Governmental and Not for profit accounting Final exam questions with answers

Governmental and Not for profit accounting |\ |\ |\ |\ |\ |\




Final exam questions with answers
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which of the following would typically not be included in the
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introductory section of a CAFR - CORRECT ANSWERS ✔✔summary |\ |\ |\ |\ |\ |\ |\ |\


of the governments current financial position and results of
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financial activities |\




the section of the CAFR that presents tables and charts showing
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social and economic data in addition to financial trends, fiscal
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capacity, and operating info of the government is the: - CORRECT
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ANSWERS ✔✔statistical section
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the governmental accounting standards board is assigned
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responsibility for setting accounting and financial reporting |\ |\ |\ |\ |\ |\ |\


standards for: - CORRECT ANSWERS ✔✔state and local
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governmentlly related units and agencies such as utilities, |\ |\ |\ |\ |\ |\ |\ |\


authorities, hospitals, and colleges and universities |\ |\ |\ |\ |\




this financial accounting standards board has the reponsibility for
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setting accounting and financial reporting standards for: -
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CORRECT ANSWERS ✔✔all not for profit organizations that are
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nongovernmental and business entities |\ |\ |\




you are trying to decide if an entity you are reviewing is a
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government or a not for profit. which of the following would |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


indicate it is a government rather than a not for profit entity? -
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CORRECT ANSWERS ✔✔A primary source of revenues is taxes
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, which of the following would be included in a properly prepared
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CAFR, but not in the min requirements for general purpose
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financial reporting specified by GASB standards? - CORRECT
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ANSWERS ✔✔combining and individual fund financial statements
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on what should the governmental fund financial statements
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report? - CORRECT ANSWERS ✔✔fiscal accountability
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Recognizing revenues when measurable and available for paying
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current obligations and expenditures when incurred described
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which basis of accounting? - CORRECT ANSWERS ✔✔modified
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accrual


in accounting for state and local governments, the modified
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accrual basis is required for - CORRECT ANSWERS
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✔✔governmental funds |\




which of the following funds is a governmental fund type? -
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CORRECT ANSWERS ✔✔permanent fund |\ |\ |\




which of the following funds would be most appropriate when
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accounting for an activity that provides goods or services to the
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public for a fee that is included to make the activity self
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supporting - CORRECT ANSWERS ✔✔enterprise fund |\ |\ |\ |\ |\




under modified accrual basis, revenues should be recognized
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when - CORRECT ANSWERS ✔✔measurable and available
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