Government & Not-for-Profit Accounting |\ |\ |\ |\
Exam #1 questions with answers |\ |\ |\ |\
How do Government & Not-for-Profit practices differ from
|\ |\ |\ |\ |\ |\ |\ |\
business practices? - CORRECT ANSWERS ✔✔- Different purposes
|\ |\ |\ |\ |\ |\ |\
in society
|\ |\
- Management has special duty to be accountable for how
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
resources are used in providing services |\ |\ |\ |\ |\
- Financed by providers who do not expect benefits proportional
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
to the resources they provide.
|\ |\ |\ |\
What are the two type of governments and what services do they
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
provide? - CORRECT ANSWERS ✔✔1) General Purpose
|\ |\ |\ |\ |\ |\ |\
|\ - Federal, state, and local governments
|\ |\ |\ |\ |\
2) Special purpose
|\ |\
|\ - School systems, public colleges, universities,
|\ |\ |\ |\ |\ |\
|\ hospitals, fire protection districts, etc. |\ |\ |\ |\
Characteristics of Government and Not-for-Profit Organizations - |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔- Organization lacks profit motive|\ |\ |\ |\ |\ |\
- Absence of Transferable Ownership Rights
|\ |\ |\ |\ |\
Characteristics of Government - CORRECT ANSWERS ✔✔- Power |\ |\ |\ |\ |\ |\ |\ |\
rests in the hands of the people
|\ |\ |\ |\ |\ |\
, - People delegate power to public officials through elections
|\ |\ |\ |\ |\ |\ |\ |\
- Empowered by and accountable to a higher level government
|\ |\ |\ |\ |\ |\ |\ |\ |\
- Power to tax
|\ |\ |\
FASAB - CORRECT ANSWERS ✔✔Financial Accounting Standards
|\ |\ |\ |\ |\ |\ |\
Accounting Board |\
|\ - Federal Government and its agencies and departments
|\ |\ |\ |\ |\ |\ |\
GASB - CORRECT ANSWERS ✔✔Governmental Accounting
|\ |\ |\ |\ |\ |\
Standards Board |\
|\ - State and local governments and governmental not-for-profits
|\ |\ |\ |\ |\ |\ |\
FASB - CORRECT ANSWERS ✔✔Financial Accounting Standards
|\ |\ |\ |\ |\ |\ |\
Board
|\ - Business organizations and non-governmental not-for profits
|\ |\ |\ |\ |\ |\
Accountability - CORRECT ANSWERS ✔✔The requirement of |\ |\ |\ |\ |\ |\ |\
governments to answer to citizens to justify the raising of public |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
resources and the purposes for which they are used. |\ |\ |\ |\ |\ |\ |\ |\
Inter-period Equity - CORRECT ANSWERS ✔✔A government's |\ |\ |\ |\ |\ |\ |\
obligation to disclose whether current-year revenues were
|\ |\ |\ |\ |\ |\ |\
sufficient to pay for current-year benefits or will future taxpayers
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
be required to pay for them instead?
|\ |\ |\ |\ |\ |\
Exam #1 questions with answers |\ |\ |\ |\
How do Government & Not-for-Profit practices differ from
|\ |\ |\ |\ |\ |\ |\ |\
business practices? - CORRECT ANSWERS ✔✔- Different purposes
|\ |\ |\ |\ |\ |\ |\
in society
|\ |\
- Management has special duty to be accountable for how
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
resources are used in providing services |\ |\ |\ |\ |\
- Financed by providers who do not expect benefits proportional
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
to the resources they provide.
|\ |\ |\ |\
What are the two type of governments and what services do they
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
provide? - CORRECT ANSWERS ✔✔1) General Purpose
|\ |\ |\ |\ |\ |\ |\
|\ - Federal, state, and local governments
|\ |\ |\ |\ |\
2) Special purpose
|\ |\
|\ - School systems, public colleges, universities,
|\ |\ |\ |\ |\ |\
|\ hospitals, fire protection districts, etc. |\ |\ |\ |\
Characteristics of Government and Not-for-Profit Organizations - |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔- Organization lacks profit motive|\ |\ |\ |\ |\ |\
- Absence of Transferable Ownership Rights
|\ |\ |\ |\ |\
Characteristics of Government - CORRECT ANSWERS ✔✔- Power |\ |\ |\ |\ |\ |\ |\ |\
rests in the hands of the people
|\ |\ |\ |\ |\ |\
, - People delegate power to public officials through elections
|\ |\ |\ |\ |\ |\ |\ |\
- Empowered by and accountable to a higher level government
|\ |\ |\ |\ |\ |\ |\ |\ |\
- Power to tax
|\ |\ |\
FASAB - CORRECT ANSWERS ✔✔Financial Accounting Standards
|\ |\ |\ |\ |\ |\ |\
Accounting Board |\
|\ - Federal Government and its agencies and departments
|\ |\ |\ |\ |\ |\ |\
GASB - CORRECT ANSWERS ✔✔Governmental Accounting
|\ |\ |\ |\ |\ |\
Standards Board |\
|\ - State and local governments and governmental not-for-profits
|\ |\ |\ |\ |\ |\ |\
FASB - CORRECT ANSWERS ✔✔Financial Accounting Standards
|\ |\ |\ |\ |\ |\ |\
Board
|\ - Business organizations and non-governmental not-for profits
|\ |\ |\ |\ |\ |\
Accountability - CORRECT ANSWERS ✔✔The requirement of |\ |\ |\ |\ |\ |\ |\
governments to answer to citizens to justify the raising of public |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
resources and the purposes for which they are used. |\ |\ |\ |\ |\ |\ |\ |\
Inter-period Equity - CORRECT ANSWERS ✔✔A government's |\ |\ |\ |\ |\ |\ |\
obligation to disclose whether current-year revenues were
|\ |\ |\ |\ |\ |\ |\
sufficient to pay for current-year benefits or will future taxpayers
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
be required to pay for them instead?
|\ |\ |\ |\ |\ |\
