seeking businesses and nongovernmental, not-for-profit organizations.
Answer: True
4. FASAB, GASB and FASB standards are set forth primarily in documents called
statements.
Answer: True
5. FASAB, GASB and FASB standards are set forth primarily in documents called concept
statements.
Answer: False
6. The FASAB was established to recommend accounting and financial reporting
standards for the federal government.
Answer: True
7. The GASB does not require supplementary information to be reported with its financial
statements even if it is essential to establish appropriate context for the financial
statements and notes.
Answer: False
8. The Financial Accounting Standards Board sets financial reporting standards for
private not-for-profits and investor-owned businesses.
Answer: True
2
, 9. An organization is presumed to be governmental if it has the ability to issue directly
debt that is exempt from federal taxes.
Answer: True
10. The Financial Accounting Standards Board and the Governmental Accounting
Standards Board are parallel bodies under the oversight of the Financial Accounting
Foundation.
Answer: True
11. The Federal Accounting Standards Advisory Board requires less extensive reports
than does the FASB or GASB.
Answer: False
12. The FASAB requires more financial statements than are typically required of state
and local governments.
Answer: True
13. The only objective of the Governmental Accounting Standards Board is to help
users determine compliance with finance-related laws, rules, and regulations.
Answer: False
14. 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.
Answer: True
15. A Management's Discussion and Analysis is required for state and local governmental
units, and the federal government.
Answer: True
16. The GASB Concept Statement on Service Efforts and Accomplishments Reporting
encourages state and local governments to include inputs of nonmonetary resources
in their financial reporting.
Answer: True
3
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