Accounting for Governmental and Nonprofit Entities 19th Edition
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Test Bank For Accounting for Governmental and
Nonprofit Entities 19th Edition Author:Jacqueline L
Reck, Daniel Neely, Suzanne Lowensohn All Chapters
With Verified Questions And Answers 100% Complete
A+ Study Guide Latest Version
1|Page
,Accounting for Governmental and Nonprofit Entities 19th Edition
Instant Download
Student Name:_
1) Explain The Essential Differences Between General Purpose And Special
Purpose Governments And Give Several Examples Of Each.
2) Identify And Explain The Characteristics That Distinguish Governments And Not-For-
Profit Entities From Business Entities.
3) GASB And FASB Standards Are Concerned Only With External Financial Reporting;
Whereas, FASAB Standards Are Concerned With Both Internal And External Financial
Reporting. Do You Agree With This Statement? Why Or Why Not?
4) Why Should Persons Interested In Reading Financial Reports Of Governments And Not-
For- Profit Entities Be Familiar With Standards Set By The GASB And The FASB?
2|Page
,Accounting for Governmental and Nonprofit Entities 19th Edition
Instant Download
5) Explain In Your Own Words Why Accountability Is The Cornerstone Of All Financial
Reporting In Government.
6) In Your Own Words State The Primary Needs The GASB Believes External Users Have
For Financial Reports Of State And Local Governments. For Contrast, State The Uses The
FASB Believes External Users Have For The Financial Reports Of Not-For-Profit
Organizations.
7) Describe The Difference Between A Comprehensive Annual Financial Report (CAFR)
And GASB General Purpose External Financial Reporting For State And Local Governments.
8) Identify And Briefly Explain The Four Sections Of The Performance And Accountability
Report (PAR) That The Office Of Management And Budget Requires Major Federal
Departments And Agencies To Prepare.
3|Page
, Accounting for Governmental and Nonprofit Entities 19th Edition
Instant Download
9) Explain The Concepts Of Fiscal And Operational Accountability And The Basis Of
Accounting Used To Capture Each Concept.
10) Describe The Comprehensive Annual Financial Report (CAFR). What Are The Sections Of
The Report And Which Components Of The Organization Should It Include? Is A CAFR Required?
11) The Governmental Accounting Standards Board Is Assigned Responsibility For
Setting Accounting And Financial Reporting Standards For Which Of The Following?
A) Governments Such As Federal Agencies, States, Cities, Counties,
Villages, And Townships.
B) State And Local Government Entities And Governmentally-Related Units And
Agencies, Such As Utilities, Authorities, Hospitals, And Colleges And Universities.
C) Not-For-Profit Organizations.
D) State And Local Governments And All Not-For-Profit Organizations.
4|Page
Instant Download
Test Bank For Accounting for Governmental and
Nonprofit Entities 19th Edition Author:Jacqueline L
Reck, Daniel Neely, Suzanne Lowensohn All Chapters
With Verified Questions And Answers 100% Complete
A+ Study Guide Latest Version
1|Page
,Accounting for Governmental and Nonprofit Entities 19th Edition
Instant Download
Student Name:_
1) Explain The Essential Differences Between General Purpose And Special
Purpose Governments And Give Several Examples Of Each.
2) Identify And Explain The Characteristics That Distinguish Governments And Not-For-
Profit Entities From Business Entities.
3) GASB And FASB Standards Are Concerned Only With External Financial Reporting;
Whereas, FASAB Standards Are Concerned With Both Internal And External Financial
Reporting. Do You Agree With This Statement? Why Or Why Not?
4) Why Should Persons Interested In Reading Financial Reports Of Governments And Not-
For- Profit Entities Be Familiar With Standards Set By The GASB And The FASB?
2|Page
,Accounting for Governmental and Nonprofit Entities 19th Edition
Instant Download
5) Explain In Your Own Words Why Accountability Is The Cornerstone Of All Financial
Reporting In Government.
6) In Your Own Words State The Primary Needs The GASB Believes External Users Have
For Financial Reports Of State And Local Governments. For Contrast, State The Uses The
FASB Believes External Users Have For The Financial Reports Of Not-For-Profit
Organizations.
7) Describe The Difference Between A Comprehensive Annual Financial Report (CAFR)
And GASB General Purpose External Financial Reporting For State And Local Governments.
8) Identify And Briefly Explain The Four Sections Of The Performance And Accountability
Report (PAR) That The Office Of Management And Budget Requires Major Federal
Departments And Agencies To Prepare.
3|Page
, Accounting for Governmental and Nonprofit Entities 19th Edition
Instant Download
9) Explain The Concepts Of Fiscal And Operational Accountability And The Basis Of
Accounting Used To Capture Each Concept.
10) Describe The Comprehensive Annual Financial Report (CAFR). What Are The Sections Of
The Report And Which Components Of The Organization Should It Include? Is A CAFR Required?
11) The Governmental Accounting Standards Board Is Assigned Responsibility For
Setting Accounting And Financial Reporting Standards For Which Of The Following?
A) Governments Such As Federal Agencies, States, Cities, Counties,
Villages, And Townships.
B) State And Local Government Entities And Governmentally-Related Units And
Agencies, Such As Utilities, Authorities, Hospitals, And Colleges And Universities.
C) Not-For-Profit Organizations.
D) State And Local Governments And All Not-For-Profit Organizations.
4|Page
