AC 435 Governmental Accounting *Exam
1 (ch. 1, 2, 3 &4) well answered already
passed
not-for-profit organizations ____ - correct answer ✔✔- lack a residual ownership claim
- have a purpose other than making profit
governmental accounting practices are ____ - correct answer ✔✔intended to satisfy users'
information needs
(t/f) governments report much more disaggregated information than commercial enterprises -
correct answer ✔✔true
governments receive many of their resources from individuals and businesses who are required
to pay ____ - correct answer ✔✔taxes
governments ____ - correct answer ✔✔- may expense improvements that extend an assets
useful life
- may elect not to depreciate some capital assets
to help provide assurance that resources are used according to legal or donor restrictions,
governments use ____ ____ - correct answer ✔✔fund accounting
government budgets ____ - correct answer ✔✔- are expressions of public policy
- often carry the authority of law
- prevent spending outside budgetary authority
,FASAB accounting and financial reporting standards ____ - correct answer ✔✔- are reviewed
and become effective unless objected to by a principal
- objected to by a principal
- apply to the consolidated financial report of the us government
the governmental accounting standards board sets accounting and financial reporting standards
for ____ - correct answer ✔✔- state and local governments
- government health-care entities
- government libraries and museums
the boards of GASB and the FASB are appointed by the ____ - correct answer ✔✔financial
accounting foundation
GASB currently issues ____ - correct answer ✔✔- statements of financial accounting standards
- technical bulletins
- implementation guides
non-authoritative sources governments may use for guidance include ____ - correct answer
✔✔- GASB concept statements
- international standards board pronouncements
- prevalent practices among governments
organized versions of accounting standards are called ____ - correct answer ✔✔codifications
governmental organizations include ____ - correct answer ✔✔- public corporations
- organizations with officers who are elected by a popular vote
, a governments official yearly report is called a(n) ____ report - correct answer
✔✔comprehensive annual financial (cafr)
when transactions and events are recognized in the accounting records is determined by the
____ - correct answer ✔✔basis of accounting
all fund statements are presented using the same measurement focus and basis of accounting -
correct answer ✔✔false
a self balancing set of accounts that separately reports the resources and activities of a part of
government due to the existence of restrictions or limitation on the use of some resources is
a(n) ____ - correct answer ✔✔fund
the types of propriety funds are ____ - correct answer ✔✔- enterprise
- internal service
resources that are held by the government in a trustee capacity are accounted for in ____ funds
- correct answer ✔✔fiduciary
accounting and financial reporting standards for governmental not-for-profit organizations are
set by the ____ board - correct answer ✔✔governmental accounting standards
GASB standards are set forth in documents called ____ of financial accounting standards -
correct answer ✔✔statements
because governmental funds accounting systems are designed to measure the extent to which
financial resources obtained during a period are sufficient to cover claims against them and the
net financial resources available in the future, they have a flow of ____ resources measurement
- correct answer ✔✔current financial
1 (ch. 1, 2, 3 &4) well answered already
passed
not-for-profit organizations ____ - correct answer ✔✔- lack a residual ownership claim
- have a purpose other than making profit
governmental accounting practices are ____ - correct answer ✔✔intended to satisfy users'
information needs
(t/f) governments report much more disaggregated information than commercial enterprises -
correct answer ✔✔true
governments receive many of their resources from individuals and businesses who are required
to pay ____ - correct answer ✔✔taxes
governments ____ - correct answer ✔✔- may expense improvements that extend an assets
useful life
- may elect not to depreciate some capital assets
to help provide assurance that resources are used according to legal or donor restrictions,
governments use ____ ____ - correct answer ✔✔fund accounting
government budgets ____ - correct answer ✔✔- are expressions of public policy
- often carry the authority of law
- prevent spending outside budgetary authority
,FASAB accounting and financial reporting standards ____ - correct answer ✔✔- are reviewed
and become effective unless objected to by a principal
- objected to by a principal
- apply to the consolidated financial report of the us government
the governmental accounting standards board sets accounting and financial reporting standards
for ____ - correct answer ✔✔- state and local governments
- government health-care entities
- government libraries and museums
the boards of GASB and the FASB are appointed by the ____ - correct answer ✔✔financial
accounting foundation
GASB currently issues ____ - correct answer ✔✔- statements of financial accounting standards
- technical bulletins
- implementation guides
non-authoritative sources governments may use for guidance include ____ - correct answer
✔✔- GASB concept statements
- international standards board pronouncements
- prevalent practices among governments
organized versions of accounting standards are called ____ - correct answer ✔✔codifications
governmental organizations include ____ - correct answer ✔✔- public corporations
- organizations with officers who are elected by a popular vote
, a governments official yearly report is called a(n) ____ report - correct answer
✔✔comprehensive annual financial (cafr)
when transactions and events are recognized in the accounting records is determined by the
____ - correct answer ✔✔basis of accounting
all fund statements are presented using the same measurement focus and basis of accounting -
correct answer ✔✔false
a self balancing set of accounts that separately reports the resources and activities of a part of
government due to the existence of restrictions or limitation on the use of some resources is
a(n) ____ - correct answer ✔✔fund
the types of propriety funds are ____ - correct answer ✔✔- enterprise
- internal service
resources that are held by the government in a trustee capacity are accounted for in ____ funds
- correct answer ✔✔fiduciary
accounting and financial reporting standards for governmental not-for-profit organizations are
set by the ____ board - correct answer ✔✔governmental accounting standards
GASB standards are set forth in documents called ____ of financial accounting standards -
correct answer ✔✔statements
because governmental funds accounting systems are designed to measure the extent to which
financial resources obtained during a period are sufficient to cover claims against them and the
net financial resources available in the future, they have a flow of ____ resources measurement
- correct answer ✔✔current financial
