ACCY 407 FINAL | 100% Correct Answers |
Verified | Latest 2024 Version
__ __ governments provide a broad array of services
examples include: city of oxford, federal govt., & state of mississippi - ✔✔general purpose
__ __ governments usually provide only a single or just a few services
examples include: public colleges, public hospitals, fire stations, & transportation authorities - ✔✔special
purpose
characteristics distinguishing state&local governments and non-profits from business organizations:
-
-
- - ✔✔- receipts of significant amounts of resources from resource providers who do not expect to
receive repayment proportionate to resources provided
- operating purposes that are other than to provide goods and services at a profit
- absence of defined ownership interests
for governmental entities, power ultimately rests in the hands of the ____ - ✔✔people
FASB, the ___ ___ __ __, sets GAAP and financial reporting standards for what types of organizations?
a. governmental NFPs
b. business and nongovernmental NFPs
c. federal govt. and other departments - ✔✔financial accounting standards board; b
GASB, the __ __ __ __, sets GAAP and financial reporting standards for what types of organizations?
,a. governmental NFPs
b. business and nongovernmental NFPs
c. federal govt. and other departments - ✔✔governmental accounting standards board; a
FASAB, __ __ __ __ __, sets GAAP and financial reporting standards for what types of organizations?
a. governmental NFPs
b. business and nongovernmental NFPs
c. federal govt. and other departments - ✔✔federal accounting standards advisory board; c
objectives of financial reporting for business organizations:
1.
2.
3. - ✔✔1. provide useful information for making invest and credit decisions
2. provide information to assess the amounts, timing, and uncertainty of a firm's future cash flows
3. provide information about a firm's resources, claims on these resources, and changes in these
resources
___ is the cornerstone of all financial reporting in a government - ✔✔accountability
accountability arises from citizens' __ __ __ - ✔✔right to know
___ ___ for a government is defined as a their obligation to disclose whether current year revenues were
sufficient to pay for current year benefits - ✔✔inter period equity
objectives of financial reporting for state and local governments:
1.
2.
,3.
4. - ✔✔1. compare actual financial results with the adopted budget
2. assess financial condition and results of operations
3. assist in determining compliance with finance-related laws
4. assist in evaluating efficiency and effectiveness
minimum requirements for general purpose external financial reporting:
1.
2.
3.
4. - ✔✔1. management discussion and analysis (MD&A)
2. govt.-wide financial statements and fund financial statements
3. notes to the financial statements
4. required supplementary information
funds that focus on the flow of current financial resources are called __ __ - ✔✔governmental funds
funds that report on business-like activities of the government are called __ ___ - ✔✔proprietary funds
funds that report on trust and custodial activities of the government are called __ __ - ✔✔fiduciary
funds
a ___ __ __ __ (CAFR) provides more detail than the minimum requirements for general purpose
financial reporting; its not required but most govts. do it - ✔✔comprehensive annual financial report
(uses GASB standards)
, 3 sections of a comprehensive annual financial report (CAFR):
1.
2.
3. - ✔✔1. introductory section
2. financial section
3. statistical section
major federal agencies and departments must prepare a __ __ __ (PAR) - ✔✔performance and
accountability report
primary purpose for a not-for-profit organization: - ✔✔to provide decision useful financial information to
resource providers, such as donors, members, and creditors
FASB requires that ALL NFPs must provide what 3 financial statements? - ✔✔1. statement of financial
position
2. statement of activities
3. statement of cash flows
government wide financial statements have a
measurement focus: ?
basis of accounting: ?
accountability: ? - ✔✔measurement focus: economic resources
basis of accounting: accrual
accountability: operational
primary government financial information reported in two columns -- ____ ___ and ___ ___ -
✔✔governmental activities and business activities
which type of activity is NOT reported in the govt. wide financial statements? - ✔✔fiduciary activities
Verified | Latest 2024 Version
__ __ governments provide a broad array of services
examples include: city of oxford, federal govt., & state of mississippi - ✔✔general purpose
__ __ governments usually provide only a single or just a few services
examples include: public colleges, public hospitals, fire stations, & transportation authorities - ✔✔special
purpose
characteristics distinguishing state&local governments and non-profits from business organizations:
-
-
- - ✔✔- receipts of significant amounts of resources from resource providers who do not expect to
receive repayment proportionate to resources provided
- operating purposes that are other than to provide goods and services at a profit
- absence of defined ownership interests
for governmental entities, power ultimately rests in the hands of the ____ - ✔✔people
FASB, the ___ ___ __ __, sets GAAP and financial reporting standards for what types of organizations?
a. governmental NFPs
b. business and nongovernmental NFPs
c. federal govt. and other departments - ✔✔financial accounting standards board; b
GASB, the __ __ __ __, sets GAAP and financial reporting standards for what types of organizations?
,a. governmental NFPs
b. business and nongovernmental NFPs
c. federal govt. and other departments - ✔✔governmental accounting standards board; a
FASAB, __ __ __ __ __, sets GAAP and financial reporting standards for what types of organizations?
a. governmental NFPs
b. business and nongovernmental NFPs
c. federal govt. and other departments - ✔✔federal accounting standards advisory board; c
objectives of financial reporting for business organizations:
1.
2.
3. - ✔✔1. provide useful information for making invest and credit decisions
2. provide information to assess the amounts, timing, and uncertainty of a firm's future cash flows
3. provide information about a firm's resources, claims on these resources, and changes in these
resources
___ is the cornerstone of all financial reporting in a government - ✔✔accountability
accountability arises from citizens' __ __ __ - ✔✔right to know
___ ___ for a government is defined as a their obligation to disclose whether current year revenues were
sufficient to pay for current year benefits - ✔✔inter period equity
objectives of financial reporting for state and local governments:
1.
2.
,3.
4. - ✔✔1. compare actual financial results with the adopted budget
2. assess financial condition and results of operations
3. assist in determining compliance with finance-related laws
4. assist in evaluating efficiency and effectiveness
minimum requirements for general purpose external financial reporting:
1.
2.
3.
4. - ✔✔1. management discussion and analysis (MD&A)
2. govt.-wide financial statements and fund financial statements
3. notes to the financial statements
4. required supplementary information
funds that focus on the flow of current financial resources are called __ __ - ✔✔governmental funds
funds that report on business-like activities of the government are called __ ___ - ✔✔proprietary funds
funds that report on trust and custodial activities of the government are called __ __ - ✔✔fiduciary
funds
a ___ __ __ __ (CAFR) provides more detail than the minimum requirements for general purpose
financial reporting; its not required but most govts. do it - ✔✔comprehensive annual financial report
(uses GASB standards)
, 3 sections of a comprehensive annual financial report (CAFR):
1.
2.
3. - ✔✔1. introductory section
2. financial section
3. statistical section
major federal agencies and departments must prepare a __ __ __ (PAR) - ✔✔performance and
accountability report
primary purpose for a not-for-profit organization: - ✔✔to provide decision useful financial information to
resource providers, such as donors, members, and creditors
FASB requires that ALL NFPs must provide what 3 financial statements? - ✔✔1. statement of financial
position
2. statement of activities
3. statement of cash flows
government wide financial statements have a
measurement focus: ?
basis of accounting: ?
accountability: ? - ✔✔measurement focus: economic resources
basis of accounting: accrual
accountability: operational
primary government financial information reported in two columns -- ____ ___ and ___ ___ -
✔✔governmental activities and business activities
which type of activity is NOT reported in the govt. wide financial statements? - ✔✔fiduciary activities
