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Test Bank - for Essentials of Accounting for Governmental and Not-for-Profit Organizations 15th Edition By Copley, All Chapters | Complete Guide A+$19.99
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Essentials of Accounting for Governmental and Not-for-Profit Organizations 15eCopley -
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Complete test 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
ST
2) Fund accounting exists primarily to provide assurance that resources are used according to
legal or donor restrictions.
⊚ true
⊚ false
U
3) The Financial Accounting Standards Board sets financial reporting standards for profit-
seeking businesses and nongovernmental, not-for-profit organizations.
D
⊚ true
⊚ false
YN
4) FASAB, GASB, and FASB standards are set forth primarily in documents called statements.
⊚ true
⊚ false
ES
5) FASAB, GASB, and FASB reporting standards are set forth primarily in documents called
concept statements.
⊚ true
⊚ false
T
6) The FASAB was established to recommend accounting and financial reporting standards for
the federal government.
⊚ true
⊚ false
1|Page
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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
ST
⊚ false
9) An organization is presumed to be governmental if it has the ability to issue directly debt that
is exempt from federal taxes.
U
⊚ true
⊚ false
D
10) The Financial Accounting Standards Board and the Governmental Accounting Standards
Board are parallel bodies under the oversight of the Financial Accounting Foundation.
YN
⊚ true
⊚ false
11) The Federal Accounting Standards Advisory Board requires less extensive reports than does
the FASB or GASB.
ES
⊚ true
⊚ false
12) The FASAB requires more financial statements than are typically required of state and local
governments.
T
⊚ true
⊚ false
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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
ST
15) Although certain supplementary information may not be required, if presented, it must
follow GASB guidance regarding its format and content.
⊚ true
U
⊚ false
D
16) The format and content of supplementary information which is not required by GASB is up
to the discretion of the reporting entity.
⊚ true
YN
⊚ false
17) GASB and FASB Concept Statements establish accounting standards that must be complied
with to receive an unqualified audit opinion.
⊚ true
ES
⊚ false
18) FASAB, GASB, and FASB standards are set forth primarily in documents called
interpretations.
⊚ true
T
⊚ false
3|Page
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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
ST
21) The economic resource measurement focus and accrual basis is an important feature of
government-wide financial statements.
⊚ true
⊚ false
U
22) Businesslike activity fund-basis statements must be changed to the accrual basis from the
D
modified accrual basis when preparing government-wide financial statements.
⊚ true
⊚ false
YN
23) Governmental-type activity fund-basis statements must use accrual basis when preparing
government-wide financial statements.
⊚ true
⊚ false
ES
24) Fiduciary funds of a governmental unit use the current financial resources measurement
focus and modified accrual basis of accounting.
⊚ true
⊚ false
T
25) Under the accrual basis of accounting, revenues are recognized when measurable and
available to finance expenditures of the current period.
⊚ true
⊚ false
4|Page
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