Test Bank – Essentials of Accounting for Governmental and Not-for-Profit Organizations 14th Edition Paul A. Copley | All Chapters Included | Comprehensive Questions & Answers | Rated A+

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Test Bank – Essentials of Accounting for Governmental and Not-for-
Profit Organizations 14th Edition Paul A. Copley
Unistudydocs




All Chapters Included | Comprehensive Questions & Answers | Rated A+

, DOWNLOAD THE Test Bank for Essentials of Accounting for Governmental
Unistudydocs
and Not-for-Profit Organizations 14th Edition Copley


Student name:__________
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) A Comprehensive Annual Financial Report (CAFR) would include an introductory
section, management's discussion and analysis, basic financial statements, required
supplementary information other than MD&A, combining and individual fund statements,
narrative explanations, and statistical section.

⊚ true
⊚ false


2) The three major sections of a CAFR are the Introductory, Financial, and Statistical
sections.
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⊚ true
⊚ false


3) The introductory and statistical sections of a CAFR are required to be audited.

⊚ true
⊚ false


4) State and local governments are not required to prepare a CAFR.

⊚ true
⊚ false


5) Combining statements are required whenever a non-major column is used in one of the
fund financial statements.

⊚ true
⊚ false


6) A complete CAFR includes combining financial statements to reflect greater detail of
nonmajor funds.

⊚ true
⊚ false

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and Not-for-Profit Organizations 14th Edition Copley




7) In addition to the government-wide statements, governments are required to prepare fund
financial statements for governmental, proprietary and fiduciary funds.

⊚ true
⊚ false


8) In addition to the government-wide statements, governments are required to prepare fund
financial statements for governmental funds only.

⊚ true
⊚ false
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9) The General Fund is not always considered to be a major fund when preparing fund basis
financial statements.

⊚ true
⊚ false


10) With respect to fund basis financial statements, governmental funds are considered to be
a major fund when total assets, liabilities, revenues and expenditures combined are at least 10%
of the total for the governmental funds category.

⊚ true
⊚ false


11) With respect to fund basis financial statements, a government may only designate a fund
to be a major fund if it meets the size thresholds established by GASB.

⊚ true
⊚ false


12) With respect to fund basis financial statements, a government may designate any fund to
be a major fund if reporting that fund separately would be useful.




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and Not-for-Profit Organizations 14th Edition Copley


⊚ true
⊚ false


13) When preparing fund basis financial statements, funds not reported separately are
aggregated and reported in a single column under the label nonmajor funds.

⊚ true
⊚ false


14) When preparing fund basis financial statements, funds not reported separately are
reported individually by function.
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⊚ true
⊚ false


15) Fiduciary fund statements are prepared using the current financial resources measurement
focus and modified accrual basis of accounting.

⊚ true
⊚ false


16) Governmental fund statements are prepared using the economic financial resources
measurement focus and modified accrual basis of accounting.

⊚ true
⊚ false


17) According to the GASB, a primary government can only be a state or a general-purpose
local government, such as a city or county.

⊚ true
⊚ false


18) Blending of financial information is done when component units and the primary
government are so intertwined that they are essentially the same.



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