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Test Bank for Essentials of Accounting for Governmental and Not-for-Profit Organizations
15th Edition
By Paul Copley
All Chapters (1-14) |Expert Verified Answers |Graded A+
1|Page
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TABLE OF CONTENT
Chapter 1: Introduction to accounting and financial reporting for
governmental and not-for-profit organizations
Chapter 2: Overview of financial reporting for state and local
governments
Chapter 3: Modified accrual accounting: Including the role of fund
balances and budgetary authority
Chapter 4: Accounting for the general and special revenue funds
Chapter 5: Accounting for other governmental fund types: capital
projects, debt service, and permanent
Chapter 6: Proprietary Funds
Chapter 7: Fiduciary Funds
Chapter 8: Government-wide statements, capital assets, long-term
debt
Chapter 9: Advanced topics for state and local governments
Chapter 10: Accounting for private not-for-profit organizations
Chapter 11: College and university accounting
Chapter 12: Accounting for hospitals and other health care
providers
Chapter 13: Auditing, tax-exempt organizations, and evaluating
performance
Chapter 14: Financial reporting by the federal government
2|Page
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Chapter 1: Introduction to accounting and financial reporting for governmental and
not-for-profit organizations
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
3|Page
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6) The FASAB was established to recommend accounting and financial reporting standards for
the federal government.
⊚ true
⊚ false
7) The GASB does not require supplementary information to be reported with its financial
statements even if it is essential to establish appropriate context for the financial statements and
notes.
⊚ true
⊚ false
8) The Financial Accounting Standards Board sets financial reporting standards for private
not- for-profits and investor-owned businesses.
⊚ true
⊚ false
9) An organization is presumed to be governmental if it has the ability to issue directly debt
that is exempt from federal taxes.
⊚ true
⊚ false
10) The Financial Accounting Standards Board and the Governmental Accounting Standards
Board are parallel bodies under the oversight of the Financial Accounting Foundation.
⊚ true
4|Page
Test Bank for Essentials of Accounting for Governmental and Not-for-Profit Organizations
15th Edition
By Paul Copley
All Chapters (1-14) |Expert Verified Answers |Graded A+
1|Page
, TESTBANKS BY TESTBANKSNERD
TABLE OF CONTENT
Chapter 1: Introduction to accounting and financial reporting for
governmental and not-for-profit organizations
Chapter 2: Overview of financial reporting for state and local
governments
Chapter 3: Modified accrual accounting: Including the role of fund
balances and budgetary authority
Chapter 4: Accounting for the general and special revenue funds
Chapter 5: Accounting for other governmental fund types: capital
projects, debt service, and permanent
Chapter 6: Proprietary Funds
Chapter 7: Fiduciary Funds
Chapter 8: Government-wide statements, capital assets, long-term
debt
Chapter 9: Advanced topics for state and local governments
Chapter 10: Accounting for private not-for-profit organizations
Chapter 11: College and university accounting
Chapter 12: Accounting for hospitals and other health care
providers
Chapter 13: Auditing, tax-exempt organizations, and evaluating
performance
Chapter 14: Financial reporting by the federal government
2|Page
, TESTBANKS BY TESTBANKSNERD
Chapter 1: Introduction to accounting and financial reporting for governmental and
not-for-profit organizations
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
3|Page
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6) The FASAB was established to recommend accounting and financial reporting standards for
the federal government.
⊚ true
⊚ false
7) The GASB does not require supplementary information to be reported with its financial
statements even if it is essential to establish appropriate context for the financial statements and
notes.
⊚ true
⊚ false
8) The Financial Accounting Standards Board sets financial reporting standards for private
not- for-profits and investor-owned businesses.
⊚ true
⊚ false
9) An organization is presumed to be governmental if it has the ability to issue directly debt
that is exempt from federal taxes.
⊚ true
⊚ false
10) The Financial Accounting Standards Board and the Governmental Accounting Standards
Board are parallel bodies under the oversight of the Financial Accounting Foundation.
⊚ true
4|Page
