TEST BANK for Essentials of Accounting for Governmental and Not-for-Profit Organizations 15 edition Paul Copley All Chapters 1 to 14 Covered

TEST BANK
Essentials of Accounting for Governmental and
Not-for-Profit Organizations 15 edition Paul Copley
All Chapters 1 to14 Covered




1

,TABLE OF CONTENT g g




CHAPTER 1: Introduction to accounting and financial reporting for gov
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ernmental and not-for-profit organizations
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CHAPTER 2: Overview of financial reporting for state and local govern
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ments g




CHAPTER 3: Modified accrual accounting: Including the role of fund ba
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lances and budgetary authority
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CHAPTER 4: Accounting for the general and special revenue funds
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CHAPTER 5: Accounting for other governmental fund types: capital pr
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ojects, debt service, and permanent
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CHAPTER 6: Proprietary Fundsg g g g




CHAPTER 7: Fiduciary Funds g g g g




CHAPTER 8: Government-wide statements, capital assets, long-
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term debt
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CHAPTER 9: Advanced topics for state and local governments
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CHAPTER 10: Accounting for private not-for-profit organizations
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CHAPTER 11: College and university accounting
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CHAPTER 12: Accounting for hospitals and other health care providers
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CHAPTER 13: Auditing, tax- g g g




exempt organizations, and evaluating performance
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CHAPTER 14: Financial reporting by the federal government
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2

,Chap 01 15e Copley
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Answers Included g




1) The Governmental Accounting Standards Board sets financial reporting standards fo
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r all units of government: federal, state, and local.
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⊚ true g


⊚ false g




2) Fund accounting exists primarily to provide assurance that resources are used accordin
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g to legal or donor restrictions.
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⊚ true g



⊚ false g




3) The Financial Accounting Standards Board sets financial reporting standards for pro
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fit- seeking businesses and nongovernmental, not-for-profit organizations.
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⊚ true g


⊚ false g




4) FASAB, GASB, and FASB standards are set forth primarily in documents called statements.
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⊚ true g


⊚ false g




5) FASAB, GASB, and FASB reporting standards are set forth primarily in documents calle
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d concept statements.
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⊚ true g


⊚ false g




6) The FASAB was established to recommend accounting and financial reporting standards
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for the federal government.
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⊚ true g



⊚ false g




3

, 7) The GASB does not require supplementary information to be reported with its financial
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statements even if it is essential to establish appropriate context for the financial statem
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ents and notes. g g



⊚ true g



⊚ false g




8) The Financial Accounting Standards Board sets financial reporting standards for private n
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ot- for-profits and investor-owned businesses.
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⊚ true g


⊚ false g




9) An organization is presumed to be governmental if it has the ability to issue directly debt t
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hat is exempt from federal taxes.
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⊚ true g


⊚ false g




10) The Financial Accounting Standards Board and the Governmental Accounting Standa
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rds Board are parallel bodies under the oversight of the Financial Accounting Founda
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tion.
⊚ true g



⊚ false g




11) The Federal Accounting Standards Advisory Board requires less extensive reports than d
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oes the FASB or GASB.
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⊚ true g



⊚ false g




12) The FASAB requires more financial statements than are typically required of state and loc
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al governments.
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⊚ true g



⊚ false g




4