Test Bank z
Essentials of Accounting for Governmental and z z z z z
Not-for-Profit Organizations 15 edition Paul Copley z z z z z
Chapters 1-14 Covered z z
TABLE OF CONTENT
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CHAPTER 1: Introduction to accounting and financial reporting for governmental and not-for-profit organizations
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CHAPTER 2: Overview of financial reporting for state and local governments
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CHAPTER 3: Modified accrual accounting: Including the role of fund balances and budgetary authority
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CHAPTER 4: Accounting for the general and special revenue funds
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CHAPTER 5: Accounting for other governmental fund types: capital projects, debt service, and permanent
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1
,CHAPTER 6: Proprietary Funds
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CHAPTER 7: Fiduciary Funds
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CHAPTER 8: Government-wide statements, capital assets, long-term debt
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CHAPTER 9: Advanced topics for state and local governments
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CHAPTER 10: Accounting for private not-for-profit organizations
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CHAPTER 11: College and university accounting
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CHAPTER 12: Accounting for hospitals and other health care providers
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CHAPTER 13: Auditing, tax-exempt organizations, and evaluating performance
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CHAPTER 14: Financial reporting by the federal government
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Chap 01 15e Copley
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Answers Included z
1) The Governmental Accounting Standards Board sets financial reporting standards for all un
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its of government: federal, state, and local.
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⊚ true z
⊚ false z
2) Fund accounting exists primarily to provide assurance that resources are used according to leg
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al or donor restrictions.
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⊚ true z
⊚ false z
3) The Financial Accounting Standards Board sets financial reporting standards for profit-
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z seeking businesses and nongovernmental, not-for-profit organizations.
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⊚ true z
⊚ false z
4) FASAB, GASB, and FASB standards are set forth primarily in documents called statements.
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⊚ true z
⊚ false z
5) FASAB, GASB, and FASB reporting standards are set forth primarily in documents called co
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ncept statements. z
⊚ true z
⊚ false z
2
,6) The FASAB was established to recommend accounting and financial reporting standards for th
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e federal government.
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⊚ true
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⊚ false
z
3
, 7) The GASB does not require supplementary information to be reported with its financial state
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ments even if it is essential to establish appropriate context for the financial statements and not
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es.
⊚ true z
⊚ false z
8) The Financial Accounting Standards Board sets financial reporting standards for private not-
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for-profits and investor-owned businesses.
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⊚ true z
⊚ false z
9) An organization is presumed to be governmental if it has the ability to issue directly debt that is e
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xempt from federal taxes.
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⊚ true z
⊚ false z
10) The Financial Accounting Standards Board and the Governmental Accounting Standards B
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oard are parallel bodies under the oversight of the Financial Accounting Foundation.
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⊚ true z
⊚ false z
11) The Federal Accounting Standards Advisory Board requires less extensive reports than does th
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e FASB or GASB.
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⊚ true z
⊚ false z
12) The FASAB requires more financial statements than are typically required of state and local go
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vernments.
⊚ true z
⊚ false z
4
Essentials of Accounting for Governmental and z z z z z
Not-for-Profit Organizations 15 edition Paul Copley z z z z z
Chapters 1-14 Covered z z
TABLE OF CONTENT
z z
CHAPTER 1: Introduction to accounting and financial reporting for governmental and not-for-profit organizations
z z z z z z z z z z z z z
CHAPTER 2: Overview of financial reporting for state and local governments
z z z z z z z z z z z
CHAPTER 3: Modified accrual accounting: Including the role of fund balances and budgetary authority
z z z z z z z z z z z z z z
CHAPTER 4: Accounting for the general and special revenue funds
z z z z z z z z z z
CHAPTER 5: Accounting for other governmental fund types: capital projects, debt service, and permanent
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1
,CHAPTER 6: Proprietary Funds
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CHAPTER 7: Fiduciary Funds
z z z z
CHAPTER 8: Government-wide statements, capital assets, long-term debt
z z z z z z z z
CHAPTER 9: Advanced topics for state and local governments
z z z z z z z z z
CHAPTER 10: Accounting for private not-for-profit organizations
z z z z z z z
CHAPTER 11: College and university accounting
z z z z z z
CHAPTER 12: Accounting for hospitals and other health care providers
z z z z z z z z z z
CHAPTER 13: Auditing, tax-exempt organizations, and evaluating performance
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CHAPTER 14: Financial reporting by the federal government
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Chap 01 15e Copley
z z z
Answers Included z
1) The Governmental Accounting Standards Board sets financial reporting standards for all un
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its of government: federal, state, and local.
z z z z z z
⊚ true z
⊚ false z
2) Fund accounting exists primarily to provide assurance that resources are used according to leg
z z z z z z z z z z z z z
al or donor restrictions.
z z z
⊚ true z
⊚ false z
3) The Financial Accounting Standards Board sets financial reporting standards for profit-
z z z z z z z z z z
z seeking businesses and nongovernmental, not-for-profit organizations.
z z z z z
⊚ true z
⊚ false z
4) FASAB, GASB, and FASB standards are set forth primarily in documents called statements.
z z z z z z z z z z z z
⊚ true z
⊚ false z
5) FASAB, GASB, and FASB reporting standards are set forth primarily in documents called co
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ncept statements. z
⊚ true z
⊚ false z
2
,6) The FASAB was established to recommend accounting and financial reporting standards for th
z z z z z z z z z z z z
e federal government.
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⊚ true
z
⊚ false
z
3
, 7) The GASB does not require supplementary information to be reported with its financial state
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ments even if it is essential to establish appropriate context for the financial statements and not
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es.
⊚ true z
⊚ false z
8) The Financial Accounting Standards Board sets financial reporting standards for private not-
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for-profits and investor-owned businesses.
z z z z
⊚ true z
⊚ false z
9) An organization is presumed to be governmental if it has the ability to issue directly debt that is e
z z z z z z z z z z z z z z z z z z
xempt from federal taxes.
z z z
⊚ true z
⊚ false z
10) The Financial Accounting Standards Board and the Governmental Accounting Standards B
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oard are parallel bodies under the oversight of the Financial Accounting Foundation.
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⊚ true z
⊚ false z
11) The Federal Accounting Standards Advisory Board requires less extensive reports than does th
z z z z z z z z z z z z
e FASB or GASB.
z z z
⊚ true z
⊚ false z
12) The FASAB requires more financial statements than are typically required of state and local go
z z z z z z z z z z z z z z
vernments.
⊚ true z
⊚ false z
4
