UYTREW
TEST BANK FOR
Accounting for Governmental & Nonprofit Entities 19th Edition by Jacqueline
Student name:
1) Explain the essential differences between general purpose and special purpose
governments and give several examples of each.
2) Identify and explain the characteristics that distinguish governments and not-for-profit
entities from business entities.
3) GASB and FASB standards are concerned only with external financial reporting;
whereas, FASAB standards are concerned with both internal and external financial reporting. Do
you agree with this statement? Why or why not?
4) Why should persons interested in reading financial reports of governments and not-for-
profit entities be familiar with standards set by the GASB and the FASB?
JHGFD
, UYTREW
5) Explain in your own words why accountability is the cornerstone of all financial
reporting in government.
n, ahol átlátható
6) ésInmagas színvonalú
your own tanulási
words state anyagokat
the primary találsz.
needs the GASB Ahogyan
believes az alkimista
external usersarannyá
have for változtatja az
alapanyagokat, mi az
financial összetett
reports témákat
of state könnyen
and local érthetőFor
governments. jegyzetekké, rendezett
contrast, state összefoglalókká
the uses the FASB believes és
vizsgaközpontú útmutatókká alakítjuk. Minden dokumentum gondosan szerkesztett,
external users have for the financial reports of not-for-profit organizations. naprakész és
időtakarékos megoldásokat kínál.
Anyagaink pontosak, részletesek és világos megfogalmazásúak, így még a nehezebb témák is érthetővé
válnak. Legyen szó vizsgafelkészülésről vagy beadandó feladatról, nálunk megbízható segítséget találsz.
A The_Alchemist segítségével a tanulás hatékonyabbá és tudatosabbá válik — mert a siker nem varázslat,
hanem jól felépített felkészülés.
•••• Slovak
7) Describe the difference between a comprehensive annual financial report (CAFR) and
The_Alchemist je váš
GASB spoľahlivý
general purposeobchod
externalna Stuvia,reporting
financial ktorý ponúka
for statekvalitné a prehľadné
and local študijné materiály. Ako
governments.
alchymista premieňame zložité témy na jasné poznámky, systematické zhrnutia a praktické sprievodcov k
skúškam. Každý dokument je starostlivo pripravený, aktuálny a navrhnutý tak, aby vám šetril čas a zlepšoval
výsledky.
Materiály sú vytvorené s dôrazom na presnosť, zrozumiteľnosť a logickú štruktúru. Pomáhajú lepšie pochopiť
náročné učivo a uľahčujú prípravu na testy či projekty.
8) Identify and briefly explain the four sections of the performance and accountability report
(PAR) that the Office of Management and Budget requires major federal departments and
agencies to prepare.
JHGFD
, UYTREW
9) Explain the concepts of fiscal and operational accountability and the basis of accounting
used to capture each concept.
10) Describe the comprehensive annual financial report (CAFR). What are the sections of the
report and which components of the organization should it include? Is a CAFR required?
11) The Governmental Accounting Standards Board is assigned responsibility for setting
accounting and financial reporting standards for which of the following?
A) Governments such as federal agencies, states, cities, counties, villages, and
townships.
B) State and local government entities and governmentally-related units and agencies,
such as utilities, authorities, hospitals, and colleges and universities.
C) Not-for-profit organizations.
D) State and local governments and all not-for-profit organizations.
JHGFD
, UYTREW
12) Which of the following bodies has been established to recommend accounting and
financial reporting standards for the federal government?
A) Financial Accounting Standards Board (FASB).
B) Governmental Accounting Standards Board (GASB).
C) Federal Accounting Foundation (FAF).
D) Federal Accounting Standards Advisory Board (FASAB).
13) The Financial Accounting Standards Board has the responsibility for setting accounting
and financial reporting standards for which of the following?
A) All not-for-profit organizations that are nongovernmental and business entities.
B) All not-for-profit organizations and business entities.
C) All not-for-profit organizations.
D) Special purpose governments with a business purpose.
14) You are trying to decide if an entity you are reviewing is a government or a not-for-
profit. Which of the following would indicate it is a government rather than a not-for-profit
entity?
A) Absence of profit motive.
B) A primary source of revenues is taxes.
C) Resource providers do not expect benefits proportional to the resources provided.
D) Absence of a defined ownership interest that can be sold, transferred, or redeemed.
15) Which of the following is identified by the GASB as the "cornerstone" of all financial
reporting in government?
A) Decision usefulness.
B) Stewardship.
C) Accountability.
D) Interperiod equity.
JHGFD
TEST BANK FOR
Accounting for Governmental & Nonprofit Entities 19th Edition by Jacqueline
Student name:
1) Explain the essential differences between general purpose and special purpose
governments and give several examples of each.
2) Identify and explain the characteristics that distinguish governments and not-for-profit
entities from business entities.
3) GASB and FASB standards are concerned only with external financial reporting;
whereas, FASAB standards are concerned with both internal and external financial reporting. Do
you agree with this statement? Why or why not?
4) Why should persons interested in reading financial reports of governments and not-for-
profit entities be familiar with standards set by the GASB and the FASB?
JHGFD
, UYTREW
5) Explain in your own words why accountability is the cornerstone of all financial
reporting in government.
n, ahol átlátható
6) ésInmagas színvonalú
your own tanulási
words state anyagokat
the primary találsz.
needs the GASB Ahogyan
believes az alkimista
external usersarannyá
have for változtatja az
alapanyagokat, mi az
financial összetett
reports témákat
of state könnyen
and local érthetőFor
governments. jegyzetekké, rendezett
contrast, state összefoglalókká
the uses the FASB believes és
vizsgaközpontú útmutatókká alakítjuk. Minden dokumentum gondosan szerkesztett,
external users have for the financial reports of not-for-profit organizations. naprakész és
időtakarékos megoldásokat kínál.
Anyagaink pontosak, részletesek és világos megfogalmazásúak, így még a nehezebb témák is érthetővé
válnak. Legyen szó vizsgafelkészülésről vagy beadandó feladatról, nálunk megbízható segítséget találsz.
A The_Alchemist segítségével a tanulás hatékonyabbá és tudatosabbá válik — mert a siker nem varázslat,
hanem jól felépített felkészülés.
•••• Slovak
7) Describe the difference between a comprehensive annual financial report (CAFR) and
The_Alchemist je váš
GASB spoľahlivý
general purposeobchod
externalna Stuvia,reporting
financial ktorý ponúka
for statekvalitné a prehľadné
and local študijné materiály. Ako
governments.
alchymista premieňame zložité témy na jasné poznámky, systematické zhrnutia a praktické sprievodcov k
skúškam. Každý dokument je starostlivo pripravený, aktuálny a navrhnutý tak, aby vám šetril čas a zlepšoval
výsledky.
Materiály sú vytvorené s dôrazom na presnosť, zrozumiteľnosť a logickú štruktúru. Pomáhajú lepšie pochopiť
náročné učivo a uľahčujú prípravu na testy či projekty.
8) Identify and briefly explain the four sections of the performance and accountability report
(PAR) that the Office of Management and Budget requires major federal departments and
agencies to prepare.
JHGFD
, UYTREW
9) Explain the concepts of fiscal and operational accountability and the basis of accounting
used to capture each concept.
10) Describe the comprehensive annual financial report (CAFR). What are the sections of the
report and which components of the organization should it include? Is a CAFR required?
11) The Governmental Accounting Standards Board is assigned responsibility for setting
accounting and financial reporting standards for which of the following?
A) Governments such as federal agencies, states, cities, counties, villages, and
townships.
B) State and local government entities and governmentally-related units and agencies,
such as utilities, authorities, hospitals, and colleges and universities.
C) Not-for-profit organizations.
D) State and local governments and all not-for-profit organizations.
JHGFD
, UYTREW
12) Which of the following bodies has been established to recommend accounting and
financial reporting standards for the federal government?
A) Financial Accounting Standards Board (FASB).
B) Governmental Accounting Standards Board (GASB).
C) Federal Accounting Foundation (FAF).
D) Federal Accounting Standards Advisory Board (FASAB).
13) The Financial Accounting Standards Board has the responsibility for setting accounting
and financial reporting standards for which of the following?
A) All not-for-profit organizations that are nongovernmental and business entities.
B) All not-for-profit organizations and business entities.
C) All not-for-profit organizations.
D) Special purpose governments with a business purpose.
14) You are trying to decide if an entity you are reviewing is a government or a not-for-
profit. Which of the following would indicate it is a government rather than a not-for-profit
entity?
A) Absence of profit motive.
B) A primary source of revenues is taxes.
C) Resource providers do not expect benefits proportional to the resources provided.
D) Absence of a defined ownership interest that can be sold, transferred, or redeemed.
15) Which of the following is identified by the GASB as the "cornerstone" of all financial
reporting in government?
A) Decision usefulness.
B) Stewardship.
C) Accountability.
D) Interperiod equity.
JHGFD
