Accounting for Governmental & Nonprofit Entities – Reck 19th Edition Test Bank | Verified Questions & Explanations | 2025 Updated

TEST_BANK_FOR_ACCOUNTING_FOR_G
OVERNMENTAL_AND_NONPROFIT_ENTI
TIES_19TH_JACQUELINE_L_RECK__DAN
IEL_NEELY__SUZANNE_LOWENSOHN

Studenttyname:
1) Explaintythetyessentialtydifferencestybetweentygeneraltypurposetyandtyspecialtypur
posetygovernmentstyandtygivetyseveraltyexamplestyoftyeach.




2) Identifytyandtyexplaintythetycharacteristicstythattydistinguishtygovernmentstyandtynot-for-
profittyentitiestyfromtybusinesstyentities.




3) GASBtyandtyFASBtystandardstyaretyconcernedtyonlytywithtyexternaltyfinancialtyreporting;tyw
hereas,tyFASABtystandardstyaretyconcernedtywithtybothtyinternaltyandtyexternaltyfinancialtyreporting.t
yDotyyoutyagreetywithtythistystatement?tyWhytyortywhytynot?




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,4) Whytyshouldtypersonstyinterestedtyintyreadingtyfinancialtyreportstyoftygovernmentstyandtyno
t-for-typrofittyentitiestybetyfamiliartywithtystandardstysettybytythetyGASBtyandtythetyFASB?




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,5) Explaintyintyyourtyowntywordstywhytyaccountabilitytyistythetycornerstonetyoftyalltyfin
ancialtyreportingtyintygovernment.




6) IntyyourtyowntywordstystatetythetyprimarytyneedstythetyGASBtybelievestyexternaltyuserstyha
vetyfortyfinancialtyreportstyoftystatetyandtylocaltygovernments.tyFortycontrast,tystatetythetyusestythetyF
ASBtybelievestyexternaltyuserstyhavetyfortythetyfinancialtyreportstyoftynot-for-
profittyorganizations.




7) Describetythetydifferencetybetweentyatycomprehensivetyannualtyfinancialtyreportty(CAFR)t
yandtyGASBtygeneraltypurposetyexternaltyfinancialtyreportingtyfortystatetyandtylocaltygovernment

s.




8) Identifytyandtybrieflytyexplaintythetyfourtysectionstyoftythetyperformancetyandtyaccountabilitytyr
eportty(PAR)tythattythetyOfficetyoftyManagementtyandtyBudgettyrequirestymajortyfederaltydepartment
styandtyagenciestytotyprepare.




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, 9) Explaintythetyconceptstyoftyfiscaltyandtyoperationaltyaccountabilitytyandtythetybasistyoftyaccou
ntingtyusedtytotycapturetyeachtyconcept.




10) Describetythetycomprehensivetyannualtyfinancialtyreportty(CAFR).tyWhattyaretythetysectionsty
oftythetyreporttyandtywhichtycomponentstyoftythetyorganizationtyshouldtyittyinclude?tyIstyatyCAFRtyreq
uired?




11) ThetyGovernmentaltyAccountingtyStandardstyBoardtyistyassignedtyresponsibilitytyfortyset
tingtyaccountingtyandtyfinancialtyreportingtystandardstyfortywhichtyoftythetyfollowing?

A) Governmentstysuchtyastyfederaltyagencies,tystates,tycities,tycounties,tyvillages,t
yandtytownships.

B) Statetyandtylocaltygovernmenttyentitiestyandtygovernmentally-
relatedtyunitstyandtyagencies,tysuchtyastyutilities,tyauthorities,tyhospitals,tyandtycollegestyandtyunive
rsities.
C) Not-for-profittyorganizations.
D) Statetyandtylocaltygovernmentstyandtyalltynot-for-profittyorganizations.




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