Essentials of Accounting for Governmental and Not-for-Profit Organizations (15th Edition, Copley) – Complete Test Bank

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

,7) The #yGASB #ydoes #ynot #yrequire #ysupplementary #yinformation #yto #ybe #yreported #ywith #yits
#yfinancial #ystatements #yeven #yif #yit #yis #yessential #yto #yestablish #yappropriate #ycontext #yfor #ythe
#yfinancial #ystatements #yand #ynotes.


⊚ # y true
⊚ # y false



8) The #yFinancial #yAccounting #yStandards #yBoard #ysets #yfinancial #yreporting #ystandards #yfor
private #ynot- #yfor-profits #yand #yinvestor-owned #ybusinesses.
#y


⊚ # y true
⊚ # y false



9) An #yorganization #yis #ypresumed #yto #ybe #ygovernmental #yif #yit #yhas #ythe #yability #yto #yissue #ydirectly
debt #ythat #yis #yexempt #yfrom #yfederal #ytaxes.
#y


⊚ # y true
⊚ # y false



10) The #yFinancial #yAccounting #yStandards #yBoard #yand #ythe #yGovernmental #yAccounting
#yStandards #yBoard #yare #yparallel #ybodies #yunder #ythe #yoversight #yof #ythe #yFinancial
#yAccounting #yFoundation.


⊚ # y true
⊚ # y false



11) The #yFederal #yAccounting #yStandards #yAdvisory #yBoard #yrequires #yless #yextensive #yreports #ythan
does #ythe #yFASB #yor #yGASB.
#y


⊚ # y true
⊚ # y false



12) The #yFASAB #yrequires #ymore #yfinancial #ystatements #ythan #yare #ytypically #yrequired #yof #ystate
#yand #ylocal #ygovernments.
⊚ # y true
⊚ # y false

,13) Governments #ymust #yhave #yas #ymany #yfunds #yas #ynecessary #yto #yfulfill #ylegal #yrequirements
#y and #ysound #yfinancial #yadministration #ybut #ymust #yhave #yat #ya #yminimum #ya #yGeneral #yFund.
⊚ # y true
⊚ # y false



14) A #yManagement's #yDiscussion #yand #yAnalysis #yis #yrequired #yfor #ystate #yand #ylocal #ygovernmental
#y units, #yand #ythe #yfederal #ygovernment.
⊚ # y true
⊚ # y false



15) Although #ycertain #ysupplementary #yinformation #ymay #ynot #ybe #yrequired, #yif #ypresented,
#y it #ymust #yfollow #yGASB #yguidance #yregarding #yits #yformat #yand #ycontent.
⊚ # y true
⊚ # y false



16) The #yformat #yand #ycontent #yof #ysupplementary #yinformation #ywhich #yis #ynot #yrequired #yby
GASB #yis #yup #yto #ythe #ydiscretion #yof #ythe #yreporting #yentity.
#y


⊚ # y true
⊚ # y false



17) GASB #yand #yFASB #yConcept #yStatements #yestablish #yaccounting #ystandards #ythat #ymust #ybe
complied #ywith #yto #yreceive #yan #yunqualified #yaudit #yopinion.
#y


⊚ # y true
⊚ # y false



18) FASAB, #yGASB, #yand #yFASB #ystandards #yare #yset #yforth #yprimarily #yin #ydocuments
#y called #yinterpretations.
⊚ # y true
⊚ # y false

, 19) Fund-basis #ystatements #yare #ypresented #yfor #ythree #ycategories #yof #ygovernment
activities: #ygovernmental, #yproprietary, #yand #yfiduciary.
#y


⊚ # y true
⊚ # y false



20) State #yand #ylocal #ygovernments #ymay #yuse #yas #ymany #yas #ytwelve #ydifferent #yfund #ytypes.
⊚ # y true
⊚ # y false



21) The #yeconomic #yresource #ymeasurement #yfocus #yand #yaccrual #ybasis #yis #yan #yimportant
feature #yof #ygovernment-wide #yfinancial #ystatements.
#y


⊚ # y true
⊚ # y false



22) Businesslike #yactivity #yfund-basis #ystatements #ymust #ybe #ychanged #yto #ythe #yaccrual #ybasis
#yfrom #ythe #ymodified #yaccrual #ybasis #ywhen #ypreparing #ygovernment-wide #yfinancial
#ystatements.


⊚ # y true
⊚ # y false



23) Governmental-type #yactivity #yfund-basis #ystatements #ymust #yuse #yaccrual #ybasis #ywhen
preparing #ygovernment-wide #yfinancial #ystatements.
#y


⊚ # y true
⊚ # y false



24) Fiduciary #yfunds #yof #ya #ygovernmental #yunit #yuse #ythe #ycurrent #yfinancial #yresources
#y measurement #yfocus #yand #ymodified #yaccrual #ybasis #yof #yaccounting.
⊚ # y true
⊚ # y false



25) Under #ythe #yaccrual #ybasis #yof #yaccounting, #yrevenues #yare #yrecognized #ywhen
measurable #yand #yavailable #yto #yfinance #yexpenditures #yof #ythe #ycurrent #yperiod.
#y


⊚ # y true
⊚ # y false