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5.0
NFP accounting final Questions with Detailed
Verified Answers (100% Correct Answers) /Already
Graded A+
Which of the following authoritative standards-setting bodies would
establish accounting standards for a not-for-profit entity, such as the
City Symphony, that receives federal grants as well as revenue from
ticket sales?
Ans: Financial Accounting Standards Board (FASB).
Assets minus liabilities for a state or local government could be
described with which of the following account names?
Ans: Net position
The Financial Accounting Standards Board's (FASB) objectives of
financial reporting for not-for-profit organizations includes which of the
following?
Ans: Assessing management stewardship and performance.
B. Assessing management stewardship and performance.
Ans: Business Environment and Concepts (BEC).
A water and sewer utility that provides water treatment services to a
three-county area in the state is funded primarily by local tax dollars.
Sunday, 02 March 2025
,This year, the utility received a federal grant to monitor water purity. The
category that best describes this utility is a:
Ans: Special purpose government
In which part of the CPA exam would you expect to find questions
about tax-exempt organizations?
Ans: Regulation REG
Which of the following is a true statement about accounting standard-
setting bodies?
Ans: The FASB and GASB are administratively supported by the Financial
Accounting Foundation; the FASAB draws its support from the federal
government
Financial reporting for state and local governments is guided by the
GASB's Concept Statement No. 1 which stresses:
Ans: Accountability
The reason accounting for governments and not-for-profit
organizations is different than accounting for businesses is primarily that
both governments and not-for-profit organizations:
Ans: A. Have no owners seeking a return on their investment.
Examstudy - Stuvia US
,The Federal Accounting Standards Advisory Board's (FASAB) objectives
of financial reporting for federal agencies includes assessing all the
following except:
Ans: Inter-period equity
Which of the following is not one of the core skills area in the new CPA
exam scheduled to start in 2024 as part of the American Institute of
Certified Public Accountants (AICPA) and National Association of State
Boards of Accountancy's (NASBA) CPA Evolution initiative?
Ans: D. Managerial Cost Accounting.
The Financial Standards Board's (FASB) financial reporting model for
not-for-profit organizations differs from that of for-profit businesses
because not-for-profit organizations:
Ans: D. Have different missions and stakeholders.
Which of the following organizations helps to identify accounting and
reporting issues to place on the technical agenda of the board that
sets state and local government GAAP?
Ans: Government Accounting Standards Advisory Council (GASAC)
Examstudy - Stuvia US
, Which of the following is ordinarily considered one of the major
characteristics distinguishing governments from nongovernmental, not-
for-profit organizations?
Ans: Governments have the power to tax citizens.
Which of the following organizations is the best source of information
about differences across states in educational and experince
requirements to become a CPA?
Ans: C. National Association of State Boards of Accountancy (NASBA).
Which of the following organizations sets auditing standards for its
members?
Ans: B. American Institute of Certified Public Accountants (AICPA).
A characteristic activity of a local public school system that
distinguishes it from nongovernmental/not-for-profit organizations, that
leads it to use generally accepted accounting principles established by
the GASB rather than the FASB, is:
Ans: D. Benefitting from taxes levied on residents of a community
Which of the following authoritative standards-setting bodies would
establish accounting standards for a private, not-for-profit museum that
is entirely funded by donations and membership fees?
Examstudy - Stuvia US
In today's fast-paced educational landscape, students need reliable resources to excel in their studies.
5.0
NFP accounting final Questions with Detailed
Verified Answers (100% Correct Answers) /Already
Graded A+
Which of the following authoritative standards-setting bodies would
establish accounting standards for a not-for-profit entity, such as the
City Symphony, that receives federal grants as well as revenue from
ticket sales?
Ans: Financial Accounting Standards Board (FASB).
Assets minus liabilities for a state or local government could be
described with which of the following account names?
Ans: Net position
The Financial Accounting Standards Board's (FASB) objectives of
financial reporting for not-for-profit organizations includes which of the
following?
Ans: Assessing management stewardship and performance.
B. Assessing management stewardship and performance.
Ans: Business Environment and Concepts (BEC).
A water and sewer utility that provides water treatment services to a
three-county area in the state is funded primarily by local tax dollars.
Sunday, 02 March 2025
,This year, the utility received a federal grant to monitor water purity. The
category that best describes this utility is a:
Ans: Special purpose government
In which part of the CPA exam would you expect to find questions
about tax-exempt organizations?
Ans: Regulation REG
Which of the following is a true statement about accounting standard-
setting bodies?
Ans: The FASB and GASB are administratively supported by the Financial
Accounting Foundation; the FASAB draws its support from the federal
government
Financial reporting for state and local governments is guided by the
GASB's Concept Statement No. 1 which stresses:
Ans: Accountability
The reason accounting for governments and not-for-profit
organizations is different than accounting for businesses is primarily that
both governments and not-for-profit organizations:
Ans: A. Have no owners seeking a return on their investment.
Examstudy - Stuvia US
,The Federal Accounting Standards Advisory Board's (FASAB) objectives
of financial reporting for federal agencies includes assessing all the
following except:
Ans: Inter-period equity
Which of the following is not one of the core skills area in the new CPA
exam scheduled to start in 2024 as part of the American Institute of
Certified Public Accountants (AICPA) and National Association of State
Boards of Accountancy's (NASBA) CPA Evolution initiative?
Ans: D. Managerial Cost Accounting.
The Financial Standards Board's (FASB) financial reporting model for
not-for-profit organizations differs from that of for-profit businesses
because not-for-profit organizations:
Ans: D. Have different missions and stakeholders.
Which of the following organizations helps to identify accounting and
reporting issues to place on the technical agenda of the board that
sets state and local government GAAP?
Ans: Government Accounting Standards Advisory Council (GASAC)
Examstudy - Stuvia US
, Which of the following is ordinarily considered one of the major
characteristics distinguishing governments from nongovernmental, not-
for-profit organizations?
Ans: Governments have the power to tax citizens.
Which of the following organizations is the best source of information
about differences across states in educational and experince
requirements to become a CPA?
Ans: C. National Association of State Boards of Accountancy (NASBA).
Which of the following organizations sets auditing standards for its
members?
Ans: B. American Institute of Certified Public Accountants (AICPA).
A characteristic activity of a local public school system that
distinguishes it from nongovernmental/not-for-profit organizations, that
leads it to use generally accepted accounting principles established by
the GASB rather than the FASB, is:
Ans: D. Benefitting from taxes levied on residents of a community
Which of the following authoritative standards-setting bodies would
establish accounting standards for a private, not-for-profit museum that
is entirely funded by donations and membership fees?
Examstudy - Stuvia US
