Essentials of Accounting for Governmental and Nonprofit Organizations 15e Test Bank | Copley Solutions

TEST BANK FOR
j j


EssentialsjofjAccountingjforjGovernmentaljandjNot-for-ProfitjOrganizationsj15eCopleyj-
Chapterj1-14


Chapj01j15ejCopley AnswersjIncluded ✅
1) ThejGovernmentaljAccountingjStandardsjBoardjsetsjfinancialjreportingjstandardsjforjallju
nitsjofjgovernment:jfederal,jstate,jandjlocal.
⊚j true
⊚j false



2) Fundjaccountingjexistsjprimarilyjtojprovidejassurancejthatjresourcesjarejusedjaccordingjtojle
galjorjdonorjrestrictions.
⊚j true
⊚j false



3) ThejFinancialjAccountingjStandardsjBoardjsetsjfinancialjreportingjstandardsjforjprofit-
seekingjbusinessesjandjnongovernmental,jnot-for-profitjorganizations.
j

⊚j true
⊚j false



4) FASAB,jGASB,jandjFASBjstandardsjarejsetjforthjprimarilyjinjdocumentsjcalledjstatements.
⊚j true
⊚j false



5) FASAB,jGASB,jandjFASBjreportingjstandardsjarejsetjforthjprimarilyjinjdocumentsjcalledjco
nceptjstatements.
⊚j true
⊚j false



6) ThejFASABjwasjestablishedjtojrecommendjaccountingjandjfinancialjreportingjstandardsjforjth
ejfederaljgovernment.
⊚j true
⊚j false

,7) ThejGASBjdoesjnotjrequirejsupplementaryjinformationjtojbejreportedjwithjitsjfinancialjstate
mentsjevenjifjitjisjessentialjtojestablishjappropriatejcontextjforjthejfinancialjstatementsjandjnot
es.
⊚j true
⊚j false



8) ThejFinancialjAccountingjStandardsjBoardjsetsjfinancialjreportingjstandardsjforjprivatejnot-
for-profitsjandjinvestor-ownedjbusinesses.
j

⊚j true
⊚j false



9) Anjorganizationjisjpresumedjtojbejgovernmentaljifjitjhasjthejabilityjtojissuejdirectlyjdebtjthatjisje
xemptjfromjfederaljtaxes.
⊚j true
⊚j false



10) ThejFinancialjAccountingjStandardsjBoardjandjthejGovernmentaljAccountingjStandardsjB
oardjarejparalleljbodiesjunderjthejoversightjofjthejFinancialjAccountingjFoundation.
⊚j true
⊚j false



11) ThejFederaljAccountingjStandardsjAdvisoryjBoardjrequiresjlessjextensivejreportsjthanjdoesjth
ejFASBjorjGASB.
⊚j true
⊚j false



12) ThejFASABjrequiresjmorejfinancialjstatementsjthanjarejtypicallyjrequiredjofjstatejandjlocaljgo
vernments.
⊚j true
⊚j false

,13) Governmentsjmustjhavejasjmanyjfundsjasjnecessaryjtojfulfilljlegaljrequirementsjandjsoundjfin
ancialjadministrationjbutjmustjhavejatjajminimumjajGeneraljFund.
⊚j true
⊚j false



14) AjManagement'sjDiscussionjandjAnalysisjisjrequiredjforjstatejandjlocaljgovernmentaljunits,jan
djthejfederaljgovernment.
⊚j true
⊚j false



15) Althoughjcertainjsupplementaryjinformationjmayjnotjbejrequired,jifjpresented,jitjmustjfo
llowjGASBjguidancejregardingjitsjformatjandjcontent.
⊚j true
⊚j false



16) ThejformatjandjcontentjofjsupplementaryjinformationjwhichjisjnotjrequiredjbyjGASBjisjupjtojt
hejdiscretionjofjthejreportingjentity.
⊚j true
⊚j false



17) GASBjandjFASBjConceptjStatementsjestablishjaccountingjstandardsjthatjmustjbejcompliedjw
ithjtojreceivejanjunqualifiedjauditjopinion.
⊚j true
⊚j false



18) FASAB,jGASB,jandjFASBjstandardsjarejsetjforthjprimarilyjinjdocumentsjcalledjin
terpretations.
⊚j true
⊚j false

, 19) Fund-
basisjstatementsjarejpresentedjforjthreejcategoriesjofjgovernmentjactivities:jgovern
mental,jproprietary,jandjfiduciary.
⊚j true
⊚j false



20) Statejandjlocaljgovernmentsjmayjusejasjmanyjasjtwelvejdifferentjfundjtypes.
⊚j true
⊚j false



21) Thejeconomicjresourcejmeasurementjfocusjandjaccrualjbasisjisjanjimportantjfeaturejofjgo
vernment-widejfinancialjstatements.
⊚j true
⊚j false



22) Businesslikejactivityjfund-
basisjstatementsjmustjbejchangedjtojthejaccrualjbasisjfromjthejmodifiedjaccrualjbasisjwhenj
preparingjgovernment-widejfinancialjstatements.
⊚j true
⊚j false



23) Governmental-typejactivityjfund-
basisjstatementsjmustjusejaccrualjbasisjwhenjpreparingjgovernment-
widejfinancialjstatements.
⊚j true
⊚j false



24) Fiduciaryjfundsjofjajgovernmentaljunitjusejthejcurrentjfinancialjresourcesjmeasurementjfo
cusjandjmodifiedjaccrualjbasisjofjaccounting.
⊚j true
⊚j false



25) Underjthejaccrualjbasisjofjaccounting,jrevenuesjarejrecognizedjwhenjmeasurablejandjav
ailablejtojfinancejexpendituresjofjthejcurrentjperiod.
⊚j true
⊚j false