TEST BANK for Essentials of Accounting for Governmental and Not-for-Profit Organizations 15th Edition by Paul Copley,ISBN:9781260570175 All Chapters 1 to 14 Covered || COMPLETE GUIDE A+ ||.

TEST BANK FOR
#e #e



Essentials #eof #eAccounting #efor #eGovernmental #eand #eNot-for-Profit #eOrganizations #e15eCopley #e-
Chapter #e1-14


Chap 01 15e Copley
#e #e #e
Answers Included
#e


1) The #eGovernmental #eAccounting #eStandards #eBoard #esets #efinancial
#ereporting #estandards #efor #eall #eunits #eof #egovernment: #efederal, #estate,
#eand #elocal.


⊚ # e true
⊚ # e false




2) Fund #eaccounting #eexists #eprimarily #eto #eprovide #eassurance #ethat #eresources
#e are #eused #eaccording #eto #elegal #eor #edonor #erestrictions.
⊚ # e true
⊚ # e false




3) The #eFinancial #eAccounting #eStandards #eBoard #esets #efinancial
#e reporting #estandards #efor #eprofit- #eseeking #ebusinesses #eand
#e nongovernmental, #enot-for-profit #eorganizations.
⊚ # e true
⊚ # e false




4) FASAB, #eGASB, #eand #eFASB #estandards #eare #eset #eforth #eprimarily #ein #edocuments #ecalled
#e statements.
⊚ # e true
⊚ # e false



5) FASAB, #eGASB, #eand #eFASB #ereporting #estandards #eare #eset #eforth
#e primarily #ein #edocuments #ecalled #econcept #estatements.
⊚ # e true
⊚ # e false




6) The #eFASAB #ewas #eestablished #eto #erecommend #eaccounting #eand #efinancial
#e reporting #estandards #efor #ethe #efederal #egovernment.
⊚ # e true
⊚ # e false

, 7) The GASB does not require supplementary information to be reported
with its financial statements even if it is essential to establish appropriate
context for the financial statements and notes.
⊚ true
⊚ false



8) The Financial Accounting Standards Board sets financial reporting
standards for private not- for-profits and investor-owned businesses.
⊚ true
⊚ false



9) An organization is presumed to be governmental if it has the ability to issue
directly debt that is exempt from federal taxes.
⊚ true
⊚ false



10) The Financial Accounting Standards Board and the Governmental
Accounting Standards Board are parallel bodies under the oversight of
the Financial Accounting Foundation.
⊚ true
⊚ false



11) The Federal Accounting Standards Advisory Board requires less extensive
reports than does the FASB or GASB.
⊚ true
⊚ false



12) The FASAB requires more financial statements than are typically required
of state and local governments.
⊚ true
⊚ false

, 13) Governments must have as many funds as necessary to fulfill legal
requirements and sound financial administration but must have at a
minimum a General Fund.
⊚ true
⊚ false



14) A Management's Discussion and Analysis is required for state and local
governmental units, and the federal government.
⊚ true
⊚ false



15) Although certain supplementary information may not be required, if
presented, it must follow GASB guidance regarding its format and
content.
⊚ true
⊚ false



16) The format and content of supplementary information which is not
required by GASB is up to the discretion of the reporting entity.
⊚ true
⊚ false



17) GASB and FASB Concept Statements establish accounting standards that
must be complied with to receive an unqualified audit opinion.
⊚ true
⊚ false



18) FASAB, GASB, and FASB standards are set forth primarily in
documents called interpretations.
⊚ true
⊚ false

, 19) Fund-basis statements are presented for three categories of
government activities: governmental, proprietary, and
fiduciary.
⊚ true
⊚ false



20) State and local governments may use as many as twelve different fund types.
⊚ true
⊚ false



21) The economic resource measurement focus and accrual basis is an
important feature of government-wide financial statements.
⊚ true
⊚ false



22) Businesslike activity fund-basis statements must be changed to the
accrual basis from the modified accrual basis when preparing
government-wide financial statements.
⊚ true
⊚ false



23) Governmental-type activity fund-basis statements must use accrual
basis when preparing government-wide financial statements.
⊚ true
⊚ false



24) Fiduciary funds of a governmental unit use the current financial
resources measurement focus and modified accrual basis of
accounting.
⊚ true
⊚ false



25) Under the accrual basis of accounting, revenues are recognized
when measurable and available to finance expenditures of the
current period.
⊚ true
⊚ false