Essentials of Accounting for Governmental and Not-for-Profit Organizations (15th Edition) by Paul Copley – Chapters 1–14 – Comprehensive Summary

Test Bank Essentials of Accounting for Governmental and
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Not-for-Profit Organizations 15 edition Paul Copley
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Chapters 1-14 Covered
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1

,TABLE OF CONTENT
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CHAPTER 1: Introduction to accounting and financial reporting for governmental and not-for-profit organizations
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CHAPTER 2: Overview of financial reporting for state and local governments
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CHAPTER 3: Modified accrual accounting: Including the role of fund balances and budgetary authority
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CHAPTER 4: Accounting for the general and special revenue funds
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CHAPTER 5: Accounting for other governmental fund types: capital projects, debt service, and permanent
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CHAPTER 6: Proprietary Funds
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CHAPTER 7: Fiduciary Funds
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CHAPTER 8: Government-wide statements, capital assets, long-term debt
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CHAPTER 9: Advanced topics for state and local governments
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CHAPTER 10: Accounting for private not-for-profit organizations
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CHAPTER 11: College and university accounting
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CHAPTER 12: Accounting for hospitals and other health care providers
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CHAPTER 13: Auditing, tax-exempt organizations, and evaluating performance
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CHAPTER 14: Financial reporting by the federal government
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2

,Chap 01 15e Copley
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Answers Included tw




1) The Governmental Accounting Standards Board sets financial reporting standards for all
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units of government: federal, state, and local.
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2) Fund accounting exists primarily to provide assurance that resources are used according to
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legal or donor restrictions.
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3) The Financial Accounting Standards Board sets financial reporting standards for profit-
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seeking businesses and nongovernmental, not-for-profit organizations.
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4) FASAB, GASB, and FASB standards are set forth primarily in documents called statements.
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5) FASAB, GASB, and FASB reporting standards are set forth primarily in documents called
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concept statements. tw




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6) The FASAB was established to recommend accounting and financial reporting standards for
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the federal government.
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, 7) The GASB does not require supplementary information to be reported with its financial sta
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tements even if it is essential to establish appropriate context for the financial statements an
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d notes.
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8) The Financial Accounting Standards Board sets financial reporting standards for private not-
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for-profits and investor-owned businesses.
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9) An organization is presumed to be governmental if it has the ability to issue directly debt that
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is exempt from federal taxes.
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10) The Financial Accounting Standards Board and the Governmental Accounting Standards
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Board are parallel bodies under the oversight of the Financial Accounting Foundation.
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11) The Federal Accounting Standards Advisory Board requires less extensive reports than does
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the FASB or GASB.
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12) The FASAB requires more financial statements than are typically required of state and local
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governments.
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4