ACCT 4421 Exam 1 Questions and
Answers|Latest Update
NFPs are governed by FASAB
NFP net asset classification 2 groups:
- net assets without donor restrictions
- net assets with donor restrictions
which statement required 2 sets of financial statements GASB #34
what is a fund - keeps track of specific sources of funding/spending
- allows govts. and NFPs to adhere to restrictions
- fiscal and accounting entity
self-balancing set of accounts from which FS are prepared
T/F: fund structure mirrors organizational structure false
assets resources with present service capacity that the govt. presently controls
, liabilities present obligations to sacrifice resources that the govt has little/no ability to
avoid
deferred outflow of resources consumption of net assets applicable to a future reporting
period
deferred inflow of resources acquisition of net assets applicable to a future reporting
period
residual for government-wide statements net position
residual for governmental statements fund balance
outflow of resources consumption of net assets applicable to the reporting period
(expenses & expenditures, losses, transfers)
inflow of resources acquisition of net assets applicable to the reporting period (revenues,
gains, transfers in)
Answers|Latest Update
NFPs are governed by FASAB
NFP net asset classification 2 groups:
- net assets without donor restrictions
- net assets with donor restrictions
which statement required 2 sets of financial statements GASB #34
what is a fund - keeps track of specific sources of funding/spending
- allows govts. and NFPs to adhere to restrictions
- fiscal and accounting entity
self-balancing set of accounts from which FS are prepared
T/F: fund structure mirrors organizational structure false
assets resources with present service capacity that the govt. presently controls
, liabilities present obligations to sacrifice resources that the govt has little/no ability to
avoid
deferred outflow of resources consumption of net assets applicable to a future reporting
period
deferred inflow of resources acquisition of net assets applicable to a future reporting
period
residual for government-wide statements net position
residual for governmental statements fund balance
outflow of resources consumption of net assets applicable to the reporting period
(expenses & expenditures, losses, transfers)
inflow of resources acquisition of net assets applicable to the reporting period (revenues,
gains, transfers in)
