TEST BANK COMPLETE_
ACCOUNTING FOR GOVERNMENTAL & NONPROFIT ENTITIES 18TH
EDITION
BY JACQUELINE L. RECK, SUZANNE LOWENSOHN & DANIEL NEELY
ALL CHAPTERS 1-17| LATEST VERSION WITH VERIFIED ANSWERS| RATED A+
,CHAPTER 1: INTRODUCTION TO ACCOUNTING AND FINANCIAL REPORTING FOR GOVERNMENT AND NOT-FOR-PROFIT
ENTITIES ________________________________________________________________________________________________ 3
CHAPTER 2: PRINCIPLES OF ACCOUNTING AND FINANCIAL REPORTING FOR STATE AND LOCAL GOVERNMENTS __________ 41
CHAPTER 3: GOVERNMENTAL OPERATING STATEMENT ACCOUNTS; BUDGETARY ACCOUNTING _______________________ 84
CHAPTER 4: ACCOUNTING FOR GOVERNMENTAL OPERATING ACTIVITIES–ILLUSTRATIVE TRANSACTIONS AND FINANCIAL
STATEMENTS __________________________________________________________________________________________ 137
CHAPTER 5: ACCOUNTING FOR GENERAL CAPITAL ASSETS AND CAPITAL PROJECTS _________________________________ 192
CHAPTER 6: ACCOUNTING FOR GENERAL LONG-TERM LIABILITIES AND DEBT SERVICE ______________________________ 242
CHAPTER 7: ACCOUNTING FOR THE BUSINESS-TYPE ACTIVITIES OF STATE AND LOCAL GOVERNMENTS _________________ 286
CHAPTER 8: ACCOUNTING FOR FIDUCIARY ACTIVITIES—CUSTODIAL AND TRUST FUNDS _____________________________ 327
CHAPTER 9: FINANCIAL REPORTING OF STATE AND LOCAL GOVERNMENTS _______________________________________ 365
CHAPTER 10: ANALYSIS OF GOVERNMENT FINANCIAL PERFORMANCE ___________________________________________ 402
CHAPTER 11: AUDITING OF GOVERNMENT AND NOT-FOR-PROFIT ORGANIZATIONS ________________________________ 435
CHAPTER 12: BUDGETING AND PERFORMANCE MEASUREMENT ________________________________________________ 476
CHAPTER 13: NOT-FOR-PROFIT ORGANIZATIONS—REGULATORY, TAXATION, AND PERFORMANCE ISSUES _____________ 508
CHAPTER 14: ACCOUNTING FOR NOT-FOR-PROFIT ORGANIZATIONS _____________________________________________ 541
CHAPTER 15: ACCOUNTING FOR COLLEGES AND UNIVERSITIES __________________________________________________ 583
CHAPTER 16: ACCOUNTING FOR HEALTH CARE ORGANIZATIONS ________________________________________________ 618
CHAPTER 17: ACCOUNTING AND REPORTING FOR THE FEDERAL GOVERNMENT____________________________________ 653
,CHAPTER 1: INTRODUCTION TO ACCOUNTING AND FINANCIAL
REPORTING FOR GOVERNMENT AND NOT-FOR-PROFIT ENTITIES
JACQUELINE L. RECK: ACCOUNTING FOR GOVERNMENTAL & NONPROFIT ENTITIES 18TH EDITION
1) SPECIAL PURPOSE GOVERNMENTS GENERALLY PROVIDE A WIDER
RANGE OF SERVICES TO THEIR RESIDENTS THAN DO GENERAL PURPOSE
GOVERNMENTS.
ANSWER:>> FALSE
DIFFICULTY: 1 EASY
TOPIC: DISTINGUISHING GOVERNMENT AND NOT-FOR-PROFIT
ORGANIZATIONS
LEARNING OBJECTIVE: 01-01 IDENTIFY AND EXPLAIN THE CHARACTERISTICS
THAT DISTINGUISH GOVERNMENT AND NOT-FOR-PROFIT ENTITIES FROM
FOR-PROFIT ENTITIES.
BLOOM'S: REMEMBER
AACSB: KNOWLEDGE APPLICATION AICPA: BB INDUSTRY
2) EXAMPLES OF GENERAL PURPOSE GOVERNMENTS INCLUDE CITIES,
TOWNS, AND PUBLIC SCHOOLS THAT RECEIVE TAX REVENUE TO FINANCE
THE SERVICES THEY PROVIDE.
ANSWER:>> TRUE
DIFFICULTY: 1 EASY
TOPIC: DISTINGUISHING GOVERNMENT AND NOT-FOR-PROFIT
ORGANIZATIONS
LEARNING OBJECTIVE: 01-01 IDENTIFY AND EXPLAIN THE CHARACTERISTICS
THAT DISTINGUISH GOVERNMENT AND NOT-FOR-PROFIT ENTITIES FROM
FOR-PROFIT ENTITIES.
BLOOM'S: REMEMBER
, AACSB: KNOWLEDGE APPLICATION AICPA: BB INDUSTRY
3) THE GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB) IS THE
BODY AUTHORIZED TO ESTABLISH ACCOUNTING PRINCIPLES FOR ALL
STATE AND LOCAL GOVERNMENTS, BOTH GENERAL PURPOSE AND
SPECIAL PURPOSE.
ANSWER:>> TRUE
DIFFICULTY: 1 EASY
TOPIC: SOURCES OF FINANCIAL REPORTING STANDARDS
LEARNING OBJECTIVE: 01-02 IDENTIFY THE AUTHORITATIVE BODIES
RESPONSIBLE FOR SETTING FINANCIAL REPORTING STANDARDS FOR (1)
STATE AND LOCAL GOVERNMENTS, (2) THE FEDERAL GOVERNMENT, AND (3)
NOT-FOR-PROFIT ORGANIZATIONS.
BLOOM'S: REMEMBER
AACSB: KNOWLEDGE APPLICATION AICPA: BB INDUSTRY
4) THE GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB) IS THE
BODY AUTHORIZED TO ESTABLISH ACCOUNTING PRINCIPLES FOR ALL
GOVERNMENT ENTITIES.
ANSWER:>> FALSE
DIFFICULTY: 1 EASY
TOPIC: SOURCES OF FINANCIAL REPORTING STANDARDS
LEARNING OBJECTIVE: 01-02 IDENTIFY THE AUTHORITATIVE BODIES
RESPONSIBLE FOR SETTING FINANCIAL REPORTING STANDARDS FOR (1)
STATE AND LOCAL GOVERNMENTS, (2) THE FEDERAL GOVERNMENT, AND (3)
NOT-FOR-PROFIT ORGANIZATIONS.
BLOOM'S: REMEMBER
AACSB: KNOWLEDGE APPLICATION AICPA: BB INDUSTRY
ACCOUNTING FOR GOVERNMENTAL & NONPROFIT ENTITIES 18TH
EDITION
BY JACQUELINE L. RECK, SUZANNE LOWENSOHN & DANIEL NEELY
ALL CHAPTERS 1-17| LATEST VERSION WITH VERIFIED ANSWERS| RATED A+
,CHAPTER 1: INTRODUCTION TO ACCOUNTING AND FINANCIAL REPORTING FOR GOVERNMENT AND NOT-FOR-PROFIT
ENTITIES ________________________________________________________________________________________________ 3
CHAPTER 2: PRINCIPLES OF ACCOUNTING AND FINANCIAL REPORTING FOR STATE AND LOCAL GOVERNMENTS __________ 41
CHAPTER 3: GOVERNMENTAL OPERATING STATEMENT ACCOUNTS; BUDGETARY ACCOUNTING _______________________ 84
CHAPTER 4: ACCOUNTING FOR GOVERNMENTAL OPERATING ACTIVITIES–ILLUSTRATIVE TRANSACTIONS AND FINANCIAL
STATEMENTS __________________________________________________________________________________________ 137
CHAPTER 5: ACCOUNTING FOR GENERAL CAPITAL ASSETS AND CAPITAL PROJECTS _________________________________ 192
CHAPTER 6: ACCOUNTING FOR GENERAL LONG-TERM LIABILITIES AND DEBT SERVICE ______________________________ 242
CHAPTER 7: ACCOUNTING FOR THE BUSINESS-TYPE ACTIVITIES OF STATE AND LOCAL GOVERNMENTS _________________ 286
CHAPTER 8: ACCOUNTING FOR FIDUCIARY ACTIVITIES—CUSTODIAL AND TRUST FUNDS _____________________________ 327
CHAPTER 9: FINANCIAL REPORTING OF STATE AND LOCAL GOVERNMENTS _______________________________________ 365
CHAPTER 10: ANALYSIS OF GOVERNMENT FINANCIAL PERFORMANCE ___________________________________________ 402
CHAPTER 11: AUDITING OF GOVERNMENT AND NOT-FOR-PROFIT ORGANIZATIONS ________________________________ 435
CHAPTER 12: BUDGETING AND PERFORMANCE MEASUREMENT ________________________________________________ 476
CHAPTER 13: NOT-FOR-PROFIT ORGANIZATIONS—REGULATORY, TAXATION, AND PERFORMANCE ISSUES _____________ 508
CHAPTER 14: ACCOUNTING FOR NOT-FOR-PROFIT ORGANIZATIONS _____________________________________________ 541
CHAPTER 15: ACCOUNTING FOR COLLEGES AND UNIVERSITIES __________________________________________________ 583
CHAPTER 16: ACCOUNTING FOR HEALTH CARE ORGANIZATIONS ________________________________________________ 618
CHAPTER 17: ACCOUNTING AND REPORTING FOR THE FEDERAL GOVERNMENT____________________________________ 653
,CHAPTER 1: INTRODUCTION TO ACCOUNTING AND FINANCIAL
REPORTING FOR GOVERNMENT AND NOT-FOR-PROFIT ENTITIES
JACQUELINE L. RECK: ACCOUNTING FOR GOVERNMENTAL & NONPROFIT ENTITIES 18TH EDITION
1) SPECIAL PURPOSE GOVERNMENTS GENERALLY PROVIDE A WIDER
RANGE OF SERVICES TO THEIR RESIDENTS THAN DO GENERAL PURPOSE
GOVERNMENTS.
ANSWER:>> FALSE
DIFFICULTY: 1 EASY
TOPIC: DISTINGUISHING GOVERNMENT AND NOT-FOR-PROFIT
ORGANIZATIONS
LEARNING OBJECTIVE: 01-01 IDENTIFY AND EXPLAIN THE CHARACTERISTICS
THAT DISTINGUISH GOVERNMENT AND NOT-FOR-PROFIT ENTITIES FROM
FOR-PROFIT ENTITIES.
BLOOM'S: REMEMBER
AACSB: KNOWLEDGE APPLICATION AICPA: BB INDUSTRY
2) EXAMPLES OF GENERAL PURPOSE GOVERNMENTS INCLUDE CITIES,
TOWNS, AND PUBLIC SCHOOLS THAT RECEIVE TAX REVENUE TO FINANCE
THE SERVICES THEY PROVIDE.
ANSWER:>> TRUE
DIFFICULTY: 1 EASY
TOPIC: DISTINGUISHING GOVERNMENT AND NOT-FOR-PROFIT
ORGANIZATIONS
LEARNING OBJECTIVE: 01-01 IDENTIFY AND EXPLAIN THE CHARACTERISTICS
THAT DISTINGUISH GOVERNMENT AND NOT-FOR-PROFIT ENTITIES FROM
FOR-PROFIT ENTITIES.
BLOOM'S: REMEMBER
, AACSB: KNOWLEDGE APPLICATION AICPA: BB INDUSTRY
3) THE GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB) IS THE
BODY AUTHORIZED TO ESTABLISH ACCOUNTING PRINCIPLES FOR ALL
STATE AND LOCAL GOVERNMENTS, BOTH GENERAL PURPOSE AND
SPECIAL PURPOSE.
ANSWER:>> TRUE
DIFFICULTY: 1 EASY
TOPIC: SOURCES OF FINANCIAL REPORTING STANDARDS
LEARNING OBJECTIVE: 01-02 IDENTIFY THE AUTHORITATIVE BODIES
RESPONSIBLE FOR SETTING FINANCIAL REPORTING STANDARDS FOR (1)
STATE AND LOCAL GOVERNMENTS, (2) THE FEDERAL GOVERNMENT, AND (3)
NOT-FOR-PROFIT ORGANIZATIONS.
BLOOM'S: REMEMBER
AACSB: KNOWLEDGE APPLICATION AICPA: BB INDUSTRY
4) THE GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB) IS THE
BODY AUTHORIZED TO ESTABLISH ACCOUNTING PRINCIPLES FOR ALL
GOVERNMENT ENTITIES.
ANSWER:>> FALSE
DIFFICULTY: 1 EASY
TOPIC: SOURCES OF FINANCIAL REPORTING STANDARDS
LEARNING OBJECTIVE: 01-02 IDENTIFY THE AUTHORITATIVE BODIES
RESPONSIBLE FOR SETTING FINANCIAL REPORTING STANDARDS FOR (1)
STATE AND LOCAL GOVERNMENTS, (2) THE FEDERAL GOVERNMENT, AND (3)
NOT-FOR-PROFIT ORGANIZATIONS.
BLOOM'S: REMEMBER
AACSB: KNOWLEDGE APPLICATION AICPA: BB INDUSTRY
