TEST BANK
ESSENTIALS OF ACCOUNTING FOR
GOVERNMENTAL AND NOT
FOR PROFIT ORANIZATIONS
1
,TABLE OF CONTENT
CHAPTER 1: Introduction To Accounting And Financial Reporting For Governmental And Not-For-Profit
Organizations
CHAPTER 2: Overview Of Financial Reporting For State And Local Governments
CHAPTER 3: Modified Accrual Accounting: Including The Role Of Fund Balances And Budgetary Authority
CHAPTER 4: Accounting For The General And Special Revenue Funds
CHAPTER 5: Accounting For Other Governmental Fund Types: Capital Projects, Debt Service, And Permanent
CHAPTER 6: Proprietary Funds
CHAPTER 7: Fiduciary Funds
CHAPTER 8: Government-Wide Statements, Capital Assets, Long-Term Debt
CHAPTER 9: Advanced Topics For State And Local Governments
CHAPTER 10: Accounting For Private Not-For-Profit Organizations
CHAPTER 11: College And University Accounting
CHAPTER 12: Accounting For Hospitals And Other Health Care Providers
CHAPTER 13: Auditing, Tax-Exempt Organizations, And Evaluating Performance
CHAPTER 14: Financial Reporting By The Federal Government
2
,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
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
3
, 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
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
4
ESSENTIALS OF ACCOUNTING FOR
GOVERNMENTAL AND NOT
FOR PROFIT ORANIZATIONS
1
,TABLE OF CONTENT
CHAPTER 1: Introduction To Accounting And Financial Reporting For Governmental And Not-For-Profit
Organizations
CHAPTER 2: Overview Of Financial Reporting For State And Local Governments
CHAPTER 3: Modified Accrual Accounting: Including The Role Of Fund Balances And Budgetary Authority
CHAPTER 4: Accounting For The General And Special Revenue Funds
CHAPTER 5: Accounting For Other Governmental Fund Types: Capital Projects, Debt Service, And Permanent
CHAPTER 6: Proprietary Funds
CHAPTER 7: Fiduciary Funds
CHAPTER 8: Government-Wide Statements, Capital Assets, Long-Term Debt
CHAPTER 9: Advanced Topics For State And Local Governments
CHAPTER 10: Accounting For Private Not-For-Profit Organizations
CHAPTER 11: College And University Accounting
CHAPTER 12: Accounting For Hospitals And Other Health Care Providers
CHAPTER 13: Auditing, Tax-Exempt Organizations, And Evaluating Performance
CHAPTER 14: Financial Reporting By The Federal Government
2
,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
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
3
, 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
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
4
