Accounting for Governmental
and Nonprofit Entities Test 1
ENTRY Fully solved
FASB - ANSWER>>>1. Business (for-profit) organizations
2. Nongovernmental not-for-profit organizations
GASB - ANSWER>>>1. State and Local Government
2. Governmental not-for-profit Organizations
FASAB (Federal Accounting Standards Advisory Board) - ANSWER>>>Federal Government and it's Entities
Differences between Business organizations and governmental/not-for-profit organizations. -
ANSWER>>>Business organizations are formed in order to earn income and make a profit.
General Purpose or Special Purpose Gov't
Stonington Village - ANSWER>>>GP
General Purpose or Special Purpose Gov't
Lynnford Regional Library District - ANSWER>>>SP
General Purpose or Special Purpose Gov't
Hillsborough County Consolidated School District - ANSWER>>>SP
General Purpose or Special Purpose Gov't
Missoula, Montana - ANSWER>>>GP
General Purpose or Special Purpose Gov't
Poulaski County Public Works District - ANSWER>>>SP
General Purpose or Special Purpose Gov't
Kinderton Township - ANSWER>>>GP
FASB has responsibility for setting accounting and financial reporting standards for -
ANSWER>>>business enterprises and nongovernmental not-for-profit organizations
, GASB has responsibility for setting standards for - ANSWER>>>state and local governments and
governmental not-for-profit organizations
FASAB has responsibility for setting accounting and reporting standards for - ANSWER>>>federal
government and its agencies and departments
Interperiod Equity - ANSWER>>>A term coined by the GASB indicating the extent to which current-
period revenues are adequate to pay for current-period services.
Operational Accountability - ANSWER>>>whether the government has used its resources efficiently and
effectively in meeting operating objectives
Fiscal Accountability - ANSWER>>>a method of accountability that focuses on the short-term flow of
money through an organization
What is the primary financial reporting objective for not-for-profit organizations? - ANSWER>>>to
provide decision-useful financial information to resource providers, such as donors, members, and
creditors
What is the primary financial reporting objective for a government organization? -
ANSWER>>>accountability, but other objectives include providing useful information for economic,
social and political decisions
What are the 3 sections of a CAFR? - ANSWER>>>Introductory
Financial
Statistical
Introductory Section of CAFR - ANSWER>>>Includes items such as a title page and contents page, a letter
of transmittal, a description of the government, and other items deemed necessary by management.
Financial Section of CAFR - ANSWER>>>Includes Auditor's report, MD&A, basic financial statements,
required supplementary information, other supplementary information, such as combining statements
and individual fund statements and schedules.
Statistical section of CAFR - ANSWER>>>Includes tables and charts showing demographic and economic
data, financial trends, fiscal capacity, and operating information of the government
What are the four sections of a federal agency's performance and accountability report (PAR)? -
ANSWER>>>MD&A
Performance section
Basic financial statements
Other accompanying information
MD&A - ANSWER>>>A section of the annual report which provides a brief overview of the entire PAR
and describes the agency's mission and performance goals, among other items.
Performance Section - ANSWER>>>Essentially consisting of the agency's annual performance report
and Nonprofit Entities Test 1
ENTRY Fully solved
FASB - ANSWER>>>1. Business (for-profit) organizations
2. Nongovernmental not-for-profit organizations
GASB - ANSWER>>>1. State and Local Government
2. Governmental not-for-profit Organizations
FASAB (Federal Accounting Standards Advisory Board) - ANSWER>>>Federal Government and it's Entities
Differences between Business organizations and governmental/not-for-profit organizations. -
ANSWER>>>Business organizations are formed in order to earn income and make a profit.
General Purpose or Special Purpose Gov't
Stonington Village - ANSWER>>>GP
General Purpose or Special Purpose Gov't
Lynnford Regional Library District - ANSWER>>>SP
General Purpose or Special Purpose Gov't
Hillsborough County Consolidated School District - ANSWER>>>SP
General Purpose or Special Purpose Gov't
Missoula, Montana - ANSWER>>>GP
General Purpose or Special Purpose Gov't
Poulaski County Public Works District - ANSWER>>>SP
General Purpose or Special Purpose Gov't
Kinderton Township - ANSWER>>>GP
FASB has responsibility for setting accounting and financial reporting standards for -
ANSWER>>>business enterprises and nongovernmental not-for-profit organizations
, GASB has responsibility for setting standards for - ANSWER>>>state and local governments and
governmental not-for-profit organizations
FASAB has responsibility for setting accounting and reporting standards for - ANSWER>>>federal
government and its agencies and departments
Interperiod Equity - ANSWER>>>A term coined by the GASB indicating the extent to which current-
period revenues are adequate to pay for current-period services.
Operational Accountability - ANSWER>>>whether the government has used its resources efficiently and
effectively in meeting operating objectives
Fiscal Accountability - ANSWER>>>a method of accountability that focuses on the short-term flow of
money through an organization
What is the primary financial reporting objective for not-for-profit organizations? - ANSWER>>>to
provide decision-useful financial information to resource providers, such as donors, members, and
creditors
What is the primary financial reporting objective for a government organization? -
ANSWER>>>accountability, but other objectives include providing useful information for economic,
social and political decisions
What are the 3 sections of a CAFR? - ANSWER>>>Introductory
Financial
Statistical
Introductory Section of CAFR - ANSWER>>>Includes items such as a title page and contents page, a letter
of transmittal, a description of the government, and other items deemed necessary by management.
Financial Section of CAFR - ANSWER>>>Includes Auditor's report, MD&A, basic financial statements,
required supplementary information, other supplementary information, such as combining statements
and individual fund statements and schedules.
Statistical section of CAFR - ANSWER>>>Includes tables and charts showing demographic and economic
data, financial trends, fiscal capacity, and operating information of the government
What are the four sections of a federal agency's performance and accountability report (PAR)? -
ANSWER>>>MD&A
Performance section
Basic financial statements
Other accompanying information
MD&A - ANSWER>>>A section of the annual report which provides a brief overview of the entire PAR
and describes the agency's mission and performance goals, among other items.
Performance Section - ANSWER>>>Essentially consisting of the agency's annual performance report
