TEST BANK FOR
#y #y
Accounting for Governmental & Nonprofit Entities 19th Edition by
#y #y #y #y #y #y #y #y
Jacqueline
#y # y
Student name: #y
1) Explain #ythe #yessential #ydifferences #ybetween #ygeneral #ypurpose #yand #yspecial
#ypurpose #ygovernments #yand #ygive #yseveral #yexamples #yof #yeach.
2) Identify #yand #yexplain #ythe #ycharacteristics #ythat #ydistinguish #ygovernments #yand #ynot-for-
profit #yentities #yfrom #ybusiness #yentities.
3) GASB #yand #yFASB #ystandards #yare #yconcerned #yonly #ywith #yexternal #yfinancial #yreporting;
#ywhereas, #yFASAB #ystandards #yare #yconcerned #ywith #yboth #yinternal #yand #yexternal #yfinancial
#yreporting. #yDo #yyou #yagree #ywith #ythis #ystatement? #yWhy #yor #ywhy #ynot?
4) Why #yshould #ypersons #yinterested #yin #yreading #yfinancial #yreports #yof #ygovernments #yand
#ynot-for- #yprofit #yentities #ybe #yfamiliar #ywith #ystandards #yset #yby #ythe #yGASB #yand #ythe #yFASB?
,5) Explain in your own words why accountability is the cornerstone of all financial
reporting in government.
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
external users have for the financial reports of not-for-profit organizations.
7) Describe the difference between a comprehensive annual financial report (CAFR) and
GASB general purpose external financial reporting for state and local governments.
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.
,9) Explain #ythe #yconcepts #yof #yfiscal #yand #yoperational #yaccountability #yand #ythe #ybasis #yof
#yaccounting #yused #yto #ycapture #yeach #yconcept.
10) Describe #ythe #ycomprehensive #yannual #yfinancial #yreport #y(CAFR). #yWhat #yare #ythe #ysections
#yof #ythe #yreport #yand #ywhich #ycomponents #yof #ythe #yorganization #yshould #yit #yinclude? #yIs #ya #yCAFR
#yrequired?
11) The #yGovernmental #yAccounting #yStandards #yBoard #yis #yassigned #yresponsibility #yfor
#ysetting #yaccounting #yand #yfinancial #yreporting #ystandards #yfor #ywhich #yof #ythe #yfollowing?
A) Governments #ysuch #yas #yfederal #yagencies, #ystates, #ycities, #ycounties, #yvillages,
#yand #ytownships.
B) State #yand #ylocal #ygovernment #yentities #yand #ygovernmentally-related #yunits #yand
#yagencies, #ysuch #yas #yutilities, #yauthorities, #yhospitals, #yand #ycolleges #yand #yuniversities.
C) Not-for-profit #yorganizations.
D) State #yand #ylocal #ygovernments #yand #yall #ynot-for-profit #yorganizations.
, 12) Which #yof #ythe #yfollowing #ybodies #yhas #ybeen #yestablished #yto #yrecommend
#yaccounting #yand #yfinancial #yreporting #ystandards #yfor #ythe #yfederal #ygovernment?
A) Financial #yAccounting #yStandards #yBoard #y(FASB).
B) Governmental #yAccounting #yStandards #yBoard #y(GASB).
C) Federal #yAccounting #yFoundation #y(FAF).
D) Federal #yAccounting #yStandards #yAdvisory #yBoard #y(FASAB).
13) The #yFinancial #yAccounting #yStandards #yBoard #yhas #ythe #yresponsibility #yfor #ysetting
#yaccounting #yand #yfinancial #yreporting #ystandards #yfor #ywhich #yof #ythe #yfollowing?
A) All #ynot-for-profit #yorganizations #ythat #yare #ynongovernmental #yand #ybusiness #yentities.
B) All #ynot-for-profit #yorganizations #yand #ybusiness #yentities.
C) All #ynot-for-profit #yorganizations.
D) Special #ypurpose #ygovernments #ywith #ya #ybusiness #ypurpose.
14) You #yare #ytrying #yto #ydecide #yif #yan #yentity #yyou #yare #yreviewing #yis #ya #ygovernment #yor
#ya #ynot-for- #yprofit. #yWhich #yof #ythe #yfollowing #ywould #yindicate #yit #yis #ya #ygovernment #yrather
#ythan #ya #ynot-for-profit #yentity?
A) Absence #yof #yprofit #ymotive.
B) A #yprimary #ysource #yof #yrevenues #yis #ytaxes.
C) Resource #yproviders #ydo #ynot #yexpect #ybenefits #yproportional #yto #ythe #yresources #yprovided.
D) Absence #yof #ya #ydefined #yownership #yinterest #ythat #ycan #ybe #ysold, #ytransferred, #yor
#yredeemed.
15) Which #yof #ythe #yfollowing #yis #yidentified #yby #ythe #yGASB #yas #ythe #y"cornerstone" #yof #yall
#yfinancial #yreporting #yin #ygovernment?
A) Decision #yusefulness.
B) Stewardship.
C) Accountability.
D) Interperiod #yequity.
#y #y
Accounting for Governmental & Nonprofit Entities 19th Edition by
#y #y #y #y #y #y #y #y
Jacqueline
#y # y
Student name: #y
1) Explain #ythe #yessential #ydifferences #ybetween #ygeneral #ypurpose #yand #yspecial
#ypurpose #ygovernments #yand #ygive #yseveral #yexamples #yof #yeach.
2) Identify #yand #yexplain #ythe #ycharacteristics #ythat #ydistinguish #ygovernments #yand #ynot-for-
profit #yentities #yfrom #ybusiness #yentities.
3) GASB #yand #yFASB #ystandards #yare #yconcerned #yonly #ywith #yexternal #yfinancial #yreporting;
#ywhereas, #yFASAB #ystandards #yare #yconcerned #ywith #yboth #yinternal #yand #yexternal #yfinancial
#yreporting. #yDo #yyou #yagree #ywith #ythis #ystatement? #yWhy #yor #ywhy #ynot?
4) Why #yshould #ypersons #yinterested #yin #yreading #yfinancial #yreports #yof #ygovernments #yand
#ynot-for- #yprofit #yentities #ybe #yfamiliar #ywith #ystandards #yset #yby #ythe #yGASB #yand #ythe #yFASB?
,5) Explain in your own words why accountability is the cornerstone of all financial
reporting in government.
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
external users have for the financial reports of not-for-profit organizations.
7) Describe the difference between a comprehensive annual financial report (CAFR) and
GASB general purpose external financial reporting for state and local governments.
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.
,9) Explain #ythe #yconcepts #yof #yfiscal #yand #yoperational #yaccountability #yand #ythe #ybasis #yof
#yaccounting #yused #yto #ycapture #yeach #yconcept.
10) Describe #ythe #ycomprehensive #yannual #yfinancial #yreport #y(CAFR). #yWhat #yare #ythe #ysections
#yof #ythe #yreport #yand #ywhich #ycomponents #yof #ythe #yorganization #yshould #yit #yinclude? #yIs #ya #yCAFR
#yrequired?
11) The #yGovernmental #yAccounting #yStandards #yBoard #yis #yassigned #yresponsibility #yfor
#ysetting #yaccounting #yand #yfinancial #yreporting #ystandards #yfor #ywhich #yof #ythe #yfollowing?
A) Governments #ysuch #yas #yfederal #yagencies, #ystates, #ycities, #ycounties, #yvillages,
#yand #ytownships.
B) State #yand #ylocal #ygovernment #yentities #yand #ygovernmentally-related #yunits #yand
#yagencies, #ysuch #yas #yutilities, #yauthorities, #yhospitals, #yand #ycolleges #yand #yuniversities.
C) Not-for-profit #yorganizations.
D) State #yand #ylocal #ygovernments #yand #yall #ynot-for-profit #yorganizations.
, 12) Which #yof #ythe #yfollowing #ybodies #yhas #ybeen #yestablished #yto #yrecommend
#yaccounting #yand #yfinancial #yreporting #ystandards #yfor #ythe #yfederal #ygovernment?
A) Financial #yAccounting #yStandards #yBoard #y(FASB).
B) Governmental #yAccounting #yStandards #yBoard #y(GASB).
C) Federal #yAccounting #yFoundation #y(FAF).
D) Federal #yAccounting #yStandards #yAdvisory #yBoard #y(FASAB).
13) The #yFinancial #yAccounting #yStandards #yBoard #yhas #ythe #yresponsibility #yfor #ysetting
#yaccounting #yand #yfinancial #yreporting #ystandards #yfor #ywhich #yof #ythe #yfollowing?
A) All #ynot-for-profit #yorganizations #ythat #yare #ynongovernmental #yand #ybusiness #yentities.
B) All #ynot-for-profit #yorganizations #yand #ybusiness #yentities.
C) All #ynot-for-profit #yorganizations.
D) Special #ypurpose #ygovernments #ywith #ya #ybusiness #ypurpose.
14) You #yare #ytrying #yto #ydecide #yif #yan #yentity #yyou #yare #yreviewing #yis #ya #ygovernment #yor
#ya #ynot-for- #yprofit. #yWhich #yof #ythe #yfollowing #ywould #yindicate #yit #yis #ya #ygovernment #yrather
#ythan #ya #ynot-for-profit #yentity?
A) Absence #yof #yprofit #ymotive.
B) A #yprimary #ysource #yof #yrevenues #yis #ytaxes.
C) Resource #yproviders #ydo #ynot #yexpect #ybenefits #yproportional #yto #ythe #yresources #yprovided.
D) Absence #yof #ya #ydefined #yownership #yinterest #ythat #ycan #ybe #ysold, #ytransferred, #yor
#yredeemed.
15) Which #yof #ythe #yfollowing #yis #yidentified #yby #ythe #yGASB #yas #ythe #y"cornerstone" #yof #yall
#yfinancial #yreporting #yin #ygovernment?
A) Decision #yusefulness.
B) Stewardship.
C) Accountability.
D) Interperiod #yequity.
