Test Bank for Essentials of Accounting for Governmental and Not-for-Profit Organizations, 35th Edition by Copley Fully Covered A+ Guide Newest Version

Essentials of Accounting for Governmental and Not-for-
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Profit Organizations 15e Copley - Complete test bank
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Chap 01 15e Copley
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Answers Included
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1) ThevGovernmentalvAccountingvStandardsvBoardvsetsvfinancialvreportingvstandardsvforvallv
unitsvofvgovernment:vfederal,vstate,vandvlocal.
⊚v true
⊚v false



2) Fundvaccountingvexistsvprimarilyvtovprovidevassurancevthatvresourcesvarevusedvaccordingvtovl
egalvorvdonorvrestrictions.
⊚v true
⊚v false



3) ThevFinancialvAccountingvStandardsvBoardvsetsvfinancialvreportingvstandardsvforvprofit-
vseekingvbusinessesvandvnongovernmental,vnot-for-profitvorganizations.
⊚v true
⊚v false



4) FASAB,vGASB,vandvFASBvstandardsvarevsetvforthvprimarilyvinvdocumentsvcalledvstatements.
⊚v true
⊚v false



5) FASAB,vGASB,vandvFASBvreportingvstandardsvarevsetvforthvprimarilyvinvdocumentsvcalledvc
onceptvstatements.
⊚v true
⊚v false



6) ThevFASABvwasvestablishedvtovrecommendvaccountingvandvfinancialvreportingvstandardsvforvt
hevfederalvgovernment.
⊚v true
⊚v false




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,7) ThevGASBvdoesvnotvrequirevsupplementaryvinformationvtovbevreportedvwithvitsvfinancialvstat
ementsvevenvifvitvisvessentialvtovestablishvappropriatevcontextvforvthevfinancialvstatementsvandv
notes.
⊚v true
⊚v false



8) ThevFinancialvAccountingvStandardsvBoardvsetsvfinancialvreportingvstandardsvforvprivatevnot-
vfor-profitsvandvinvestor-ownedvbusinesses.
⊚v true
⊚v false



9) Anvorganizationvisvpresumedvtovbevgovernmentalvifvitvhasvthevabilityvtovissuevdirectlyvdebtvthatvi
svexemptvfromvfederalvtaxes.
⊚v true
⊚v false



10) ThevFinancialvAccountingvStandardsvBoardvandvthevGovernmentalvAccountingvStandardsv
BoardvarevparallelvbodiesvundervthevoversightvofvthevFinancialvAccountingvFoundation.
⊚v true
⊚v false



11) ThevFederalvAccountingvStandardsvAdvisoryvBoardvrequiresvlessvextensivevreportsvthanvdoesvt
hevFASBvorvGASB.
⊚v true
⊚v false



12) ThevFASABvrequiresvmorevfinancialvstatementsvthanvarevtypicallyvrequiredvofvstatevandvlocalvg
overnments.
⊚v true
⊚v false




2

,13) Governmentsvmustvhavevasvmanyvfundsvasvnecessaryvtovfulfillvlegalvrequirementsvandvsoundvf
inancialvadministrationvbutvmustvhavevatvavminimumvavGeneralvFund.
⊚v true
⊚v false



14) AvManagement'svDiscussionvandvAnalysisvisvrequiredvforvstatevandvlocalvgovernmentalvunits,va
ndvthevfederalvgovernment.
⊚v true
⊚v false



15) Althoughvcertainvsupplementaryvinformationvmayvnotvbevrequired,vifvpresented,vitvmustvf
ollowvGASBvguidancevregardingvitsvformatvandvcontent.
⊚v true
⊚v false



16) ThevformatvandvcontentvofvsupplementaryvinformationvwhichvisvnotvrequiredvbyvGASBvisvupvt
ovthevdiscretionvofvthevreportingventity.
⊚v true
⊚v false



17) GASBvandvFASBvConceptvStatementsvestablishvaccountingvstandardsvthatvmustvbevcompliedv
withvtovreceivevanvunqualifiedvauditvopinion.
⊚v true
⊚v false



18) FASAB,vGASB,vandvFASBvstandardsvarevsetvforthvprimarilyvinvdocumentsvcalledvi
nterpretations.
⊚v true
⊚v false




3

, 19) Fund-
basisvstatementsvarevpresentedvforvthreevcategoriesvofvgovernmentvactivities:vgover
nmental,vproprietary,vandvfiduciary.
⊚v true
⊚v false



20) Statevandvlocalvgovernmentsvmayvusevasvmanyvasvtwelvevdifferentvfundvtypes.
⊚v true
⊚v false



21) Theveconomicvresourcevmeasurementvfocusvandvaccrualvbasisvisvanvimportantvfeaturevofv
government-widevfinancialvstatements.
⊚v true
⊚v false



22) Businesslikevactivityvfund-
basisvstatementsvmustvbevchangedvtovthevaccrualvbasisvfromvthevmodifiedvaccrualvbasisvwhe
nvpreparingvgovernment-widevfinancialvstatements.
⊚v true
⊚v false



23) Governmental-typevactivityvfund-
basisvstatementsvmustvusevaccrualvbasisvwhenvpreparingvgovernment-
widevfinancialvstatements.
⊚v true
⊚v false



24) Fiduciaryvfundsvofvavgovernmentalvunitvusevthevcurrentvfinancialvresourcesvmeasurementvf
ocusvandvmodifiedvaccrualvbasisvofvaccounting.
⊚v true
⊚v false



25) Undervthevaccrualvbasisvofvaccounting,vrevenuesvarevrecognizedvwhenvmeasurablevandv
availablevtovfinancevexpendituresvofvthevcurrentvperiod.
⊚v true
⊚v false

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