Test Bank for Accounting for
DF DF DF DF
Governmental & Nonprofit Entities DF DF DF D
F 19th Edition by Jacqueline L. Reck,
DF DF DF DF DF D
F Suzanne Lowensohn & Daniel Neely
DF DF DF DF
Complete Chapters With Verified Q&As| A+ PAS
DF DF DF DF DF DF
S Answers at the Back of Each Chapter
DF DF DF DF DF DF DF
1
DF DF| PDFaDFgD
F e
, ChapterDF1
1) ExplainDFtheDFessentialDFdifferencesDFbetweenDFgeneralDFpurposeDFandDFspecialDFpurposeDFgovernmentsDF
andDFgiveDFseveralDFexamplesDFofDFeach.
2) IdentifyDFandDFexplainDFtheDFcharacteristicsDFthatDFdistinguishDFgovernmentsDFandDFnot-for-
profitDFentitiesDFfromDFbusinessDFentities.
3) GASBDFandDFFASBDFstandardsDFareDFconcernedDFonlyDFwithDFexternalDFfinancialDFreporting;DFwhereas,
DFFASABDFstandardsDFareDFconcernedDFwithDFbothDFinternalDFandDFexternalDFfinancialDFreporting.DFDoDFyo
uDFagreeDFwithDFthisDFstatement?DFWhyDForDFwhyDFnot?
4) WhyDFshouldDFpersonsDFinterestedDFinDFreadingDFfinancialDFreportsDFofDFgovernmentsDFandDFnot-for-
DFprofitDFentitiesDFbeDFfamiliarDFwithDFstandardsDFsetDFbyDFtheDFGASBDFandDFtheDFFASB?
5) ExplainDFinDFyourDFownDFwordsDFwhyDFaccountabilityDFisDFtheDFcornerstoneDFofDFallDFfinancialDFre
portingDFinDFgovernment.
2
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,6) InDFyourDFownDFwordsDFstateDFtheDFprimaryDFneedsDFtheDFGASBDFbelievesDFexternalDFusersDFhaveDFforDFfina
ncialDFreportsDFofDFstateDFandDFlocalDFgovernments.DFForDFcontrast,DFstateDFtheDFusesDFtheDFFASBDFbelievesDFe
xternalDFusersDFhaveDFforDFtheDFfinancialDFreportsDFofDFnot-for-profitDForganizations.
7) DescribeDFtheDFdifferenceDFbetweenDFaDFcomprehensiveDFannualDFfinancialDFreportDF(CAFR)DFandDFGAS
BDFgeneralDFpurposeDFexternalDFfinancialDFreportingDFforDFstateDFandDFlocalDFgovernments.
8) IdentifyDFandDFbrieflyDFexplainDFtheDFfourDFsectionsDFofDFtheDFperformanceDFandDFaccountabilityDFreportDF(
PAR)DFthatDFtheDFOfficeDFofDFManagementDFandDFBudgetDFrequiresDFmajorDFfederalDFdepartmentsDFandDFage
nciesDFtoDFprepare.
9) ExplainDFtheDFconceptsDFofDFfiscalDFandDFoperationalDFaccountabilityDFandDFtheDFbasisDFofDFaccounti
ngDFusedDFtoDFcaptureDFeachDFconcept.
10) DescribeDFtheDFcomprehensiveDFannualDFfinancialDFreportDF(CAFR).DFWhatDFareDFtheDFsectionsDFofDFtheDF
reportDFandDFwhichDFcomponentsDFofDFtheDForganizationDFshouldDFitDFinclude?DFIsDFaDFCAFRDFrequired?
3
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, 11) TheDFGovernmentalDFAccountingDFStandardsDFBoardDFisDFassignedDFresponsibilityDFforDFsettingDFaccount
ingDFandDFfinancialDFreportingDFstandardsDFforDFwhichDFofDFtheDFfollowing?
A) GovernmentsDFsuchDFasDFfederalDFagencies,DFstates,DFcities,DFcounties,DFvillages,DFandDFtownships.
B) StateDFandDFlocalDFgovernmentDFentitiesDFandDFgovernmentally-
relatedDFunitsDFandDFagencies,DFsuchDFasDFutilities,DFauthorities,DFhospitals,DFandDFcollegesDFandDFuniversiti
es.
C) Not-for-profitDForganizations.
D) StateDFandDFlocalDFgovernmentsDFandDFallDFnot-for-profitDForganizations.
12) WhichDFofDFtheDFfollowingDFbodiesDFhasDFbeenDFestablishedDFtoDFrecommendDFaccountingDFandDFfinancialD
FreportingDFstandardsDFforDFtheDFfederalDFgovernment?
A) FinancialDFAccountingDFStandardsDFBoardDF(FASB).
B) GovernmentalDFAccountingDFStandardsDFBoardDF(GASB).
C) FederalDFAccountingDFFoundationDF(FAF).
D) FederalDFAccountingDFStandardsDFAdvisoryDFBoardDF(FASAB).
13) TheDFFinancialDFAccountingDFStandardsDFBoardDFhasDFtheDFresponsibilityDFforDFsettingDFaccountingDFandD
FfinancialDFreportingDFstandardsDFforDFwhichDFofDFtheDFfollowing?
A) AllDFnot-for-profitDForganizationsDFthatDFareDFnongovernmentalDFandDFbusinessDFentities.
B) AllDFnot-for-profitDForganizationsDFandDFbusinessDFentities.
C) AllDFnot-for-profitDForganizations.
D) SpecialDFpurposeDFgovernmentsDFwithDFaDFbusinessDFpurpose.
14) YouDFareDFtryingDFtoDFdecideDFifDFanDFentityDFyouDFareDFreviewingDFisDFaDFgovernmentDForDFaDFnot-for-
DFprofit.DFWhichDFofDFtheDFfollowingDFwouldDFindicateDFitDFisDFaDFgovernmentDFratherDFthanDFaDFnot-for-
profitDFentity?
A) AbsenceDFofDFprofitDFmotive.
B) ADFprimaryDFsourceDFofDFrevenuesDFisDFtaxes.
4
DF DF| PDFaDFgD
F e
DF DF DF DF
Governmental & Nonprofit Entities DF DF DF D
F 19th Edition by Jacqueline L. Reck,
DF DF DF DF DF D
F Suzanne Lowensohn & Daniel Neely
DF DF DF DF
Complete Chapters With Verified Q&As| A+ PAS
DF DF DF DF DF DF
S Answers at the Back of Each Chapter
DF DF DF DF DF DF DF
1
DF DF| PDFaDFgD
F e
, ChapterDF1
1) ExplainDFtheDFessentialDFdifferencesDFbetweenDFgeneralDFpurposeDFandDFspecialDFpurposeDFgovernmentsDF
andDFgiveDFseveralDFexamplesDFofDFeach.
2) IdentifyDFandDFexplainDFtheDFcharacteristicsDFthatDFdistinguishDFgovernmentsDFandDFnot-for-
profitDFentitiesDFfromDFbusinessDFentities.
3) GASBDFandDFFASBDFstandardsDFareDFconcernedDFonlyDFwithDFexternalDFfinancialDFreporting;DFwhereas,
DFFASABDFstandardsDFareDFconcernedDFwithDFbothDFinternalDFandDFexternalDFfinancialDFreporting.DFDoDFyo
uDFagreeDFwithDFthisDFstatement?DFWhyDForDFwhyDFnot?
4) WhyDFshouldDFpersonsDFinterestedDFinDFreadingDFfinancialDFreportsDFofDFgovernmentsDFandDFnot-for-
DFprofitDFentitiesDFbeDFfamiliarDFwithDFstandardsDFsetDFbyDFtheDFGASBDFandDFtheDFFASB?
5) ExplainDFinDFyourDFownDFwordsDFwhyDFaccountabilityDFisDFtheDFcornerstoneDFofDFallDFfinancialDFre
portingDFinDFgovernment.
2
DF DF| PDFaDFgD
F e
,6) InDFyourDFownDFwordsDFstateDFtheDFprimaryDFneedsDFtheDFGASBDFbelievesDFexternalDFusersDFhaveDFforDFfina
ncialDFreportsDFofDFstateDFandDFlocalDFgovernments.DFForDFcontrast,DFstateDFtheDFusesDFtheDFFASBDFbelievesDFe
xternalDFusersDFhaveDFforDFtheDFfinancialDFreportsDFofDFnot-for-profitDForganizations.
7) DescribeDFtheDFdifferenceDFbetweenDFaDFcomprehensiveDFannualDFfinancialDFreportDF(CAFR)DFandDFGAS
BDFgeneralDFpurposeDFexternalDFfinancialDFreportingDFforDFstateDFandDFlocalDFgovernments.
8) IdentifyDFandDFbrieflyDFexplainDFtheDFfourDFsectionsDFofDFtheDFperformanceDFandDFaccountabilityDFreportDF(
PAR)DFthatDFtheDFOfficeDFofDFManagementDFandDFBudgetDFrequiresDFmajorDFfederalDFdepartmentsDFandDFage
nciesDFtoDFprepare.
9) ExplainDFtheDFconceptsDFofDFfiscalDFandDFoperationalDFaccountabilityDFandDFtheDFbasisDFofDFaccounti
ngDFusedDFtoDFcaptureDFeachDFconcept.
10) DescribeDFtheDFcomprehensiveDFannualDFfinancialDFreportDF(CAFR).DFWhatDFareDFtheDFsectionsDFofDFtheDF
reportDFandDFwhichDFcomponentsDFofDFtheDForganizationDFshouldDFitDFinclude?DFIsDFaDFCAFRDFrequired?
3
DF DF| PDFaDFgD
F e
, 11) TheDFGovernmentalDFAccountingDFStandardsDFBoardDFisDFassignedDFresponsibilityDFforDFsettingDFaccount
ingDFandDFfinancialDFreportingDFstandardsDFforDFwhichDFofDFtheDFfollowing?
A) GovernmentsDFsuchDFasDFfederalDFagencies,DFstates,DFcities,DFcounties,DFvillages,DFandDFtownships.
B) StateDFandDFlocalDFgovernmentDFentitiesDFandDFgovernmentally-
relatedDFunitsDFandDFagencies,DFsuchDFasDFutilities,DFauthorities,DFhospitals,DFandDFcollegesDFandDFuniversiti
es.
C) Not-for-profitDForganizations.
D) StateDFandDFlocalDFgovernmentsDFandDFallDFnot-for-profitDForganizations.
12) WhichDFofDFtheDFfollowingDFbodiesDFhasDFbeenDFestablishedDFtoDFrecommendDFaccountingDFandDFfinancialD
FreportingDFstandardsDFforDFtheDFfederalDFgovernment?
A) FinancialDFAccountingDFStandardsDFBoardDF(FASB).
B) GovernmentalDFAccountingDFStandardsDFBoardDF(GASB).
C) FederalDFAccountingDFFoundationDF(FAF).
D) FederalDFAccountingDFStandardsDFAdvisoryDFBoardDF(FASAB).
13) TheDFFinancialDFAccountingDFStandardsDFBoardDFhasDFtheDFresponsibilityDFforDFsettingDFaccountingDFandD
FfinancialDFreportingDFstandardsDFforDFwhichDFofDFtheDFfollowing?
A) AllDFnot-for-profitDForganizationsDFthatDFareDFnongovernmentalDFandDFbusinessDFentities.
B) AllDFnot-for-profitDForganizationsDFandDFbusinessDFentities.
C) AllDFnot-for-profitDForganizations.
D) SpecialDFpurposeDFgovernmentsDFwithDFaDFbusinessDFpurpose.
14) YouDFareDFtryingDFtoDFdecideDFifDFanDFentityDFyouDFareDFreviewingDFisDFaDFgovernmentDForDFaDFnot-for-
DFprofit.DFWhichDFofDFtheDFfollowingDFwouldDFindicateDFitDFisDFaDFgovernmentDFratherDFthanDFaDFnot-for-
profitDFentity?
A) AbsenceDFofDFprofitDFmotive.
B) ADFprimaryDFsourceDFofDFrevenuesDFisDFtaxes.
4
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