Master Governmental & Nonprofit Accounting: Test Bank for Essentials, 15th Edition by Copley

TESTLBANKLFOR
EssentialsLofLAccountingLforLGovernmentalLandLNot-for-ProfitLOrganizationsL15eCopleyL-
ChapterL1-14


ChapL01L15eLCopley AnswersLIncluded ✅
1) TheLGovernmentalLAccountingLStandardsLBoardLsetsLfinancialLreportingLstandard
sLforLallLunitsLofLgovernment:Lfederal,Lstate,LandLlocal.
⊚L true
⊚L false



2) FundLaccountingLexistsLprimarilyLtoLprovideLassuranceLthatLresourcesLareLusedLac
cordingLtoLlegalLorLdonorLrestrictions.
⊚L true
⊚L false



3) TheLFinancialLAccountingLStandardsLBoardLsetsLfinancialLreportingLstandardsLfo
rLprofit-LseekingLbusinessesLandLnongovernmental,Lnot-for-profitLorganizations.
⊚L true
⊚L false



4) FASAB,LGASB,LandLFASBLstandardsLareLsetLforthLprimarilyLinLdocumentsLcalledLstate
ments.
⊚L true
⊚L false



5) FASAB,LGASB,LandLFASBLreportingLstandardsLareLsetLforthLprimarilyLinLdocum
entsLcalledLconceptLstatements.
⊚L true
⊚L false



6) TheLFASABLwasLestablishedLtoLrecommendLaccountingLandLfinancialLreportingLstan
dardsLforLtheLfederalLgovernment.
⊚L true
⊚L false

,7) TheLGASBLdoesLnotLrequireLsupplementaryLinformationLtoLbeLreportedLwithLitsLf
inancialLstatementsLevenLifLitLisLessentialLtoLestablishLappropriateLcontextLforLtheL
financialLstatementsLandLnotes.
⊚L true
⊚L false



8) TheLFinancialLAccountingLStandardsLBoardLsetsLfinancialLreportingLstandardsLforLpri
vateLnot-Lfor-profitsLandLinvestor-ownedLbusinesses.
⊚L true
⊚L false



9) AnLorganizationLisLpresumedLtoLbeLgovernmentalLifLitLhasLtheLabilityLtoLissueLdire
ctlyLdebtLthatLisLexemptLfromLfederalLtaxes.
⊚L true
⊚L false



10) TheLFinancialLAccountingLStandardsLBoardLandLtheLGovernmentalLAccountingLSt
andardsLBoardLareLparallelLbodiesLunderLtheLoversightLofLtheLFinancialLAccount
ingLFoundation.
⊚L true
⊚L false



11) TheLFederalLAccountingLStandardsLAdvisoryLBoardLrequiresLlessLextensiveLreportsLt
hanLdoesLtheLFASBLorLGASB.
⊚L true
⊚L false



12) TheLFASABLrequiresLmoreLfinancialLstatementsLthanLareLtypicallyLrequiredLofLstate
LandLlocalLgovernments.
⊚L true
⊚L false

,13) GovernmentsLmustLhaveLasLmanyLfundsLasLnecessaryLtoLfulfillLlegalLrequirements
LandLsoundLfinancialLadministrationLbutLmustLhaveLatLaLminimumLaLGeneralLFun
d.
⊚L true
⊚L false



14) ALManagement'sLDiscussionLandLAnalysisLisLrequiredLforLstateLandLlocalLgovernme
ntalLunits,LandLtheLfederalLgovernment.
⊚L true
⊚L false



15) AlthoughLcertainLsupplementaryLinformationLmayLnotLbeLrequired,LifLpresented
,LitLmustLfollowLGASBLguidanceLregardingLitsLformatLandLcontent.
⊚L true
⊚L false



16) TheLformatLandLcontentLofLsupplementaryLinformationLwhichLisLnotLrequiredLbyL
GASBLisLupLtoLtheLdiscretionLofLtheLreportingLentity.
⊚L true
⊚L false



17) GASBLandLFASBLConceptLStatementsLestablishLaccountingLstandardsLthatLmustLbe
LcompliedLwithLtoLreceiveLanLunqualifiedLauditLopinion.
⊚L true
⊚L false



18) FASAB,LGASB,LandLFASBLstandardsLareLsetLforthLprimarilyLinLdocume
ntsLcalledLinterpretations.
⊚L true
⊚L false

, 19) Fund-
basisLstatementsLareLpresentedLforLthreeLcategoriesLofLgovernmentLactiviti
es:Lgovernmental,Lproprietary,LandLfiduciary.
⊚L true
⊚L false



20) StateLandLlocalLgovernmentsLmayLuseLasLmanyLasLtwelveLdifferentLfundLtypes.
⊚L true
⊚L false



21) TheLeconomicLresourceLmeasurementLfocusLandLaccrualLbasisLisLanLimportantL
featureLofLgovernment-wideLfinancialLstatements.
⊚L true
⊚L false



22) BusinesslikeLactivityLfund-
basisLstatementsLmustLbeLchangedLtoLtheLaccrualLbasisLfromLtheLmodifiedLaccru
alLbasisLwhenLpreparingLgovernment-wideLfinancialLstatements.
⊚L true
⊚L false



23) Governmental-typeLactivityLfund-
basisLstatementsLmustLuseLaccrualLbasisLwhenLpreparingLgovernment-
wideLfinancialLstatements.
⊚L true
⊚L false



24) FiduciaryLfundsLofLaLgovernmentalLunitLuseLtheLcurrentLfinancialLresourcesLme
asurementLfocusLandLmodifiedLaccrualLbasisLofLaccounting.
⊚L true
⊚L false



25) UnderLtheLaccrualLbasisLofLaccounting,LrevenuesLareLrecognizedLwhenLmeasu
rableLandLavailableLtoLfinanceLexpendituresLofLtheLcurrentLperiod.
⊚L true
⊚L false