Test Bank for Essentials of Accounting for Governmental and Not-for-Profit Organizations, 15th Edition by Copley
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Course
Cost accounting
Institution
Cost Accounting
Complete test bank for Essentials of Accounting for Governmental and Not-for-Profit Organizations, 15th Edition 15e by Paul Copley. ISBN 8902
Full Chapters test bank are included
Chapter 1: Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Organizations
C...
Chap 01 15e Copley
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
⊚ false
6) The FASAB was established to recommend accounting and financial reporting standards for
the federal government.
⊚ true
⊚ false
1
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