TEST_BANK_FOR_ACCOUNTING_FOR_G
OVERNMENTAL_AND_NONPROFIT_ENTI
TIES_19TH_JACQUELINE_L_RECK__DAN
IEL_NEELY__SUZANNE_LOWENSOHN
Studenttyname:
1) Explaintythetyessentialtydifferencestybetweentygeneraltypurposetyandtyspecialtypur
posetygovernmentstyandtygivetyseveraltyexamplestyoftyeach.
2) Identifytyandtyexplaintythetycharacteristicstythattydistinguishtygovernmentstyandtynot-for-
profittyentitiestyfromtybusinesstyentities.
3) GASBtyandtyFASBtystandardstyaretyconcernedtyonlytywithtyexternaltyfinancialtyreporting;tyw
hereas,tyFASABtystandardstyaretyconcernedtywithtybothtyinternaltyandtyexternaltyfinancialtyreporting.t
yDotyyoutyagreetywithtythistystatement?tyWhytyortywhytynot?
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,4) Whytyshouldtypersonstyinterestedtyintyreadingtyfinancialtyreportstyoftygovernmentstyandtyno
t-for-typrofittyentitiestybetyfamiliartywithtystandardstysettybytythetyGASBtyandtythetyFASB?
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,5) Explaintyintyyourtyowntywordstywhytyaccountabilitytyistythetycornerstonetyoftyalltyfin
ancialtyreportingtyintygovernment.
6) IntyyourtyowntywordstystatetythetyprimarytyneedstythetyGASBtybelievestyexternaltyuserstyha
vetyfortyfinancialtyreportstyoftystatetyandtylocaltygovernments.tyFortycontrast,tystatetythetyusestythetyF
ASBtybelievestyexternaltyuserstyhavetyfortythetyfinancialtyreportstyoftynot-for-
profittyorganizations.
7) Describetythetydifferencetybetweentyatycomprehensivetyannualtyfinancialtyreportty(CAFR)t
yandtyGASBtygeneraltypurposetyexternaltyfinancialtyreportingtyfortystatetyandtylocaltygovernment
s.
8) Identifytyandtybrieflytyexplaintythetyfourtysectionstyoftythetyperformancetyandtyaccountabilitytyr
eportty(PAR)tythattythetyOfficetyoftyManagementtyandtyBudgettyrequirestymajortyfederaltydepartment
styandtyagenciestytotyprepare.
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, 9) Explaintythetyconceptstyoftyfiscaltyandtyoperationaltyaccountabilitytyandtythetybasistyoftyaccou
ntingtyusedtytotycapturetyeachtyconcept.
10) Describetythetycomprehensivetyannualtyfinancialtyreportty(CAFR).tyWhattyaretythetysectionsty
oftythetyreporttyandtywhichtycomponentstyoftythetyorganizationtyshouldtyittyinclude?tyIstyatyCAFRtyreq
uired?
11) ThetyGovernmentaltyAccountingtyStandardstyBoardtyistyassignedtyresponsibilitytyfortyset
tingtyaccountingtyandtyfinancialtyreportingtystandardstyfortywhichtyoftythetyfollowing?
A) Governmentstysuchtyastyfederaltyagencies,tystates,tycities,tycounties,tyvillages,t
yandtytownships.
B) Statetyandtylocaltygovernmenttyentitiestyandtygovernmentally-
relatedtyunitstyandtyagencies,tysuchtyastyutilities,tyauthorities,tyhospitals,tyandtycollegestyandtyunive
rsities.
C) Not-for-profittyorganizations.
D) Statetyandtylocaltygovernmentstyandtyalltynot-for-profittyorganizations.
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OVERNMENTAL_AND_NONPROFIT_ENTI
TIES_19TH_JACQUELINE_L_RECK__DAN
IEL_NEELY__SUZANNE_LOWENSOHN
Studenttyname:
1) Explaintythetyessentialtydifferencestybetweentygeneraltypurposetyandtyspecialtypur
posetygovernmentstyandtygivetyseveraltyexamplestyoftyeach.
2) Identifytyandtyexplaintythetycharacteristicstythattydistinguishtygovernmentstyandtynot-for-
profittyentitiestyfromtybusinesstyentities.
3) GASBtyandtyFASBtystandardstyaretyconcernedtyonlytywithtyexternaltyfinancialtyreporting;tyw
hereas,tyFASABtystandardstyaretyconcernedtywithtybothtyinternaltyandtyexternaltyfinancialtyreporting.t
yDotyyoutyagreetywithtythistystatement?tyWhytyortywhytynot?
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,4) Whytyshouldtypersonstyinterestedtyintyreadingtyfinancialtyreportstyoftygovernmentstyandtyno
t-for-typrofittyentitiestybetyfamiliartywithtystandardstysettybytythetyGASBtyandtythetyFASB?
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,5) Explaintyintyyourtyowntywordstywhytyaccountabilitytyistythetycornerstonetyoftyalltyfin
ancialtyreportingtyintygovernment.
6) IntyyourtyowntywordstystatetythetyprimarytyneedstythetyGASBtybelievestyexternaltyuserstyha
vetyfortyfinancialtyreportstyoftystatetyandtylocaltygovernments.tyFortycontrast,tystatetythetyusestythetyF
ASBtybelievestyexternaltyuserstyhavetyfortythetyfinancialtyreportstyoftynot-for-
profittyorganizations.
7) Describetythetydifferencetybetweentyatycomprehensivetyannualtyfinancialtyreportty(CAFR)t
yandtyGASBtygeneraltypurposetyexternaltyfinancialtyreportingtyfortystatetyandtylocaltygovernment
s.
8) Identifytyandtybrieflytyexplaintythetyfourtysectionstyoftythetyperformancetyandtyaccountabilitytyr
eportty(PAR)tythattythetyOfficetyoftyManagementtyandtyBudgettyrequirestymajortyfederaltydepartment
styandtyagenciestytotyprepare.
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, 9) Explaintythetyconceptstyoftyfiscaltyandtyoperationaltyaccountabilitytyandtythetybasistyoftyaccou
ntingtyusedtytotycapturetyeachtyconcept.
10) Describetythetycomprehensivetyannualtyfinancialtyreportty(CAFR).tyWhattyaretythetysectionsty
oftythetyreporttyandtywhichtycomponentstyoftythetyorganizationtyshouldtyittyinclude?tyIstyatyCAFRtyreq
uired?
11) ThetyGovernmentaltyAccountingtyStandardstyBoardtyistyassignedtyresponsibilitytyfortyset
tingtyaccountingtyandtyfinancialtyreportingtystandardstyfortywhichtyoftythetyfollowing?
A) Governmentstysuchtyastyfederaltyagencies,tystates,tycities,tycounties,tyvillages,t
yandtytownships.
B) Statetyandtylocaltygovernmenttyentitiestyandtygovernmentally-
relatedtyunitstyandtyagencies,tysuchtyastyutilities,tyauthorities,tyhospitals,tyandtycollegestyandtyunive
rsities.
C) Not-for-profittyorganizations.
D) Statetyandtylocaltygovernmentstyandtyalltynot-for-profittyorganizations.
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