Test Bank For
Government And Not-For-Profit Accounting: Concepts And Practices
10th Edition By Granof
,Table Of Contents
1 The Government And Not- For- Profit Environment 1
2 Fund Accounting 38
3 Issues Of Budgeting And Control 95
4 Recognizing Revenues In Governmental Funds 141
5 Recognizing Expenditures In Governmental Funds 187
6 Accounting For Capital Projects And Debt Service 236
7 Capital Assets And Investments In Marketable Securities 281
8 Long-Term Obligations 321
9 Business-Type Activities 367
10 Pensions And Other Fiduciary Activities 426
11 Issues Of Reporting, Disclosure, And Financial Analysis 469
12 Not-For-Profit Organizations 523
13 Colleges And Universities 587
14 Health-Care Providers 625
15 Auditing Governments And Not-For-Profit Organizations 659
16 Federal Government Accounting 697
,Test Bank For Government And Not-For-Profit Accounting: Concepts
And Practices, 10th Edition By Michael H. Granof
Chapter 1
The Government And Not-For-Profit Environment
True/False (Chapter 1)
1. The Objectives Of A Typical Government Or Not-For-Profit Entity Include
Abstract Goals That Are More Difficult To Quantify Than Profit.
2. A Government’s Budget May Be Backed By The Force Of Law.
3. Governments Have No Need For An Accounting System.
4. A Government’s Constituents Rely On General Purpose Financial
Statements For A Considerable Amount Of Information About Their
Government.
5. Governments And Not-For-Profit Entities May Never Engage In Business-
Type Activities.
6. Lenders Use The Financial Statements Of Governments And Not-For-
Profit Entities Just As They Would Those Of Businesses, That Is, To Help
Assess The Borrower’s Credit-Worthiness.
7. Financial Statements, No Matter How Prepared, Do Not Directly Affect
The Economic Worth Of An Entity.
8. The Federal Accounting Standards Advisory Board’s Standards Do Not
Apply To The Federal Department Of The Treasury.
9. Sarbanes-Oxley Was Passed In 2002 With The Sole Purpose Of Enhancing
The Independence Of The Gasb.
10. The Governmental Accounting Standards Board Establishes Generally
Accepted Accounting Principles For All State And Local Governments
And All Not-For-Profit Entities.
, Answers To True/False Questions (Chapter 1)
1. True
2. True
3. False
4. True
5. False
6. True
7. True
8. False
9. False
10. False
Government And Not-For-Profit Accounting: Concepts And Practices
10th Edition By Granof
,Table Of Contents
1 The Government And Not- For- Profit Environment 1
2 Fund Accounting 38
3 Issues Of Budgeting And Control 95
4 Recognizing Revenues In Governmental Funds 141
5 Recognizing Expenditures In Governmental Funds 187
6 Accounting For Capital Projects And Debt Service 236
7 Capital Assets And Investments In Marketable Securities 281
8 Long-Term Obligations 321
9 Business-Type Activities 367
10 Pensions And Other Fiduciary Activities 426
11 Issues Of Reporting, Disclosure, And Financial Analysis 469
12 Not-For-Profit Organizations 523
13 Colleges And Universities 587
14 Health-Care Providers 625
15 Auditing Governments And Not-For-Profit Organizations 659
16 Federal Government Accounting 697
,Test Bank For Government And Not-For-Profit Accounting: Concepts
And Practices, 10th Edition By Michael H. Granof
Chapter 1
The Government And Not-For-Profit Environment
True/False (Chapter 1)
1. The Objectives Of A Typical Government Or Not-For-Profit Entity Include
Abstract Goals That Are More Difficult To Quantify Than Profit.
2. A Government’s Budget May Be Backed By The Force Of Law.
3. Governments Have No Need For An Accounting System.
4. A Government’s Constituents Rely On General Purpose Financial
Statements For A Considerable Amount Of Information About Their
Government.
5. Governments And Not-For-Profit Entities May Never Engage In Business-
Type Activities.
6. Lenders Use The Financial Statements Of Governments And Not-For-
Profit Entities Just As They Would Those Of Businesses, That Is, To Help
Assess The Borrower’s Credit-Worthiness.
7. Financial Statements, No Matter How Prepared, Do Not Directly Affect
The Economic Worth Of An Entity.
8. The Federal Accounting Standards Advisory Board’s Standards Do Not
Apply To The Federal Department Of The Treasury.
9. Sarbanes-Oxley Was Passed In 2002 With The Sole Purpose Of Enhancing
The Independence Of The Gasb.
10. The Governmental Accounting Standards Board Establishes Generally
Accepted Accounting Principles For All State And Local Governments
And All Not-For-Profit Entities.
, Answers To True/False Questions (Chapter 1)
1. True
2. True
3. False
4. True
5. False
6. True
7. True
8. False
9. False
10. False
