kjhgfdsa
TEST BANK
@
For
Pa
Accounting for Governmental & Nonprofit Entities 18th Edition
ss
by Jacqueline L. Reck, Suzanne Lowensohn
vi
♦️♦️♦️All Chapters Included ✅✅✅
be
♦️♦️♦️All Answers Included ✅✅✅
s
@Passvibes
kjhgfdsa
, kjhgfdsa
TEST BANK FOR
Accounting for Governmental and Nonprofit Entities, 18e (Reck)
Chapter 1 I n t r o d u c t i o n to Accounting and Financial Reporting for Government
and Not-for-Profit Entities
1) Special purpose governments generally provide a wider range of services to their residents than
do general purpose governments.
Answer: FALSE
@
Difficulty: 1 Easy
Topic: Distinguishing Government and Not-For-Profit Organizations
Learning Objective: 01-01 Identify and explain the characteristics that distinguish government
and not-for-profit entities from for-profit entities.
Bloom's: Remember
AACSB: Knowledge Application
Pa
AICPA: BB Industry
2) Examples of general-purpose governments include cities, towns, and public schools that receive
tax revenue to finance the services they provide.
Answer: TRUE
Difficulty: 1 Easy
ss
Topic: Distinguishing Government and Not-For-Profit Organizations
Learning Objective: 01-01 Identify and explain the characteristics that distinguish government
and not-for-profit entities from for-profit entities.
Bloom's: Remember
AACSB: Knowledge Application
AICPA: BB Industry
vi
3) The Governmental Accounting Standards Board (GASB) is the body authorized to establish
accounting principles for all state and local governments, both general purpose and special
purpose.
be
Answer: TRUE
Difficulty: 1 Easy
Topic: Sources of financial reporting standards
Learning Objective: 01-02 Identify the authoritative bodies responsible for setting financial
reporting standards for (1) state and local governments, (2) the federal government, and (3)
s
not-for-profit organizations.
Bloom's: Remember
AACSB: Knowledge Application
AICPA: BB Industry All Chapters Included
All Answers Included
@Passvibes
kjhgfdsa
, kjhgfdsa
4) The Governmental Accounting Standards Board (GASB) is the body authorized to establish
accounting principles for all government entities.
Answer: FALSE
Difficulty: 1 Easy
Topic: Sources of financial reporting standards
Learning Objective: 01-02 Identify the authoritative bodies responsible for setting financial
reporting standards for (1) state and local governments, (2) the federal government, and (3)
not-for-profit organizations.
Bloom's: Remember
AACSB: Knowledge Application
@
AICPA: BB Industry
5) The Financial Accounting Standards Board (FASB) is the body authorized to establish
accounting principles for all colleges and universities and health care entities.
Answer: FALSE
Pa
Difficulty: 1 Easy
Topic: Sources of financial reporting standards
Learning Objective: 01-02 Identify the authoritative bodies responsible for setting financial
reporting standards for (1) state and local governments, (2) the federal government, and (3)
not-for-profit organizations.
Bloom's: Remember
AACSB: Knowledge Application
ss
AICPA: BB Industry
6) Neither governments nor not-for-profit entities have residual equity that can be distributed to
owners.
vi
Answer: TRUE
Difficulty: 2 Medium
Topic: Distinguishing Government and Not-For-Profit Organizations
Learning Objective: 01-01 Identify and explain the characteristics that distinguish government
be
and not-for-profit entities from for-profit entities.
Bloom's: Understand
AACSB: Knowledge Application
AICPA: FN Reporting
s
@Passvibes
kjhgfdsa
, kjhgfdsa
7) A characteristic common to governments and not-for-profit organizations is that they do not
exist to provide goods or services at a profit or profit equivalent.
Answer: TRUE
Difficulty: 2 Medium
Topic: Distinguishing Government and Not-For-Profit Organizations
Learning Objective: 01-01 Identify and explain the characteristics that distinguish government
and not-for-profit entities from for-profit entities.
Bloom's: Understand
AACSB: Knowledge Application
AICPA: BB Industry
@
8) The needs of users of government financial reports are the same as those of users of business
entity financial reports.
Answer: FALSE
Pa
Difficulty: 2 Medium
Topic: Distinguishing Government and Not-For-Profit Organizations
Learning Objective: 01-01 Identify and explain the characteristics that distinguish government
and not-for-profit entities from for-profit entities.
Bloom's: Understand
AACSB: Knowledge Application
AICPA: BB Industry
ss
9) The Federal Accounting Standards Advisory Board (FASAB) recommends accounting
principles and standards for the federal government and its agencies and departments.
Answer: TRUE
Difficulty: 1 Easy
vi
Topic: Sources of financial reporting standards
Learning Objective: 01-02 Identify the authoritative bodies responsible for setting financial
reporting standards for (1) state and local governments, (2) the federal government, and (3)
not-for-profit organizations.
be
Bloom's: Remember
AACSB: Knowledge Application
AICPA: BB Industry
s
@Passvibes
kjhgfdsa
TEST BANK
@
For
Pa
Accounting for Governmental & Nonprofit Entities 18th Edition
ss
by Jacqueline L. Reck, Suzanne Lowensohn
vi
♦️♦️♦️All Chapters Included ✅✅✅
be
♦️♦️♦️All Answers Included ✅✅✅
s
@Passvibes
kjhgfdsa
, kjhgfdsa
TEST BANK FOR
Accounting for Governmental and Nonprofit Entities, 18e (Reck)
Chapter 1 I n t r o d u c t i o n to Accounting and Financial Reporting for Government
and Not-for-Profit Entities
1) Special purpose governments generally provide a wider range of services to their residents than
do general purpose governments.
Answer: FALSE
@
Difficulty: 1 Easy
Topic: Distinguishing Government and Not-For-Profit Organizations
Learning Objective: 01-01 Identify and explain the characteristics that distinguish government
and not-for-profit entities from for-profit entities.
Bloom's: Remember
AACSB: Knowledge Application
Pa
AICPA: BB Industry
2) Examples of general-purpose governments include cities, towns, and public schools that receive
tax revenue to finance the services they provide.
Answer: TRUE
Difficulty: 1 Easy
ss
Topic: Distinguishing Government and Not-For-Profit Organizations
Learning Objective: 01-01 Identify and explain the characteristics that distinguish government
and not-for-profit entities from for-profit entities.
Bloom's: Remember
AACSB: Knowledge Application
AICPA: BB Industry
vi
3) The Governmental Accounting Standards Board (GASB) is the body authorized to establish
accounting principles for all state and local governments, both general purpose and special
purpose.
be
Answer: TRUE
Difficulty: 1 Easy
Topic: Sources of financial reporting standards
Learning Objective: 01-02 Identify the authoritative bodies responsible for setting financial
reporting standards for (1) state and local governments, (2) the federal government, and (3)
s
not-for-profit organizations.
Bloom's: Remember
AACSB: Knowledge Application
AICPA: BB Industry All Chapters Included
All Answers Included
@Passvibes
kjhgfdsa
, kjhgfdsa
4) The Governmental Accounting Standards Board (GASB) is the body authorized to establish
accounting principles for all government entities.
Answer: FALSE
Difficulty: 1 Easy
Topic: Sources of financial reporting standards
Learning Objective: 01-02 Identify the authoritative bodies responsible for setting financial
reporting standards for (1) state and local governments, (2) the federal government, and (3)
not-for-profit organizations.
Bloom's: Remember
AACSB: Knowledge Application
@
AICPA: BB Industry
5) The Financial Accounting Standards Board (FASB) is the body authorized to establish
accounting principles for all colleges and universities and health care entities.
Answer: FALSE
Pa
Difficulty: 1 Easy
Topic: Sources of financial reporting standards
Learning Objective: 01-02 Identify the authoritative bodies responsible for setting financial
reporting standards for (1) state and local governments, (2) the federal government, and (3)
not-for-profit organizations.
Bloom's: Remember
AACSB: Knowledge Application
ss
AICPA: BB Industry
6) Neither governments nor not-for-profit entities have residual equity that can be distributed to
owners.
vi
Answer: TRUE
Difficulty: 2 Medium
Topic: Distinguishing Government and Not-For-Profit Organizations
Learning Objective: 01-01 Identify and explain the characteristics that distinguish government
be
and not-for-profit entities from for-profit entities.
Bloom's: Understand
AACSB: Knowledge Application
AICPA: FN Reporting
s
@Passvibes
kjhgfdsa
, kjhgfdsa
7) A characteristic common to governments and not-for-profit organizations is that they do not
exist to provide goods or services at a profit or profit equivalent.
Answer: TRUE
Difficulty: 2 Medium
Topic: Distinguishing Government and Not-For-Profit Organizations
Learning Objective: 01-01 Identify and explain the characteristics that distinguish government
and not-for-profit entities from for-profit entities.
Bloom's: Understand
AACSB: Knowledge Application
AICPA: BB Industry
@
8) The needs of users of government financial reports are the same as those of users of business
entity financial reports.
Answer: FALSE
Pa
Difficulty: 2 Medium
Topic: Distinguishing Government and Not-For-Profit Organizations
Learning Objective: 01-01 Identify and explain the characteristics that distinguish government
and not-for-profit entities from for-profit entities.
Bloom's: Understand
AACSB: Knowledge Application
AICPA: BB Industry
ss
9) The Federal Accounting Standards Advisory Board (FASAB) recommends accounting
principles and standards for the federal government and its agencies and departments.
Answer: TRUE
Difficulty: 1 Easy
vi
Topic: Sources of financial reporting standards
Learning Objective: 01-02 Identify the authoritative bodies responsible for setting financial
reporting standards for (1) state and local governments, (2) the federal government, and (3)
not-for-profit organizations.
be
Bloom's: Remember
AACSB: Knowledge Application
AICPA: BB Industry
s
@Passvibes
kjhgfdsa
