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TEST BANK Governmental and Nonprofit Accounting 11th Edition By Freeman, Shoulders, McSwain, Scott. ISBN 9780133799897. (All 20 Chapters) Latest & Updated 2024 A+$12.99
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Governmental And Nonprofit Accounting 11th Edition
Governmental and Nonprofit Accounting 11th Edition
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TEST BANK Governmental and Nonprofit Accounting 11th Edition By Freeman, Shoulders, McSwain, Scott. ISBN 9780133799897. (All 20 Chapters) Latest & Updated 2024 A+
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Governmental and Nonprofit Accounting 11th Edition
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Governmental And Nonprofit Accounting 11th Edition
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Governmental and Nonprofit Accounting
TEST BANK Governmental and Nonprofit Accounting 11th Edition By Freeman, Shoulders, McSwain, Scott. ISBN 9780133799897. (All 20 Chapters) Latest & Updated 2024 A+
TABLE OF CONTENTS:
CH 1 Governmental and Nonprofit Accounting Environment
CH 2 State and Local Government Accounting and Financial
C...
CH 16 Non-SLG Not-for-Profit Organizations
CH 17 Accounting for Colleges and Universities
CH 18 Accounting for Health Care Entities
CH 19 Federal Government Accounting
CH 20 Auditing Governments and Not-for-Profit Organizations
, Chapter 1: Governmental and Not-for-Profit Accounting Environment and
Characteristics
Multiple Choice
1. Which of the following is a distinguishing characteristic of a nonbusiness organization?
a. Its revenues do not exceed its expenses
b. There is an absence of ownership interests that can be sold, transferred, or redeemed
c. It does not depreciate its capital assets
d. It does not charge fees for any of its services
Answer: b
2. Which of the following activities is performed by governments but not by not-for-profit
organizations?
a. Issuing federal tax-free debt
b. Receiving grants
c. Preparing budgets
d. Providing services to constituents
Answer: a
3. Government and nonprofit accounting focuses on which of the following?
a. Calculating profit or loss
b. Protecting investors from fraud
c. Demonstrating accountability
d. Reporting to management
Answer: c
4. Which of the following is not a reason that governmental accounting is different from
business accounting?
a. Different users of financial reports
, b. Expected long-life of governments
c. Capital assets are used by governments
d. Revenues that are unique to governments
Answer: c
5. Which basis of accounting is used for the basic governmental functions of state and local
governments?
a. Cash basis of accounting
b. Modified accrual basis of accounting
c. Accrual basis of accounting
d. Regulatory basis of accounting
Answer: b
6. For which types of organizations is the Financial Accounting Standards Board (FASB)
responsible for establishing accounting and financial reporting standards?
a. Business-type organizations and not-for-profit organizations, including not-for-profit
colleges, universities and health care providers
b. Business-type organizations; not-for-profit organizations; and all colleges, universities and
health care providers, whether organized as not-for-profit or governmental entities
c. Business-type organizations only
d. All entities, except for those under the jurisdiction of the American Institute of CPAs
Answer: a
7. A not-for-profit organization performs all of the following activities except
a. Charging a fee for services provided
b. Paying dividends to shareholders
c. Purchasing long-lived (capital) assets
d. Paying overtime to employees
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