Gov - ACC Exam 1 questions n answers
graded A+ already passed
Special purpose governments generally provide a wider range of services to their
residents than do general purpose governments - correct answer ✔✔False
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. - correct answer ✔✔True
The Financial Accounting Standards Board (FASB) is the body authorized to
establish accounting principles for all colleges and universities and health care
entities. - correct answer ✔✔False
A characteristic common to governments and not-for-profit organizations is that
they do not exist to provide goods or services at a profit or profit equivalent. -
correct answer ✔✔True
The FASB, GASB, and FASAB all focus their standards on both internal and external
financial reporting. - correct answer ✔✔False
Interperiod equity refers to the concept that current-year revenues are sufficient
to pay for services provided that year, so that future taxpayers will not be required
to assume the burden for services previously provided. - correct answer ✔✔True
, The GASB provides optional guidance for those entities providing service efforts
and accomplishments (SEA) reports to the public. - correct answer ✔✔True
The Governmental Accounting Standards Board is assigned responsibility for
setting accounting and financial reporting standards for - correct answer ✔✔State
and local government entities and governmentally-related units and agencies,
such as utilities, authorities, hospitals, and colleges and universities.
The Financial Accounting Standards Board has the responsibility for setting
accounting and financial reporting standards for - correct answer ✔✔All not-for-
profit organizations that are nongovernmental and business entities.
Which of the following is identified by the GASB as the "cornerstone" of all
financial reporting in government? - correct answer ✔✔Accountability
Which of the following is not an objective of financial reporting by state and local
governments? - correct answer ✔✔To assist users in assessing the adequacy of
systems and controls.
A comprehensive annual financial report (CAFR) prepared in conformity with the
GASB recommendations should include which of the following sections? - correct
answer ✔✔Introductory, financial, and statistical.
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? - correct answer
✔✔Combining and individual fund financial statements
graded A+ already passed
Special purpose governments generally provide a wider range of services to their
residents than do general purpose governments - correct answer ✔✔False
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. - correct answer ✔✔True
The Financial Accounting Standards Board (FASB) is the body authorized to
establish accounting principles for all colleges and universities and health care
entities. - correct answer ✔✔False
A characteristic common to governments and not-for-profit organizations is that
they do not exist to provide goods or services at a profit or profit equivalent. -
correct answer ✔✔True
The FASB, GASB, and FASAB all focus their standards on both internal and external
financial reporting. - correct answer ✔✔False
Interperiod equity refers to the concept that current-year revenues are sufficient
to pay for services provided that year, so that future taxpayers will not be required
to assume the burden for services previously provided. - correct answer ✔✔True
, The GASB provides optional guidance for those entities providing service efforts
and accomplishments (SEA) reports to the public. - correct answer ✔✔True
The Governmental Accounting Standards Board is assigned responsibility for
setting accounting and financial reporting standards for - correct answer ✔✔State
and local government entities and governmentally-related units and agencies,
such as utilities, authorities, hospitals, and colleges and universities.
The Financial Accounting Standards Board has the responsibility for setting
accounting and financial reporting standards for - correct answer ✔✔All not-for-
profit organizations that are nongovernmental and business entities.
Which of the following is identified by the GASB as the "cornerstone" of all
financial reporting in government? - correct answer ✔✔Accountability
Which of the following is not an objective of financial reporting by state and local
governments? - correct answer ✔✔To assist users in assessing the adequacy of
systems and controls.
A comprehensive annual financial report (CAFR) prepared in conformity with the
GASB recommendations should include which of the following sections? - correct
answer ✔✔Introductory, financial, and statistical.
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? - correct answer
✔✔Combining and individual fund financial statements
