100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
Test Bank - for Essentials of Accounting for Governmental and Not-for-Profit Organizations 15e Copley, All Chapters | Complete Guide A+$19.99
Add to cart
Essentials of Accounting for Governmental and Not-for-Profit Organizations 15e Copley -
Complete testytrew
bank
Chap 01 15e Copley Answers Included
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.
TU
⊚ true
⊚ false
3) The Financial Accounting Standards Board sets financial reporting standards for profit-
TO
seeking businesses and nongovernmental, not-for-profit organizations.
⊚ true
⊚ false
4) FASAB, GASB, and FASB standards are set forth primarily in documents called statements.
R
⊚ true
⊚ false
G
5) FASAB, GASB, and FASB reporting standards are set forth primarily in documents called
concept statements.
U
⊚ true
⊚ false
R
6) The FASAB was established to recommend accounting and financial reporting standards for
the federal government.
U
⊚ true
⊚ false
ytrewq
, ytrew
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.
TU
⊚ 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.
TO
⊚ true
⊚ false
10) The Financial Accounting Standards Board and the Governmental Accounting Standards
R
Board are parallel bodies under the oversight of the Financial Accounting Foundation.
⊚ true
⊚ false
G
11) The Federal Accounting Standards Advisory Board requires less extensive reports than does
U
the FASB or GASB.
⊚ true
⊚ false
R
12) The FASAB requires more financial statements than are typically required of state and local
U
governments.
⊚ true
⊚ false
ytrewq
, ytrew
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
TU
⊚ false
15) Although certain supplementary information may not be required, if presented, it must
follow GASB guidance regarding its format and content.
⊚ true
TO
⊚ false
16) The format and content of supplementary information which is not required by GASB is up
to the discretion of the reporting entity.
R
⊚ true
⊚ false
G
17) GASB and FASB Concept Statements establish accounting standards that must be complied
with to receive an unqualified audit opinion.
⊚ true
U
⊚ false
R
18) FASAB, GASB, and FASB standards are set forth primarily in documents called
interpretations.
U
⊚ true
⊚ false
ytrewq
, ytrew
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
TU
21) The economic resource measurement focus and accrual basis is an important feature of
government-wide financial statements.
⊚ true
⊚ false
TO
22) Businesslike activity fund-basis statements must be changed to the accrual basis from the
modified accrual basis when preparing government-wide financial statements.
⊚ true
R
⊚ false
G
23) Governmental-type activity fund-basis statements must use accrual basis when preparing
government-wide financial statements.
⊚ true
⊚ false
U
R
24) Fiduciary funds of a governmental unit use the current financial resources measurement
focus and modified accrual basis of accounting.
⊚ true
U
⊚ false
25) Under the accrual basis of accounting, revenues are recognized when measurable and
available to finance expenditures of the current period.
⊚ true
⊚ false
ytrewq
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 Tutorguru. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $19.99. You're not tied to anything after your purchase.
