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Test Bank For Accounting for Governmental & Nonprofit Entities 19E
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All Chapters Covered | Rated A+ | Latest Edition
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Student name:__________
1) Explain the essential differences between general purpose and special purpose
governments and give several examples of each.
N
U
2) Identify and explain the characteristics that distinguish governments and not-for-profit
entities from business entities.
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SE
3) GASB and FASB standards are concerned only with external financial reporting;
whereas, FASAB standards are concerned with both internal and external financial reporting. Do
D
you agree with this statement? Why or why not?
O
C
S
4) Why should persons interested in reading financial reports of governments and not-for-
profit entities be familiar with standards set by the GASB and the FASB?
Version 1 1
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5) Explain in your own words why accountability is the cornerstone of all financial
reporting in government.
N
U
6) In your own words state the primary needs the GASB believes external users have for
financial reports of state and local governments. For contrast, state the uses the FASB believes
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external users have for the financial reports of not-for-profit organizations.
SE
D
7) Describe the difference between a comprehensive annual financial report (CAFR) and
GASB general purpose external financial reporting for state and local governments.
O
C
S
8) Identify and briefly explain the four sections of the performance and accountability report
(PAR) that the Office of Management and Budget requires major federal departments and
agencies to prepare.
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9) Explain the concepts of fiscal and operational accountability and the basis of accounting
N
used to capture each concept.
U
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SE
10) Describe the comprehensive annual financial report (CAFR). What are the sections of the
report and which components of the organization should it include? Is a CAFR required?
D
O
11) The Governmental Accounting Standards Board is assigned responsibility for setting
C
accounting and financial reporting standards for which of the following?
A) Governments such as federal agencies, states, cities, counties, villages, and
S
townships.
B) State and local government entities and governmentally-related units and agencies,
such as utilities, authorities, hospitals, and colleges and universities.
C) Not-for-profit organizations.
D) State and local governments and all not-for-profit organizations.
Version 1 3
primedocs
Test Bank For Accounting for Governmental & Nonprofit Entities 19E
primedocs
All Chapters Covered | Rated A+ | Latest Edition
primedocs
,primedocs primedocs
Student name:__________
1) Explain the essential differences between general purpose and special purpose
governments and give several examples of each.
N
U
2) Identify and explain the characteristics that distinguish governments and not-for-profit
entities from business entities.
primedocs
R
SE
3) GASB and FASB standards are concerned only with external financial reporting;
whereas, FASAB standards are concerned with both internal and external financial reporting. Do
D
you agree with this statement? Why or why not?
O
C
S
4) Why should persons interested in reading financial reports of governments and not-for-
profit entities be familiar with standards set by the GASB and the FASB?
Version 1 1
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,primedocs primedocs
5) Explain in your own words why accountability is the cornerstone of all financial
reporting in government.
N
U
6) In your own words state the primary needs the GASB believes external users have for
financial reports of state and local governments. For contrast, state the uses the FASB believes
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R
external users have for the financial reports of not-for-profit organizations.
SE
D
7) Describe the difference between a comprehensive annual financial report (CAFR) and
GASB general purpose external financial reporting for state and local governments.
O
C
S
8) Identify and briefly explain the four sections of the performance and accountability report
(PAR) that the Office of Management and Budget requires major federal departments and
agencies to prepare.
Version 1 2
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, primedocs primedocs
9) Explain the concepts of fiscal and operational accountability and the basis of accounting
N
used to capture each concept.
U
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R
SE
10) Describe the comprehensive annual financial report (CAFR). What are the sections of the
report and which components of the organization should it include? Is a CAFR required?
D
O
11) The Governmental Accounting Standards Board is assigned responsibility for setting
C
accounting and financial reporting standards for which of the following?
A) Governments such as federal agencies, states, cities, counties, villages, and
S
townships.
B) State and local government entities and governmentally-related units and agencies,
such as utilities, authorities, hospitals, and colleges and universities.
C) Not-for-profit organizations.
D) State and local governments and all not-for-profit organizations.
Version 1 3
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