Student name:_
l# l#
1) Explain l#the l#essential l#differences l#between l#general l#purpose l#and
l#special l#purpose l # governments l#and l#give l#several l#examples l#of l#each.
2) Identify l#and l#explain l#the l#characteristics l#that l#distinguish l#governments
l#and l#not-for-profit l # entities l# from l#business l#entities.
3) GASB l#and l#FASB l#standards l#are l#concerned l#only l#with l#external l#financial
l#reporting; l # whereas, l#FASAB l#standards l#are l#concerned l#with l#both l#internal l#and
l#external l#financial l#reporting. l# Do l # you l#agree l#with l#this l#statement? l#Why l#or l# why
l#not?
4) Why l#should l#persons l#interested l#in l#reading l#financial l#reports l#of
l#governments l#and l#not-for- l # profit l# entities l#be l# familiar l#with l#standards l#set l# by
l#the l# GASB l#and l#the l#FASB?
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,5) Explain l#in l#your l#own l#words l#why l#accountability l#is l#the l#cornerstone
l#of l#all l#financial l # reporting l# in l#government.
6) In l#your l#own l#words l#state l#the l#primary l#needs l#the l#GASB l#believes
l#external l#users l# have l# for l # financial l#reports l#of l#state l#and l# local l#governments.
l# For l#contrast, l#state l#the l#uses l#the l#FASB l# believes l # external l#users l# have l# for l#the
l# financial l#reports l#of l#not-for-profit l# organizations.
7) Describe l#the l#difference l#between l#a l#comprehensive l#annual l#financial
l#report l# (CAFR) l# and l # GASB l#general l#purpose l#external l#financial l#reporting l# for
l# state l#and l# local l#governments.
8) Identify l#and l#briefly l#explain l#the l#four l#sections l#of l#the l#performance l#and
l#accountability l#report l # (PAR) l# that l#the l#Office l#of l#Management l# and l#Budget
l#requires l#major l#federal l#departments l#and l # agencies l#to l# prepare.
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,9) Explain l#the l#concepts l#of l#fiscal l#and l#operational l#accountability l#and l#the
l#basis l#of l#accounting l # used l#to l# capture l#each l#concept.
10) Describe l#the l#comprehensive l#annual l#financial l#report l#(CAFR). l#What l#are l#the
l#sections l#of l#the l # report l# and l#which l#components l#of l#the l#organization l#should l# it
l # include? l#Is l#a l#CAFR l#required?
11) The l#Governmental l#Accounting l#Standards l#Board l#is l#assigned
l#responsibility l#for l# setting l # accounting l#and l# financial l#reporting l#standards l#for
l#which l#of l#the l# following?
A) Governments l#such l#as l#federal l#agencies, l#states, l#cities, l#counties,
l# villages, l# and l # townships.
B) State l#and l#local l#government l#entities l#and l#governmentally-related l#units
l#and l#agencies, l # such l#as l#utilities, l#authorities, l# hospitals, l# and l#colleges l#and
l#universities.
C) Not-for-profit l#organizations.
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, D) State l#and l#local l#governments l#and l#all l#not-for-profit l#organizations.
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l# l#
1) Explain l#the l#essential l#differences l#between l#general l#purpose l#and
l#special l#purpose l # governments l#and l#give l#several l#examples l#of l#each.
2) Identify l#and l#explain l#the l#characteristics l#that l#distinguish l#governments
l#and l#not-for-profit l # entities l# from l#business l#entities.
3) GASB l#and l#FASB l#standards l#are l#concerned l#only l#with l#external l#financial
l#reporting; l # whereas, l#FASAB l#standards l#are l#concerned l#with l#both l#internal l#and
l#external l#financial l#reporting. l# Do l # you l#agree l#with l#this l#statement? l#Why l#or l# why
l#not?
4) Why l#should l#persons l#interested l#in l#reading l#financial l#reports l#of
l#governments l#and l#not-for- l # profit l# entities l#be l# familiar l#with l#standards l#set l# by
l#the l# GASB l#and l#the l#FASB?
Version 1
l#1
,5) Explain l#in l#your l#own l#words l#why l#accountability l#is l#the l#cornerstone
l#of l#all l#financial l # reporting l# in l#government.
6) In l#your l#own l#words l#state l#the l#primary l#needs l#the l#GASB l#believes
l#external l#users l# have l# for l # financial l#reports l#of l#state l#and l# local l#governments.
l# For l#contrast, l#state l#the l#uses l#the l#FASB l# believes l # external l#users l# have l# for l#the
l# financial l#reports l#of l#not-for-profit l# organizations.
7) Describe l#the l#difference l#between l#a l#comprehensive l#annual l#financial
l#report l# (CAFR) l# and l # GASB l#general l#purpose l#external l#financial l#reporting l# for
l# state l#and l# local l#governments.
8) Identify l#and l#briefly l#explain l#the l#four l#sections l#of l#the l#performance l#and
l#accountability l#report l # (PAR) l# that l#the l#Office l#of l#Management l# and l#Budget
l#requires l#major l#federal l#departments l#and l # agencies l#to l# prepare.
Version 2
l#1
,9) Explain l#the l#concepts l#of l#fiscal l#and l#operational l#accountability l#and l#the
l#basis l#of l#accounting l # used l#to l# capture l#each l#concept.
10) Describe l#the l#comprehensive l#annual l#financial l#report l#(CAFR). l#What l#are l#the
l#sections l#of l#the l # report l# and l#which l#components l#of l#the l#organization l#should l# it
l # include? l#Is l#a l#CAFR l#required?
11) The l#Governmental l#Accounting l#Standards l#Board l#is l#assigned
l#responsibility l#for l# setting l # accounting l#and l# financial l#reporting l#standards l#for
l#which l#of l#the l# following?
A) Governments l#such l#as l#federal l#agencies, l#states, l#cities, l#counties,
l# villages, l# and l # townships.
B) State l#and l#local l#government l#entities l#and l#governmentally-related l#units
l#and l#agencies, l # such l#as l#utilities, l#authorities, l# hospitals, l# and l#colleges l#and
l#universities.
C) Not-for-profit l#organizations.
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, D) State l#and l#local l#governments l#and l#all l#not-for-profit l#organizations.
Version 4
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