Test bank for essentials of accounting for governmental and not for organizations 15th edition by paul copley|2026/27

Test Bank
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Essentials of Accounting for Governmental and
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Not-for-Profit Organizations 15 edition Paul Copley
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Chapters 1-14 Covered
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1

,TABLE OF CONTENT
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CHAPTER 1: Introduction to accounting and financial reporting for governmental and not-for-
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profit organizations
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CHAPTER 2: Overview of financial reporting for state and local governments
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CHAPTER 3: Modified accrual accounting: Including the role of fund balances and budgetary authority
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CHAPTER 4: Accounting for the general and special revenue funds
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CHAPTER 5: Accounting for other governmental fund types: capital projects, debt service, and permanent
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CHAPTER 6: Proprietary Funds
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CHAPTER 7: Fiduciary Funds
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CHAPTER 8: Government-wide statements, capital assets, long-term debt
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CHAPTER 9: Advanced topics for state and local governments
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CHAPTER 10: Accounting for private not-for-profit organizations
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CHAPTER 11: College and university accounting
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CHAPTER 12: Accounting for hospitals and other health care providers
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CHAPTER 13: Auditing, tax-exempt organizations, and evaluating performance
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CHAPTER 14: Financial reporting by the federal government
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2

,Chap 01 15e Copley
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Answers IncludedW




1) The Governmental Accounting Standards Board sets financial reporting standar
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ds for all units of government: federal, state, and local.
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⊚ true
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⊚ false
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2) Fund accounting exists primarily to provide assurance that resources are used acc
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ording to legal or donor restrictions.
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⊚ true
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⊚ false
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3) The Financial Accounting Standards Board sets financial reporting standards fo
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r profit- seeking businesses and nongovernmental, not-for-
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profit organizations.
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⊚ true
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⊚ false
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4) FASAB, GASB, and FASB standards are set forth primarily in documents called statements.
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⊚ true
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⊚ false
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5) FASAB, GASB, and FASB reporting standards are set forth primarily in document
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s called concept statements.
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⊚ true
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⊚ false
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6) The FASAB was established to recommend accounting and financial reporting stan
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dards for the federal government.
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⊚ true
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⊚ false
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3

, 7) The GASB does not require supplementary information to be reported with its fin
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ancial statements even if it is essential to establish appropriate context for the finan
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cial statements and notes.
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⊚ true W




⊚ false W




8) The Financial Accounting Standards Board sets financial reporting standards for pri
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vate not- for-profits and investor-owned businesses.
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⊚ true W




⊚ false W




9) An organization is presumed to be governmental if it has the ability to issue directly
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debt that is exempt from federal taxes.
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⊚ true W




⊚ false W




10) The Financial Accounting Standards Board and the Governmental Accounting St
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andards Board are parallel bodies under the oversight of the Financial Accounti
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ng Foundation.
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⊚ true W




⊚ false W




11) The Federal Accounting Standards Advisory Board requires less extensive reports t
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han does the FASB or GASB.
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⊚ true W




⊚ false W




12) The FASAB requires more financial statements than are typically required of state a
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nd local governments.
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⊚ true W




⊚ false W




4