TEST BANK
Essentials of Accounting for Governmental and Not-for-Profit Organizations
Paul A. Copley
15th Edition
PR
O
FD
O
C
1
,TABLE OF CONTENT
CHAPTER 1: Introduction to accounting and financial reporting for governmental and not-for-profit organizations
CHAPTER 2: Overview of financial reporting for state and local governments
CHAPTER 3: Modified accrual accounting: Including the role of fund balances and budgetary authority
CHAPTER 4: Accounting for the general and special revenue funds
CHAPTER 5: Accounting for other governmental fund types: capital projects, debt service, and permanent
CHAPTER 6: Proprietary Funds
CHAPTER 7: Fiduciary Funds
CHAPTER 8: Government-wide statements, capital assets, long-term debt
PR
CHAPTER 9: Advanced topics for state and local governments
CHAPTER 10: Accounting for private not-for-profit organizations
CHAPTER 11: College and university accounting
O
CHAPTER 12: Accounting for hospitals and other health care providers
CHAPTER 13: Auditing, tax-exempt organizations, and evaluating performance
FD
CHAPTER 14: Financial reporting by the federal government
O
C
2
, Answers Included
Chap 01
(ANSWERS AT THE END OF EVERY CHAPTER)
1) The Governmental Accounting Standards Board sets financial reporting standards for all
units of government: federal, state, and local.
⊚ true
⊚ false
2) Fund accounting exists primarily to provide assurance that resources are used according to
legal or donor restrictions.
⊚ true
⊚ false
PR
3) The Financial Accounting Standards Board sets financial reporting standards for profit-
seeking businesses and nongovernmental, not-for-profit organizations.
⊚ true
⊚ false
O
4) FASAB, GASB, and FASB standards are set forth primarily in documents called statements.
⊚ true
FD
⊚ false
5) FASAB, GASB, and FASB reporting standards are set forth primarily in documents called
concept statements.
O
⊚ true
⊚ false
C
6) The FASAB was established to recommend accounting and financial reporting standards for
the federal government.
⊚ true
⊚ false
3
, 7) The GASB does not require supplementary information to be reported with its financial
statements even if it is essential to establish appropriate context for the financial statements
and notes.
⊚ true
⊚ false
8) The Financial Accounting Standards Board sets financial reporting standards for private not-
for-profits and investor-owned businesses.
⊚ true
⊚ false
PR
9) An organization is presumed to be governmental if it has the ability to issue directly debt that
is exempt from federal taxes.
⊚ true
⊚ false
O
10) The Financial Accounting Standards Board and the Governmental Accounting Standards
Board are parallel bodies under the oversight of the Financial Accounting Foundation.
FD
⊚ true
⊚ false
11) The Federal Accounting Standards Advisory Board requires less extensive reports than does
O
the FASB or GASB.
⊚ true
⊚ false
C
12) The FASAB requires more financial statements than are typically required of state and local
governments.
⊚ true
⊚ false
4
Essentials of Accounting for Governmental and Not-for-Profit Organizations
Paul A. Copley
15th Edition
PR
O
FD
O
C
1
,TABLE OF CONTENT
CHAPTER 1: Introduction to accounting and financial reporting for governmental and not-for-profit organizations
CHAPTER 2: Overview of financial reporting for state and local governments
CHAPTER 3: Modified accrual accounting: Including the role of fund balances and budgetary authority
CHAPTER 4: Accounting for the general and special revenue funds
CHAPTER 5: Accounting for other governmental fund types: capital projects, debt service, and permanent
CHAPTER 6: Proprietary Funds
CHAPTER 7: Fiduciary Funds
CHAPTER 8: Government-wide statements, capital assets, long-term debt
PR
CHAPTER 9: Advanced topics for state and local governments
CHAPTER 10: Accounting for private not-for-profit organizations
CHAPTER 11: College and university accounting
O
CHAPTER 12: Accounting for hospitals and other health care providers
CHAPTER 13: Auditing, tax-exempt organizations, and evaluating performance
FD
CHAPTER 14: Financial reporting by the federal government
O
C
2
, Answers Included
Chap 01
(ANSWERS AT THE END OF EVERY CHAPTER)
1) The Governmental Accounting Standards Board sets financial reporting standards for all
units of government: federal, state, and local.
⊚ true
⊚ false
2) Fund accounting exists primarily to provide assurance that resources are used according to
legal or donor restrictions.
⊚ true
⊚ false
PR
3) The Financial Accounting Standards Board sets financial reporting standards for profit-
seeking businesses and nongovernmental, not-for-profit organizations.
⊚ true
⊚ false
O
4) FASAB, GASB, and FASB standards are set forth primarily in documents called statements.
⊚ true
FD
⊚ false
5) FASAB, GASB, and FASB reporting standards are set forth primarily in documents called
concept statements.
O
⊚ true
⊚ false
C
6) The FASAB was established to recommend accounting and financial reporting standards for
the federal government.
⊚ true
⊚ false
3
, 7) The GASB does not require supplementary information to be reported with its financial
statements even if it is essential to establish appropriate context for the financial statements
and notes.
⊚ true
⊚ false
8) The Financial Accounting Standards Board sets financial reporting standards for private not-
for-profits and investor-owned businesses.
⊚ true
⊚ false
PR
9) An organization is presumed to be governmental if it has the ability to issue directly debt that
is exempt from federal taxes.
⊚ true
⊚ false
O
10) The Financial Accounting Standards Board and the Governmental Accounting Standards
Board are parallel bodies under the oversight of the Financial Accounting Foundation.
FD
⊚ true
⊚ false
11) The Federal Accounting Standards Advisory Board requires less extensive reports than does
O
the FASB or GASB.
⊚ true
⊚ false
C
12) The FASAB requires more financial statements than are typically required of state and local
governments.
⊚ true
⊚ false
4
