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
3) The Financial Accounting Standards Board sets financial reporting standards for profit-
seeking businesses and nongovernmental, not-for-profit organizations.
⊚ true
⊚ false
4) FASAB, GASB, and FASB standards are set forth primarily in documents called statements.
⊚ true
⊚ false
5) FASAB, GASB, and FASB reporting standards are set forth primarily in documents called
concept statements.
⊚ true
⊚ false
6) The FASAB was established to recommend accounting and financial reporting standards for
the federal government.
⊚ true
⊚ false
SCHOLARVAULT
,7) The #gfGASB #gfdoes #gfnot #gfrequire #gfsupplementary #gfinformation #gfto #gfbe #gfreported #gfwith #gfits
#gffinancial #gfstatements #gfeven #gfif #gfit #gfis #gfessential #gfto #gfestablish #gfappropriate #gfcontext #gffor
#gfthe #gffinancial #gfstatements #gfand #gfnotes.
⊚ # g f true
⊚ # g f false
8) The #gfFinancial #gfAccounting #gfStandards #gfBoard #gfsets #gffinancial #gfreporting #gfstandards #gffor
private #gfnot- #gffor-profits #gfand #gfinvestor-owned #gfbusinesses.
#gf
⊚ # g f true
⊚ # g f false
9) An #gforganization #gfis #gfpresumed #gfto #gfbe #gfgovernmental #gfif #gfit #gfhas #gfthe #gfability #gfto #gfissue
#gf directly #gfdebt #gfthat #gfis #gfexempt #gffrom #gffederal #gftaxes.
⊚ # g f true
⊚ # g f false
10) The #gfFinancial #gfAccounting #gfStandards #gfBoard #gfand #gfthe #gfGovernmental #gfAccounting
Standards #gfBoard #gfare #gfparallel #gfbodies #gfunder #gfthe #gfoversight #gfof #gfthe #gfFinancial
#gf
#gfAccounting #gfFoundation.
⊚ # g f true
⊚ # g f false
11) The #gfFederal #gfAccounting #gfStandards #gfAdvisory #gfBoard #gfrequires #gfless #gfextensive #gfreports
#gf than #gfdoes #gfthe #gfFASB #gfor #gfGASB.
⊚ # g f true
⊚ # g f false
12) The #gfFASAB #gfrequires #gfmore #gffinancial #gfstatements #gfthan #gfare #gftypically #gfrequired #gfof #gfstate
#gf and #gflocal #gfgovernments.
⊚ # g f true
⊚ # g f false
SCHOLARVAULT
,13) Governments #gfmust #gfhave #gfas #gfmany #gffunds #gfas #gfnecessary #gfto #gffulfill #gflegal #gfrequirements
#gfand #gfsound #gffinancial #gfadministration #gfbut #gfmust #gfhave #gfat #gfa #gfminimum #gfa #gfGeneral
#gfFund.
⊚ # g f true
⊚ # g f false
14) A #gfManagement's #gfDiscussion #gfand #gfAnalysis #gfis #gfrequired #gffor #gfstate #gfand #gflocal
#gf governmental #gfunits, #gfand #gfthe #gffederal #gfgovernment.
⊚ # g f true
⊚ # g f false
15) Although #gfcertain #gfsupplementary #gfinformation #gfmay #gfnot #gfbe #gfrequired, #gfif
#gf presented, #gfit #gfmust #gffollow #gfGASB #gfguidance #gfregarding #gfits #gfformat #gfand #gfcontent.
⊚ # g f true
⊚ # g f false
16) The #gfformat #gfand #gfcontent #gfof #gfsupplementary #gfinformation #gfwhich #gfis #gfnot #gfrequired #gfby
GASB #gfis #gfup #gfto #gfthe #gfdiscretion #gfof #gfthe #gfreporting #gfentity.
#gf
⊚ # g f true
⊚ # g f false
17) GASB #gfand #gfFASB #gfConcept #gfStatements #gfestablish #gfaccounting #gfstandards #gfthat #gfmust #gfbe
#gf complied #gfwith #gfto #gfreceive #gfan #gfunqualified #gfaudit #gfopinion.
⊚ # g f true
⊚ # g f false
18) FASAB, #gfGASB, #gfand #gfFASB #gfstandards #gfare #gfset #gfforth #gfprimarily #gfin
#gf documents #gfcalled #gfinterpretations.
⊚ # g f true
⊚ # g f false
SCHOLARVAULT
, 19) Fund-basis #gfstatements #gfare #gfpresented #gffor #gfthree #gfcategories #gfof #gfgovernment
#gf activities: #gfgovernmental, #gfproprietary, #gfand #gffiduciary.
⊚ # g f true
⊚ # g f false
20) State #gfand #gflocal #gfgovernments #gfmay #gfuse #gfas #gfmany #gfas #gftwelve #gfdifferent #gffund #gftypes.
⊚ # g f true
⊚ # g f false
21) The #gfeconomic #gfresource #gfmeasurement #gffocus #gfand #gfaccrual #gfbasis #gfis #gfan #gfimportant
feature #gfof #gfgovernment-wide #gffinancial #gfstatements.
#gf
⊚ # g f true
⊚ # g f false
22) Businesslike #gfactivity #gffund-basis #gfstatements #gfmust #gfbe #gfchanged #gfto #gfthe #gfaccrual #gfbasis
#gffrom #gfthe #gfmodified #gfaccrual #gfbasis #gfwhen #gfpreparing #gfgovernment-wide #gffinancial
#gfstatements.
⊚ # g f true
⊚ # g f false
23) Governmental-type #gfactivity #gffund-basis #gfstatements #gfmust #gfuse #gfaccrual #gfbasis #gfwhen
#gf preparing #gfgovernment-wide #gffinancial #gfstatements.
⊚ # g f true
⊚ # g f false
24) Fiduciary #gffunds #gfof #gfa #gfgovernmental #gfunit #gfuse #gfthe #gfcurrent #gffinancial #gfresources
#gf measurement #gffocus #gfand #gfmodified #gfaccrual #gfbasis #gfof #gfaccounting.
⊚ # g f true
⊚ # g f false
25) Under #gfthe #gfaccrual #gfbasis #gfof #gfaccounting, #gfrevenues #gfare #gfrecognized #gfwhen
measurable #gfand #gfavailable #gfto #gffinance #gfexpenditures #gfof #gfthe #gfcurrent #gfperiod.
#gf
⊚ # g f true
⊚ # g f false
SCHOLARVAULT
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
3) The Financial Accounting Standards Board sets financial reporting standards for profit-
seeking businesses and nongovernmental, not-for-profit organizations.
⊚ true
⊚ false
4) FASAB, GASB, and FASB standards are set forth primarily in documents called statements.
⊚ true
⊚ false
5) FASAB, GASB, and FASB reporting standards are set forth primarily in documents called
concept statements.
⊚ true
⊚ false
6) The FASAB was established to recommend accounting and financial reporting standards for
the federal government.
⊚ true
⊚ false
SCHOLARVAULT
,7) The #gfGASB #gfdoes #gfnot #gfrequire #gfsupplementary #gfinformation #gfto #gfbe #gfreported #gfwith #gfits
#gffinancial #gfstatements #gfeven #gfif #gfit #gfis #gfessential #gfto #gfestablish #gfappropriate #gfcontext #gffor
#gfthe #gffinancial #gfstatements #gfand #gfnotes.
⊚ # g f true
⊚ # g f false
8) The #gfFinancial #gfAccounting #gfStandards #gfBoard #gfsets #gffinancial #gfreporting #gfstandards #gffor
private #gfnot- #gffor-profits #gfand #gfinvestor-owned #gfbusinesses.
#gf
⊚ # g f true
⊚ # g f false
9) An #gforganization #gfis #gfpresumed #gfto #gfbe #gfgovernmental #gfif #gfit #gfhas #gfthe #gfability #gfto #gfissue
#gf directly #gfdebt #gfthat #gfis #gfexempt #gffrom #gffederal #gftaxes.
⊚ # g f true
⊚ # g f false
10) The #gfFinancial #gfAccounting #gfStandards #gfBoard #gfand #gfthe #gfGovernmental #gfAccounting
Standards #gfBoard #gfare #gfparallel #gfbodies #gfunder #gfthe #gfoversight #gfof #gfthe #gfFinancial
#gf
#gfAccounting #gfFoundation.
⊚ # g f true
⊚ # g f false
11) The #gfFederal #gfAccounting #gfStandards #gfAdvisory #gfBoard #gfrequires #gfless #gfextensive #gfreports
#gf than #gfdoes #gfthe #gfFASB #gfor #gfGASB.
⊚ # g f true
⊚ # g f false
12) The #gfFASAB #gfrequires #gfmore #gffinancial #gfstatements #gfthan #gfare #gftypically #gfrequired #gfof #gfstate
#gf and #gflocal #gfgovernments.
⊚ # g f true
⊚ # g f false
SCHOLARVAULT
,13) Governments #gfmust #gfhave #gfas #gfmany #gffunds #gfas #gfnecessary #gfto #gffulfill #gflegal #gfrequirements
#gfand #gfsound #gffinancial #gfadministration #gfbut #gfmust #gfhave #gfat #gfa #gfminimum #gfa #gfGeneral
#gfFund.
⊚ # g f true
⊚ # g f false
14) A #gfManagement's #gfDiscussion #gfand #gfAnalysis #gfis #gfrequired #gffor #gfstate #gfand #gflocal
#gf governmental #gfunits, #gfand #gfthe #gffederal #gfgovernment.
⊚ # g f true
⊚ # g f false
15) Although #gfcertain #gfsupplementary #gfinformation #gfmay #gfnot #gfbe #gfrequired, #gfif
#gf presented, #gfit #gfmust #gffollow #gfGASB #gfguidance #gfregarding #gfits #gfformat #gfand #gfcontent.
⊚ # g f true
⊚ # g f false
16) The #gfformat #gfand #gfcontent #gfof #gfsupplementary #gfinformation #gfwhich #gfis #gfnot #gfrequired #gfby
GASB #gfis #gfup #gfto #gfthe #gfdiscretion #gfof #gfthe #gfreporting #gfentity.
#gf
⊚ # g f true
⊚ # g f false
17) GASB #gfand #gfFASB #gfConcept #gfStatements #gfestablish #gfaccounting #gfstandards #gfthat #gfmust #gfbe
#gf complied #gfwith #gfto #gfreceive #gfan #gfunqualified #gfaudit #gfopinion.
⊚ # g f true
⊚ # g f false
18) FASAB, #gfGASB, #gfand #gfFASB #gfstandards #gfare #gfset #gfforth #gfprimarily #gfin
#gf documents #gfcalled #gfinterpretations.
⊚ # g f true
⊚ # g f false
SCHOLARVAULT
, 19) Fund-basis #gfstatements #gfare #gfpresented #gffor #gfthree #gfcategories #gfof #gfgovernment
#gf activities: #gfgovernmental, #gfproprietary, #gfand #gffiduciary.
⊚ # g f true
⊚ # g f false
20) State #gfand #gflocal #gfgovernments #gfmay #gfuse #gfas #gfmany #gfas #gftwelve #gfdifferent #gffund #gftypes.
⊚ # g f true
⊚ # g f false
21) The #gfeconomic #gfresource #gfmeasurement #gffocus #gfand #gfaccrual #gfbasis #gfis #gfan #gfimportant
feature #gfof #gfgovernment-wide #gffinancial #gfstatements.
#gf
⊚ # g f true
⊚ # g f false
22) Businesslike #gfactivity #gffund-basis #gfstatements #gfmust #gfbe #gfchanged #gfto #gfthe #gfaccrual #gfbasis
#gffrom #gfthe #gfmodified #gfaccrual #gfbasis #gfwhen #gfpreparing #gfgovernment-wide #gffinancial
#gfstatements.
⊚ # g f true
⊚ # g f false
23) Governmental-type #gfactivity #gffund-basis #gfstatements #gfmust #gfuse #gfaccrual #gfbasis #gfwhen
#gf preparing #gfgovernment-wide #gffinancial #gfstatements.
⊚ # g f true
⊚ # g f false
24) Fiduciary #gffunds #gfof #gfa #gfgovernmental #gfunit #gfuse #gfthe #gfcurrent #gffinancial #gfresources
#gf measurement #gffocus #gfand #gfmodified #gfaccrual #gfbasis #gfof #gfaccounting.
⊚ # g f true
⊚ # g f false
25) Under #gfthe #gfaccrual #gfbasis #gfof #gfaccounting, #gfrevenues #gfare #gfrecognized #gfwhen
measurable #gfand #gfavailable #gfto #gffinance #gfexpenditures #gfof #gfthe #gfcurrent #gfperiod.
#gf
⊚ # g f true
⊚ # g f false
SCHOLARVAULT
