ACC 410 Quiz 1 Results Questions with Correct Answers: Strayer University

 Question 1
0 out of 3 points
Given a specific set of data, the basis of accounting selected by or
imposed on a government will least affect which of the following?
Answer
Selected
Answer:
Determining whether or not the government has the
ability to issue debt.
Correct
Answer: Determining whether or not certain economic events
occurred.
 Question 2
3 out of 3 points
Which of the following characteristics is unique to governments?
Answer
Selected
Answer: The ability to issue tax-
exempt debt.
Correct
Answer:
The ability to issue tax-
exempt debt.
 Question 3
3 out of 3 points
A primary characteristic that distinguishes governments from
businesses is
Answer
Selected
Answer:
The importance of the budget in the
governing process.
Correct
Answer: The importance of the budget in the
governing process.
 Question 4
3 out of 3 points
Which of the following is NOT a reason why users need government
and not-for-profit external financial statements?
Answer
Selected
Answer: To evaluate the overall profitability of
the entity.
Correct
Answer:
To evaluate the overall profitability of

, the entity.
 Question 5
3 out of 3 points
The Governmental Accounting Standards Board is the primary
standard-setting body for:
Answer
Selected
Answer: All state and local
governments.
Correct
Answer:
All state and local
governments.
 Question 6
3 out of 3 points
Which of the following is a probable use a donor would make of the
external financial statements of a not-for-profit entity?
Answer
Selected
Answer:
To determine the proportion of entity resources directed to
programs as opposed to fund-raising.
Correct
Answer: To determine the proportion of entity resources directed to
programs as opposed to fund-raising.
 Question 7
3 out of 3 points
Which of the following is an objective of financial reporting by
nongovernmental not-for-profit entities as established by the FASB?
Financial reporting should provide information that is useful to present
and potential resource providers and other users in:
Answer
Selected
Answer: Making rational decisions about the allocation of
resources to those organizations.
Correct
Answer:
Making rational decisions about the allocation of
resources to those organizations.
 Question 8
3 out of 3 points
The state collects a gasoline tax that must be used to support
highway construction and maintenance. The gasoline tax revenue
should be accounted for in which of the following funds?
Answer