Essentials of Accounting for Governmental
and Not-for-Profit Organizations, 15th
Edition
Complete Test Bank | Governmental &
Nonprofit Accounting
Tr
us
te
ds
ch
ol
ar
Trustedscholar
, uytrew
TEST BANK FOR
Essentials of Accounting for Governmental and Not-for-Profit Organizations 15eCopley -
Chapter 1-14
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
Tr
3) The Financial Accounting Standards Board sets financial reporting standards for profit-
seeking businesses and nongovernmental, not-for-profit organizations.
⊚ true
us
⊚ false
4) FASAB, GASB, and FASB standards are set forth primarily in documents called statements.
⊚ true
te
⊚ false
ds
5) FASAB, GASB, and FASB reporting standards are set forth primarily in documents called
concept statements.
⊚ true
⊚ false
ch
6) The FASAB was established to recommend accounting and financial reporting standards for
the federal government.
⊚ true
⊚ false
ol
ar
iuytrew
Trustedscholar
, 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.
Tr
⊚ true
⊚ false
us
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
te
11) The Federal Accounting Standards Advisory Board requires less extensive reports than does
the FASB or GASB.
⊚ true
ds
⊚ false
12) The FASAB requires more financial statements than are typically required of state and local
governments.
ch
⊚ true
⊚ false
ol
ar
iuytrew
Trustedscholar
, 13) Governments must have as many funds as necessary to fulfill legal requirements and sound
financial administration but must have at a minimum a General Fund.
⊚ true
⊚ false
14) A Management's Discussion and Analysis is required for state and local governmental units,
and the federal government.
⊚ true
⊚ false
15) Although certain supplementary information may not be required, if presented, it must
follow GASB guidance regarding its format and content.
⊚ true
Tr
⊚ false
16) The format and content of supplementary information which is not required by GASB is up
us
to the discretion of the reporting entity.
⊚ true
⊚ false
te
17) GASB and FASB Concept Statements establish accounting standards that must be complied
with to receive an unqualified audit opinion.
⊚ true
⊚ false
ds
18) FASAB, GASB, and FASB standards are set forth primarily in documents called
interpretations.
⊚ true
ch
⊚ false
ol
ar
iuytrew
Trustedscholar
and Not-for-Profit Organizations, 15th
Edition
Complete Test Bank | Governmental &
Nonprofit Accounting
Tr
us
te
ds
ch
ol
ar
Trustedscholar
, uytrew
TEST BANK FOR
Essentials of Accounting for Governmental and Not-for-Profit Organizations 15eCopley -
Chapter 1-14
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
Tr
3) The Financial Accounting Standards Board sets financial reporting standards for profit-
seeking businesses and nongovernmental, not-for-profit organizations.
⊚ true
us
⊚ false
4) FASAB, GASB, and FASB standards are set forth primarily in documents called statements.
⊚ true
te
⊚ false
ds
5) FASAB, GASB, and FASB reporting standards are set forth primarily in documents called
concept statements.
⊚ true
⊚ false
ch
6) The FASAB was established to recommend accounting and financial reporting standards for
the federal government.
⊚ true
⊚ false
ol
ar
iuytrew
Trustedscholar
, 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.
Tr
⊚ true
⊚ false
us
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
te
11) The Federal Accounting Standards Advisory Board requires less extensive reports than does
the FASB or GASB.
⊚ true
ds
⊚ false
12) The FASAB requires more financial statements than are typically required of state and local
governments.
ch
⊚ true
⊚ false
ol
ar
iuytrew
Trustedscholar
, 13) Governments must have as many funds as necessary to fulfill legal requirements and sound
financial administration but must have at a minimum a General Fund.
⊚ true
⊚ false
14) A Management's Discussion and Analysis is required for state and local governmental units,
and the federal government.
⊚ true
⊚ false
15) Although certain supplementary information may not be required, if presented, it must
follow GASB guidance regarding its format and content.
⊚ true
Tr
⊚ false
16) The format and content of supplementary information which is not required by GASB is up
us
to the discretion of the reporting entity.
⊚ true
⊚ false
te
17) GASB and FASB Concept Statements establish accounting standards that must be complied
with to receive an unqualified audit opinion.
⊚ true
⊚ false
ds
18) FASAB, GASB, and FASB standards are set forth primarily in documents called
interpretations.
⊚ true
ch
⊚ false
ol
ar
iuytrew
Trustedscholar
