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Govt & Non-Profit Acct - Intro

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Chapter 1
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Quiz by turquoise_cat, updated more than 1 year ago
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Created by turquoise_cat almost 11 years ago
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Resource summary

Question 1

Question
Which of the following governments would be considered a general purpose government?
Answer
  • Mineral Valley State University.
  • Jackson County.
  • Billings Community Library.
  • Darien Consolidated School District.

Question 2

Question
The organization that establishes accounting and financial reporting standards for the federal government is the:
Answer
  • Governmental Accounting Standards Board (GASB).
  • Federal Accounting Standards Advisory Board (FASAB).
  • Financial Accounting Standards Board (FASB).
  • Cost Accounting Standards Board (CASB).

Question 3

Question
The organization that establishes accounting and financial reporting standards for the federal government is the:
Answer
  • Governmental Accounting Standards Board (GASB).
  • Federal Accounting Standards Advisory Board (FASAB).
  • Financial Accounting Standards Board (FASB).
  • Cost Accounting Standards Board (CASB).

Question 4

Question
The Governmental Accounting Standards Board (GASB) has the authority to set accounting and financial reporting standards for all of the following except:
Answer
  • Governmental not-for-profit organizations.
  • State and local governments.
  • Public colleges and universities.
  • The federal government and its agencies and departments.

Question 5

Question
Which of the following concepts is the cornerstone of governmental financial reporting?
Answer
  • Relevance.
  • Interperiod equity.
  • Accountability.
  • Liquidity.

Question 6

Question
Federal accounting and reporting standards issued by the FASAB:
Answer
  • First require ratification by the GASB before being released.
  • Are considered authoritative guidance for the federal government and its agencies and departments under Rule 203 of the AICPA Code of Professional Conduct, as well as under the GAAP hierarchy promulgated by the FASAB.
  • First require ratification by the GASB before being released, and Are considered authoritative guidance for the federal government and its agencies and departments.

Question 7

Question
The concept of interperiod equity relates to whether:
Answer
  • Current period revenues are sufficient to pay for current period services.
  • Current assets are larger than current liabilities.
  • The organization enforces a policy of tax equity.
  • Non-current assets are larger than non-current liabilities.

Question 8

Question
As compared with business organizations, which of the following are distinguishing characteristics of governments and not-for-profit organizations?
Answer
  • Lower importance of cost accounting systems.
  • Resource providers expect benefits proportional to the resources provided.
  • Absence of profit motive.

Question 9

Question
Financial reporting by state and local governments should be useful in making economic, social, and political decisions, and in assessing accountability by:
Answer
  • Assisting in determining compliance with finance-related laws, rules, and regulations.
  • Assisting financial report users in evaluating government profitability.
  • Improving government managers' capacity to deliver services to the public.

Question 10

Question
Which of the following is included in the minimum requirements for general purpose external financial reporting specified by GASB standards?
Answer
  • Management discussion and analysis (MD&A).
  • Government-wide financial statements.
  • Fund financial statements.
  • All of the answers are correct.

Question 11

Question
Fiscal accountability can best be assessed by which required basic financial statements?
Answer
  • Government-wide.
  • Governmental fund.
  • Both Government-wide and Governmental fund.
  • Neither Government-wide or Governmental fund.

Question 12

Question
Which of the following required supplementary information (RSI) is designed to communicate in narrative, easily readable form the purpose of a state or local government's basic financial statements and current financial position?
Answer
  • Independent auditor's report.
  • Letter of transmittal.
  • Management's Discussion and Analysis (MD&A).
  • Notes to the financial statements.

Question 13

Question
The basis of accounting that reports revenues when measurable and available for spending, rather than when earned, is called the:
Answer
  • Cash basis.
  • Modified cash basis.
  • Modified accrual basis.
  • Accrual basis.

Question 14

Question
Which of the following would appropriately be reported in the financial section of a CAFR?
Answer
  • An MD&A.
  • Letter of transmittal.
  • Statistical tables and charts showing demographic and economic data.
  • All of the answers are correct.

Question 15

Question
Which of the following is included as part of the Financial Report of the United States Government but not the performance and accountability report (PAR) prepared by federal agencies and departments?
Answer
  • MD&A.
  • A Citizen's Guide.
  • Financial statements.
  • All of the answers are included in both reports.

Question 16

Question
Which of the following reflects the appropriate classification categories for the net assets of not-for-profit organizations?
Answer
  • Restricted, designated, unrestricted.
  • Restricted and unrestricted.
  • Permanently restricted, temporarily restricted, unrestricted.
  • Program, management and general, fund-raising.

Question 17

Question
Which of the following distinguishes governments from nongovernmental not-for-profit organizations?
Answer
  • Absence of profit motive.
  • The power to enact and enforce a tax levy.
  • Resource providers do not expect benefits proportional to the resources provided.
  • Absence of a defined ownership interest that can be sold, transferred, or redeemed.

Question 18

Question
Which of the following is not an objective of financial reporting by state and local governments?
Answer
  • To assist users in assessing the adequacy of systems and controls.
  • To assist users in assessing financial condition and results of operations.
  • To assist financial report users in comparing actual financial results with the legally adopted budget.
  • To assist in determining compliance with finance-related laws, rules, and regulations.

Question 19

Question
Which of the following would be included in a properly prepared comprehensive annual financial report (CAFR), but not in the minimum requirements for general purpose financial reporting specified by GASB standards?
Answer
  • Management's discussion and analysis (MD&A).
  • Government-wide financial statements.
  • Notes to the financial statements.
  • Combining and individual fund financial statements.

Question 20

Question
Which of the following would typically not be included in the introductory section of a comprehensive annual financial report?
Answer
  • Title and contents page.
  • Letter of transmittal.
  • A description of the government.
  • Summary of the government's current financial position and results of financial activities.

Question 21

Question
Which of the following standard-setting bodies requires a management's discussion and analysis as a part of the financial report?
Answer
  • GASB.
  • FASB.
  • FASAB.
  • Both GASB and FASAB.

Question 22

Question
Which of the following types of organizations may be subject to FASB jurisdiction?
Answer
  • A state hospital.
  • A college or university.
  • A public school district.
  • A public sanitation district.

Question 23

Question
Which of the following statements is prepared by all not-for-profit organizations?
Answer
  • Statement of financial position.
  • Statement of functional expenses.
  • Statement of revenues, expenses, and changes in net position.
  • Both Statement of financial position and Statement of functional expenses.

Question 24

Question
Which of the following should be included in the financial section of a comprehensive annual financial report?
Answer
  • Transmittal letter.
  • The basic financial statements, including notes thereto.
  • Tables and charts showing demographic and economic data.
  • A description of the government.

Question 25

Question
A comprehensive annual financial report (CAFR) prepared in conformity with GASB recommendations should include which of the following sections?
Answer
  • Letter of transmittal, management's discussion and analysis (MD&A), and financial.
  • Introductory, financial, and statistical.
  • Introductory, MD&A, and financial.
  • Letter of transmittal, financial, and supplementary.

Question 26

Question
Which of the following organizations issue standards that are intended for both internal and external users of financial information?
Answer
  • Federal Accounting Standards Advisory Board.
  • Governmental Accounting Standards Board.
  • Financial Accounting Standards Board.
  • American Institute of CPAs.
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