TEST BANK FOR Accounting for Governmental & Nonprofit Entities 18th Edition by Jacqueline L. Reck , ISBN: 9781259917059 |All Chapters Included| Guide A+

TEST BANK
Accounting for Governmental & Nonprofit Entities

Jacqueline L. Reck

18th Edition
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,Table of Contents
1. Introduction to Accounting and Financial Reporting for Government and Not-for-Profit
Entities
PART ONE: State and Local Governments
2. Principles of Accounting and Financial Reporting for State and Local Governments
3. Governmental Operating Statement Accounts; Budgetary Accounting
4. Accounting for Governmental Operating Activities — Illustrative Transactions and
Financial Statements
5. Accounting for General Capital Assets and Capital Projects
6. Accounting for General Long-Term Liabilities and Debt Service
7. Accounting for the Business-type Activities of State and Local Governments
8. Accounting for Fiduciary Activities — Custodial and Trust Funds
9. Financial Reporting of State and Local Governments
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PART TWO: Accountability for Public Funds
10. Analysis of Government Financial Performance
11. Auditing of Government and Not-for-Profit Organizations
12. Budgeting and Performance Measurement
PART THREE: Accounting and Financial Reporting for Not-for-Profit Organizations
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and the Federal Government
13. Not-for-Profit Organizations — Regulatory, Taxation, and Performance Issues
14. Accounting for Not-for-Profit Organizations
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15. Accounting for Colleges and Universities
16. Accounting for Health Care Organizations
17. Accounting and Reporting for the Federal Government
Glossary
Index
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,Accounting for Governmental and Nonprofit Entities, 18e (Reck)
Chapter 1 Introduction to Accounting and Financial Reporting for Government and Not-
for-Profit Entities

1) Special purpose governments generally provide a wider range of services to their residents
than do general purpose governments.

Answer: FALSE
Difficulty: 1 Easy
Topic: Distinguishing Government and Not-For-Profit Organizations
Learning Objective: 01-01 Identify and explain the characteristics that distinguish government
and not-for-profit entities from for-profit entities.
Bloom's: Remember
AACSB: Knowledge Application
AICPA: BB Industry
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2) Examples of general purpose governments include cities, towns, and public schools that
receive tax revenue to finance the services they provide.

Answer: TRUE
Difficulty: 1 Easy
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Topic: Distinguishing Government and Not-For-Profit Organizations
Learning Objective: 01-01 Identify and explain the characteristics that distinguish government
and not-for-profit entities from for-profit entities.
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Bloom's: Remember
AACSB: Knowledge Application
AICPA: BB Industry

3) The Governmental Accounting Standards Board (GASB) is the body authorized to establish
accounting principles for all state and local governments, both general purpose and special
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purpose.

Answer: TRUE
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Difficulty: 1 Easy
Topic: Sources of financial reporting standards
Learning Objective: 01-02 Identify the authoritative bodies responsible for setting financial
reporting standards for (1) state and local governments, (2) the federal government, and (3) not-
for-profit organizations.
Bloom's: Remember
AACSB: Knowledge Application
AICPA: BB Industry

, 4) The Governmental Accounting Standards Board (GASB) is the body authorized to establish
accounting principles for all government entities.

Answer: FALSE
Difficulty: 1 Easy
Topic: Sources of financial reporting standards
Learning Objective: 01-02 Identify the authoritative bodies responsible for setting financial
reporting standards for (1) state and local governments, (2) the federal government, and (3) not-
for-profit organizations.
Bloom's: Remember
AACSB: Knowledge Application
AICPA: BB Industry

5) The Financial Accounting Standards Board (FASB) is the body authorized to establish
accounting principles for all colleges and universities and health care entities.
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Answer: FALSE
Difficulty: 1 Easy
Topic: Sources of financial reporting standards
Learning Objective: 01-02 Identify the authoritative bodies responsible for setting financial
reporting standards for (1) state and local governments, (2) the federal government, and (3) not-
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for-profit organizations.
Bloom's: Remember
AACSB: Knowledge Application
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AICPA: BB Industry

6) Neither governments nor not-for-profit entities have residual equity that can be distributed to
owners.

Answer: TRUE
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Difficulty: 2 Medium
Topic: Distinguishing Government and Not-For-Profit Organizations
Learning Objective: 01-01 Identify and explain the characteristics that distinguish government
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and not-for-profit entities from for-profit entities.
Bloom's: Understand
AACSB: Knowledge Application
AICPA: FN Reporting