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ACC330 Ch. 1-3 Multiple Choice Exam
Questions And Answers |Latest 2025 |
Guaranteed Pass.
Which of the following is a special purpose government?
(a) The State of Arkansas
(b) Greene Township
(c) City of Seattle
(d) Minneapolis Public Schools - Answer✔(d) Minneapolis Public Schools
What is true for both government organizations and for-profit organizations? -
Answer✔Revenues may be earned through exchange transactions
Which of the following statements regarding primary sources of accounting and financial
reporting standards is false?
(a) The GASB sets standards for all state and local governments
(b) The FASB sets standards for all business and governmental not-for-profit entities
(c) The FASB and GASB are administered by the Financial Accounting Foundation
(d) The FASAB sets standards for the federal government and its agencies and departments -
Answer✔(b) The FASB sets standards for all business and governmental not-for-profit entities
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, ©BRIGHTSTARS 2025 ALL RIGHTS RESERVED 1:26 PM A+
A tax watchdog group is interested in ensuring that the city does not spend more than the
amount of resources it receives in the current fiscal year. The watchdog group is primarily
interested in - Answer✔Fiscal accountability
The concept of interperiod equity refers to whether - Answer✔Current-year revenues were
sufficient to pay for current-year services
What are the components that are included in the minimum requirements for general purpose
external financial reporting? - Answer✔MD&A, government-wide financial statements, fund
financial statements, notes to the financial statements, and RSI
Which of the following financial statements is not a basic financial statement under FASAB
standards?
(a) Balance Sheet
(b) Statement of changes in net position
(c) Statement of cash flows
(d) Statement of social insurance - Answer✔(c) Statement of cash flows
Which of the following is not a required section of a federal agency or department's
performance and accountability report (PAR)?
(a) A performance section, which includes an annual performance report (APRIL)
(b) An MD&A
(c) A basic financial statements section
(d) A statement of nonparticipation in political matters - Answer✔(d) A statement of
nonparticipation in political matters
The basic financial statements of a not-for-profit include all of the following except
(a) Statement of financial position
(b) Statement of activities
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ACC330 Ch. 1-3 Multiple Choice Exam
Questions And Answers |Latest 2025 |
Guaranteed Pass.
Which of the following is a special purpose government?
(a) The State of Arkansas
(b) Greene Township
(c) City of Seattle
(d) Minneapolis Public Schools - Answer✔(d) Minneapolis Public Schools
What is true for both government organizations and for-profit organizations? -
Answer✔Revenues may be earned through exchange transactions
Which of the following statements regarding primary sources of accounting and financial
reporting standards is false?
(a) The GASB sets standards for all state and local governments
(b) The FASB sets standards for all business and governmental not-for-profit entities
(c) The FASB and GASB are administered by the Financial Accounting Foundation
(d) The FASAB sets standards for the federal government and its agencies and departments -
Answer✔(b) The FASB sets standards for all business and governmental not-for-profit entities
1|P a g e
, ©BRIGHTSTARS 2025 ALL RIGHTS RESERVED 1:26 PM A+
A tax watchdog group is interested in ensuring that the city does not spend more than the
amount of resources it receives in the current fiscal year. The watchdog group is primarily
interested in - Answer✔Fiscal accountability
The concept of interperiod equity refers to whether - Answer✔Current-year revenues were
sufficient to pay for current-year services
What are the components that are included in the minimum requirements for general purpose
external financial reporting? - Answer✔MD&A, government-wide financial statements, fund
financial statements, notes to the financial statements, and RSI
Which of the following financial statements is not a basic financial statement under FASAB
standards?
(a) Balance Sheet
(b) Statement of changes in net position
(c) Statement of cash flows
(d) Statement of social insurance - Answer✔(c) Statement of cash flows
Which of the following is not a required section of a federal agency or department's
performance and accountability report (PAR)?
(a) A performance section, which includes an annual performance report (APRIL)
(b) An MD&A
(c) A basic financial statements section
(d) A statement of nonparticipation in political matters - Answer✔(d) A statement of
nonparticipation in political matters
The basic financial statements of a not-for-profit include all of the following except
(a) Statement of financial position
(b) Statement of activities
2|P a g e
