Essentials of Accounting for Governmental and Not-for-Profit Organizations | 15th Edition | Copley | Complete Test Bank with Answers

Mbuthia

,Mbuthia

,Essentials of Accounting for Governmental and Not-for-Profit Organizations 15e
Copley - Complete test bank


Chap 01 15e Copley Answers Included ✅
1) The Governmental Accounting Standards Board sets financial reporting standards for all
units of government: federal, state, and local.
⊚ true
⊚ false



2) Fund accounting exists primarily to provide assurance that resources are used according to
legal or donor restrictions.
⊚ true
⊚ false




Mbuthia
3) The Financial Accounting Standards Board sets financial reporting standards for profit-
seeking businesses and nongovernmental, not-for-profit organizations.
⊚ true
⊚ false



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



5) FASAB, GASB, and FASB reporting standards are set forth primarily in documents called
concept statements.
⊚ true
⊚ false



6) The FASAB was established to recommend accounting and financial reporting standards for
the federal government.
⊚ true
⊚ false




1

, 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




Mbuthia
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




2