TestBank Essentials of Accounting for Governmental and Not-for- Profit Organizations 12th Edition (132 Questions+Answers)
All for this textbook (2)
Written for
Essentials of Accounting for Governmental and Not-
All documents for this subject (12)
Seller
Follow
ASolution
Reviews received
Content preview
Created By: A Solution
Test Bank for Essentials of Accounting for Governmental and Not-
for-Profit Organizations 15th Edition by Copley - Complete test
bank A+
1) The Governmental Accounting Standards Board sets financial reporting standards for all
units of government: federal, state, and local.
⊚ true
⊚ false
2) Fund accounting exists primarily to provide assurance that resources are used according
to legal or donor restrictions.
⊚ true
⊚ false
3) The Financial Accounting Standards Board sets financial reporting standards for profit-
seeking businesses and nongovernmental, not-for-profit organizations.
⊚ true
⊚ false
4) FASAB, GASB, and FASB standards are set forth primarily in documents called
statements.
⊚ true
⊚ false
5) FASAB, GASB, and FASB reporting standards are set forth primarily in documents
called concept statements.
⊚ true
A+ Page 1
,Created By: A Solution
⊚ false
6) The FASAB was established to recommend accounting and financial reporting standards
for the federal government.
⊚ true
⊚ false
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.
⊚ true
⊚ false
8) The Financial Accounting Standards Board sets financial reporting standards for private
not- for-profits and investor-owned businesses.
⊚ true
⊚ false
9) An organization is presumed to be governmental if it has the ability to issue directly debt
that is exempt from federal taxes.
⊚ true
⊚ false
10) The Financial Accounting Standards Board and the Governmental Accounting Standards
Board are parallel bodies under the oversight of the Financial Accounting Foundation.
⊚ true
⊚ false
A+ Page 2
,Created By: A Solution
11) The Federal Accounting Standards Advisory Board requires less extensive reports than
does the FASB or GASB.
⊚ true
⊚ false
12) The FASAB requires more financial statements than are typically required of state and
local governments.
⊚ true
⊚ false
13) 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.
⊚ true
⊚ false
14) A Management's Discussion and Analysis is required for state and local governmental
units, and the federal government.
⊚ true
⊚ false
15) Although certain supplementary information may not be required, if presented, it must
follow GASB guidance regarding its format and content.
⊚ true
⊚ false
A+ Page 3
, Created By: A Solution
16) The format and content of supplementary information which is not required by GASB is
up to the discretion of the reporting entity.
⊚ true
⊚ false
17) GASB and FASB Concept Statements establish accounting standards that must be
complied with to receive an unqualified audit opinion.
⊚ true
⊚ false
18) FASAB, GASB, and FASB standards are set forth primarily in documents called
interpretations.
⊚ true
⊚ false
19) Fund-basis statements are presented for three categories of government activities:
governmental, proprietary, and fiduciary.
⊚ true
⊚ false
20) State and local governments may use as many as twelve different fund types.
⊚ true
⊚ false
21) The economic resource measurement focus and accrual basis is an important feature of
government-wide financial statements.
⊚ true
A+ Page 4
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ASolution. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
