Test Bank for Essentials of Accounting for Governmental and Not-for-Profit Organizations 15e Copley – Chapters 1-14

TEST BANK FOR
k k



EssentialskofkAccountingkforkGovernmentalkandkNot-for-ProfitkOrganizationsk15eCopleyk-
Chapterk1-14


Chap 01 15e Copley
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Answers Included ✅
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1) ThekGovernmentalkAccountingkStandardskBoardksetskfinancialkreportingkstandardskforkallk
unitskofkgovernment:kfederal,kstate,kandklocal.
⊚k true
⊚k false



2) Fundkaccountingkexistskprimarilyktokprovidekassurancekthatkresourceskarekusedkaccordingktokl
egalkorkdonorkrestrictions.
⊚k true
⊚k false



3) ThekFinancialkAccountingkStandardskBoardksetskfinancialkreportingkstandardskforkprofit-
k seekingkbusinesseskandknongovernmental,knot-for-profitkorganizations.
⊚k true
⊚k false



4) FASAB,kGASB,kandkFASBkstandardskareksetkforthkprimarilykinkdocumentskcalledkstatements.
⊚k true
⊚k false



5) FASAB,kGASB,kandkFASBkreportingkstandardskareksetkforthkprimarilykinkdocumentskcalledkc
onceptkstatements.
⊚k true
⊚k false



6) ThekFASABkwaskestablishedktokrecommendkaccountingkandkfinancialkreportingkstandardskforkt
hekfederalkgovernment.
⊚k true
⊚k false

,7) ThekGASBkdoesknotkrequireksupplementarykinformationktokbekreportedkwithkitskfinancialkstat
ementskevenkifkitkiskessentialktokestablishkappropriatekcontextkforkthekfinancialkstatementskandk
notes.
⊚k true
⊚k false



8) ThekFinancialkAccountingkStandardskBoardksetskfinancialkreportingkstandardskforkprivateknot-
k for-profitskandkinvestor-ownedkbusinesses.
⊚k true
⊚k false



9) Ankorganizationkiskpresumedktokbekgovernmentalkifkitkhaskthekabilityktokissuekdirectlykdebtkthatki
skexemptkfromkfederalktaxes.
⊚k true
⊚k false



10) ThekFinancialkAccountingkStandardskBoardkandkthekGovernmentalkAccountingkStandardsk
BoardkarekparallelkbodieskunderkthekoversightkofkthekFinancialkAccountingkFoundation.
⊚k true
⊚k false



11) ThekFederalkAccountingkStandardskAdvisorykBoardkrequiresklesskextensivekreportskthankdoeskt
hekFASBkorkGASB.
⊚k true
⊚k false



12) ThekFASABkrequireskmorekfinancialkstatementskthankarektypicallykrequiredkofkstatekandklocalkg
overnments.
⊚k true
⊚k false

,13) Governmentskmustkhavekaskmanykfundskasknecessaryktokfulfillklegalkrequirementskandksoundkf
inancialkadministrationkbutkmustkhavekatkakminimumkakGeneralkFund.
⊚k true
⊚k false



14) AkManagement'skDiscussionkandkAnalysiskiskrequiredkforkstatekandklocalkgovernmentalkunits,ka
ndkthekfederalkgovernment.
⊚k true
⊚k false



15) Althoughkcertainksupplementarykinformationkmayknotkbekrequired,kifkpresented,kitkmustkf
ollowkGASBkguidancekregardingkitskformatkandkcontent.
⊚k true
⊚k false



16) ThekformatkandkcontentkofksupplementarykinformationkwhichkisknotkrequiredkbykGASBkiskupkt
okthekdiscretionkofkthekreportingkentity.
⊚k true
⊚k false



17) GASBkandkFASBkConceptkStatementskestablishkaccountingkstandardskthatkmustkbekcompliedk
withktokreceivekankunqualifiedkauditkopinion.
⊚k true
⊚k false



18) FASAB,kGASB,kandkFASBkstandardskareksetkforthkprimarilykinkdocumentskcalledki
nterpretations.
⊚k true
⊚k false

, 19) Fund-
basiskstatementskarekpresentedkforkthreekcategorieskofkgovernmentkactivities:kgover
nmental,kproprietary,kandkfiduciary.
⊚k true
⊚k false



20) Statekandklocalkgovernmentskmaykusekaskmanykasktwelvekdifferentkfundktypes.
⊚k true
⊚k false



21) Thekeconomickresourcekmeasurementkfocuskandkaccrualkbasiskiskankimportantkfeaturekofk
government-widekfinancialkstatements.
⊚k true
⊚k false



22) Businesslikekactivitykfund-
basiskstatementskmustkbekchangedktokthekaccrualkbasiskfromkthekmodifiedkaccrualkbasiskwhe
nkpreparingkgovernment-widekfinancialkstatements.
⊚k true
⊚k false



23) Governmental-typekactivitykfund-
basiskstatementskmustkusekaccrualkbasiskwhenkpreparingkgovernment-
widekfinancialkstatements.
⊚k true
⊚k false



24) Fiduciarykfundskofkakgovernmentalkunitkusekthekcurrentkfinancialkresourceskmeasurementkf
ocuskandkmodifiedkaccrualkbasiskofkaccounting.
⊚k true
⊚k false



25) Underkthekaccrualkbasiskofkaccounting,krevenueskarekrecognizedkwhenkmeasurablekandka
vailablektokfinancekexpenditureskofkthekcurrentkperiod.
⊚k true
⊚k false