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Accounting for Governmental and Nonprofit Entities
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Accounting for Governmental and Nonprofit Entities
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Test Bank For Accounting for Governmental and Nonprofit Entities 19th Jacqueline L Reck, Latest Edition 2024
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Accounting for Governmental and Nonprofit Entities
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Accounting for Governmental and Nonprofit Entities
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TEST BANK For Accounting for Governmental andNonprofit Entities 19th Edition by Neely & Reck
What 3 organizations use governmental financial statements? - ANSWER: Moody's,
Standard & Poors, Fitch
What are the 4 Ps of local governments? - ANSWER: Public safety function
Public Works
Parks & Rec
Prisons
What are the overall controls on public accounting? - ANSWER: Budgets (before the
fiscal year starts) and fund accounting
What are the 11 fiund types? - ANSWER: Governmental: GRaSPP
Proprietary: SE
Fiduciary: CIPPOE
Characteristics of governmental accounting - ANSWER: No Stockholders
Render services
No profit motive
Authority from legislature
Responsible to citizens
Taxes are a principal source of revenue
Restrictions on use of resources
Whats the point of fund accounting? - ANSWER: Restricts financial resource usage to
specific purposes
Accounting equation for GRaSPP - ANSWER: A = L + Fund Balance
Accounting equation for SE, CIPPOE, and Government Wide - ANSWER: A = L + Net
Position
Nonbusiness activities - ANSWER: (Governmental) Provide services without regard to
ability to pay
Business-Type Activities - ANSWER: (Proprietary) Provide service for a fee
Guardian Activities - ANSWER: (Fiduciary) Provides service as a custodial trustee
What does GRaSPP stand for - ANSWER: General fund
, Special revenue funds
Debt service funds
Capital projects funds
Permanent funds
How are government funds financed? - ANSWER: Taxes and grants
What does SE stand for? - ANSWER: Internal service funds
Enterprise funds
How are proprietary funds financed? - ANSWER: Charges for service
What does CIPPOE stand for? - ANSWER: Custodial funds
Investment trust funds
Private-purpose trust funds
Pension and other post employee benefit trust funds
What is modified accrual accounting? - ANSWER: Only current assets, current
liabilities, and fund balance
What are the two GRaSPP (governmental) fund financial statements - ANSWER: BS:
Balance sheet
IS: Revenues, expenditures, and changes in fund balance
How are major funds reported on these financials? - ANSWER: They are reported in
separate columns for governmental funds
Parts of a GRaSPP balance sheet - ANSWER: Current assets (NO PPE)
Current liabilities (NO BONDS PAYABLE)
Total fund balance
Total liabilities and FB
Parts of a GRaSPP statement of changes in revenues, expenditures, and changes in
fund balance - ANSWER: Revenues
Expenditures:
Current
Capital Outlay
Debt Service
Excess of revenue over expenditures
Other financing sources (Uses) (OFS/OFU)
Special/extraordinary items
Changes in fund balances (similar to net income)
+beginning fund balance (rolling it forward)
=Ending fund balance
Financial statements for proprietary funds - ANSWER: Statement of Net Position
Statement of Revenues, Expenses, and Changes in Net Position
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