Governmental and Not for profit accounting |\ |\ |\ |\ |\ |\
Final exam questions with answers
|\ |\ |\ |\
which of the following would typically not be included in the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
introductory section of a CAFR - CORRECT ANSWERS ✔✔summary |\ |\ |\ |\ |\ |\ |\ |\
of the governments current financial position and results of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
financial activities |\
the section of the CAFR that presents tables and charts showing
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
social and economic data in addition to financial trends, fiscal
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
capacity, and operating info of the government is the: - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔statistical section
|\ |\ |\
the governmental accounting standards board is assigned
|\ |\ |\ |\ |\ |\ |\
responsibility for setting accounting and financial reporting |\ |\ |\ |\ |\ |\ |\
standards for: - CORRECT ANSWERS ✔✔state and local
|\ |\ |\ |\ |\ |\ |\ |\
governmentlly related units and agencies such as utilities, |\ |\ |\ |\ |\ |\ |\ |\
authorities, hospitals, and colleges and universities |\ |\ |\ |\ |\
this financial accounting standards board has the reponsibility for
|\ |\ |\ |\ |\ |\ |\ |\
setting accounting and financial reporting standards for: -
|\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔all not for profit organizations that are
|\ |\ |\ |\ |\ |\ |\ |\ |\
nongovernmental and business entities |\ |\ |\
you are trying to decide if an entity you are reviewing is a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
government or a not for profit. which of the following would |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
indicate it is a government rather than a not for profit entity? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔A primary source of revenues is taxes
|\ |\ |\ |\ |\ |\ |\ |\
, which of the following would be included in a properly prepared
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CAFR, but not in the min requirements for general purpose
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
financial reporting specified by GASB standards? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔combining and individual fund financial statements
|\ |\ |\ |\ |\ |\
on what should the governmental fund financial statements
|\ |\ |\ |\ |\ |\ |\ |\
report? - CORRECT ANSWERS ✔✔fiscal accountability
|\ |\ |\ |\ |\
Recognizing revenues when measurable and available for paying
|\ |\ |\ |\ |\ |\ |\ |\
current obligations and expenditures when incurred described
|\ |\ |\ |\ |\ |\ |\
which basis of accounting? - CORRECT ANSWERS ✔✔modified
|\ |\ |\ |\ |\ |\ |\ |\
accrual
in accounting for state and local governments, the modified
|\ |\ |\ |\ |\ |\ |\ |\ |\
accrual basis is required for - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\
✔✔governmental funds |\
which of the following funds is a governmental fund type? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔permanent fund |\ |\ |\
which of the following funds would be most appropriate when
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
accounting for an activity that provides goods or services to the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
public for a fee that is included to make the activity self
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
supporting - CORRECT ANSWERS ✔✔enterprise fund |\ |\ |\ |\ |\
under modified accrual basis, revenues should be recognized
|\ |\ |\ |\ |\ |\ |\ |\
when - CORRECT ANSWERS ✔✔measurable and available
|\ |\ |\ |\ |\ |\
Final exam questions with answers
|\ |\ |\ |\
which of the following would typically not be included in the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
introductory section of a CAFR - CORRECT ANSWERS ✔✔summary |\ |\ |\ |\ |\ |\ |\ |\
of the governments current financial position and results of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
financial activities |\
the section of the CAFR that presents tables and charts showing
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
social and economic data in addition to financial trends, fiscal
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
capacity, and operating info of the government is the: - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔statistical section
|\ |\ |\
the governmental accounting standards board is assigned
|\ |\ |\ |\ |\ |\ |\
responsibility for setting accounting and financial reporting |\ |\ |\ |\ |\ |\ |\
standards for: - CORRECT ANSWERS ✔✔state and local
|\ |\ |\ |\ |\ |\ |\ |\
governmentlly related units and agencies such as utilities, |\ |\ |\ |\ |\ |\ |\ |\
authorities, hospitals, and colleges and universities |\ |\ |\ |\ |\
this financial accounting standards board has the reponsibility for
|\ |\ |\ |\ |\ |\ |\ |\
setting accounting and financial reporting standards for: -
|\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔all not for profit organizations that are
|\ |\ |\ |\ |\ |\ |\ |\ |\
nongovernmental and business entities |\ |\ |\
you are trying to decide if an entity you are reviewing is a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
government or a not for profit. which of the following would |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
indicate it is a government rather than a not for profit entity? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔A primary source of revenues is taxes
|\ |\ |\ |\ |\ |\ |\ |\
, which of the following would be included in a properly prepared
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CAFR, but not in the min requirements for general purpose
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
financial reporting specified by GASB standards? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔combining and individual fund financial statements
|\ |\ |\ |\ |\ |\
on what should the governmental fund financial statements
|\ |\ |\ |\ |\ |\ |\ |\
report? - CORRECT ANSWERS ✔✔fiscal accountability
|\ |\ |\ |\ |\
Recognizing revenues when measurable and available for paying
|\ |\ |\ |\ |\ |\ |\ |\
current obligations and expenditures when incurred described
|\ |\ |\ |\ |\ |\ |\
which basis of accounting? - CORRECT ANSWERS ✔✔modified
|\ |\ |\ |\ |\ |\ |\ |\
accrual
in accounting for state and local governments, the modified
|\ |\ |\ |\ |\ |\ |\ |\ |\
accrual basis is required for - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\
✔✔governmental funds |\
which of the following funds is a governmental fund type? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔permanent fund |\ |\ |\
which of the following funds would be most appropriate when
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
accounting for an activity that provides goods or services to the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
public for a fee that is included to make the activity self
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
supporting - CORRECT ANSWERS ✔✔enterprise fund |\ |\ |\ |\ |\
under modified accrual basis, revenues should be recognized
|\ |\ |\ |\ |\ |\ |\ |\
when - CORRECT ANSWERS ✔✔measurable and available
|\ |\ |\ |\ |\ |\
