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TEST BANK
For
N
U
R
Accounting for Governmental & Nonprofit Entities 18th Edition
SE
by Jacqueline L. Reck, Suzanne Lowensohn
D
O
♦️♦️♦️All Chapters Included ✅✅✅
C
♦️♦️♦️All Answers Included ✅✅✅
S
kjhgfdsa
, kjhgfdsa
TEST BANK FOR
Accounting for Governmental and Nonprofit Entities, 18e (Reck)
Chapter 1 I n t r o d u c t i o n to Accounting and Financial Reporting for Government
and Not-for-Profit Entities
1) Special purpose governments generally provide a wider range of services to their residents than
do general purpose governments.
Answer: FALSE
Difficulty: 1 Easy
N
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.
U
Bloom's: Remember
AACSB: Knowledge Application
AICPA: BB Industry
R
2) Examples of general-purpose governments include cities, towns, and public schools that receive
tax revenue to finance the services they provide.
SE
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
D
AACSB: Knowledge Application
AICPA: BB Industry
O
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.
C
Answer: TRUE
Difficulty: 1 Easy
Topic: Sources of financial reporting standards
S
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 All Chapters Included
All Answers Included
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, kjhgfdsa
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
N
AICPA: BB Industry
5) The Financial Accounting Standards Board (FASB) is the body authorized to establish
accounting principles for all colleges and universities and health care entities.
U
Answer: FALSE
Difficulty: 1 Easy
R
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)
SE
not-for-profit organizations.
Bloom's: Remember
AACSB: Knowledge Application
AICPA: BB Industry
6) Neither governments nor not-for-profit entities have residual equity that can be distributed to
owners.
D
Answer: TRUE
Difficulty: 2 Medium
O
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: Understand
C
AACSB: Knowledge Application
AICPA: FN Reporting
S
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, kjhgfdsa
7) 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.
Answer: TRUE
Difficulty: 2 Medium
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: Understand
AACSB: Knowledge Application
AICPA: BB Industry
N
8) The needs of users of government financial reports are the same as those of users of business
entity financial reports.
U
Answer: FALSE
Difficulty: 2 Medium
Topic: Distinguishing Government and Not-For-Profit Organizations
R
Learning Objective: 01-01 Identify and explain the characteristics that distinguish government
and not-for-profit entities from for-profit entities.
Bloom's: Understand
SE
AACSB: Knowledge Application
AICPA: BB Industry
9) The Federal Accounting Standards Advisory Board (FASAB) recommends accounting
principles and standards for the federal government and its agencies and departments.
Answer: TRUE
D
Difficulty: 1 Easy
Topic: Sources of financial reporting standards
Learning Objective: 01-02 Identify the authoritative bodies responsible for setting financial
O
reporting standards for (1) state and local governments, (2) the federal government, and (3)
not-for-profit organizations.
Bloom's: Remember
AACSB: Knowledge Application
C
AICPA: BB Industry
S
kjhgfdsa
TEST BANK
For
N
U
R
Accounting for Governmental & Nonprofit Entities 18th Edition
SE
by Jacqueline L. Reck, Suzanne Lowensohn
D
O
♦️♦️♦️All Chapters Included ✅✅✅
C
♦️♦️♦️All Answers Included ✅✅✅
S
kjhgfdsa
, kjhgfdsa
TEST BANK FOR
Accounting for Governmental and Nonprofit Entities, 18e (Reck)
Chapter 1 I n t r o d u c t i o n to Accounting and Financial Reporting for Government
and Not-for-Profit Entities
1) Special purpose governments generally provide a wider range of services to their residents than
do general purpose governments.
Answer: FALSE
Difficulty: 1 Easy
N
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.
U
Bloom's: Remember
AACSB: Knowledge Application
AICPA: BB Industry
R
2) Examples of general-purpose governments include cities, towns, and public schools that receive
tax revenue to finance the services they provide.
SE
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
D
AACSB: Knowledge Application
AICPA: BB Industry
O
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.
C
Answer: TRUE
Difficulty: 1 Easy
Topic: Sources of financial reporting standards
S
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 All Chapters Included
All Answers Included
kjhgfdsa
, kjhgfdsa
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
N
AICPA: BB Industry
5) The Financial Accounting Standards Board (FASB) is the body authorized to establish
accounting principles for all colleges and universities and health care entities.
U
Answer: FALSE
Difficulty: 1 Easy
R
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)
SE
not-for-profit organizations.
Bloom's: Remember
AACSB: Knowledge Application
AICPA: BB Industry
6) Neither governments nor not-for-profit entities have residual equity that can be distributed to
owners.
D
Answer: TRUE
Difficulty: 2 Medium
O
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: Understand
C
AACSB: Knowledge Application
AICPA: FN Reporting
S
kjhgfdsa
, kjhgfdsa
7) 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.
Answer: TRUE
Difficulty: 2 Medium
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: Understand
AACSB: Knowledge Application
AICPA: BB Industry
N
8) The needs of users of government financial reports are the same as those of users of business
entity financial reports.
U
Answer: FALSE
Difficulty: 2 Medium
Topic: Distinguishing Government and Not-For-Profit Organizations
R
Learning Objective: 01-01 Identify and explain the characteristics that distinguish government
and not-for-profit entities from for-profit entities.
Bloom's: Understand
SE
AACSB: Knowledge Application
AICPA: BB Industry
9) The Federal Accounting Standards Advisory Board (FASAB) recommends accounting
principles and standards for the federal government and its agencies and departments.
Answer: TRUE
D
Difficulty: 1 Easy
Topic: Sources of financial reporting standards
Learning Objective: 01-02 Identify the authoritative bodies responsible for setting financial
O
reporting standards for (1) state and local governments, (2) the federal government, and (3)
not-for-profit organizations.
Bloom's: Remember
AACSB: Knowledge Application
C
AICPA: BB Industry
S
kjhgfdsa
