Test Bank For Accounting for
j j j j
j Governmental and Nonprofit Entities 19th
j j j j
j Jacqueline L Reck, Daniel Neely, Suzanne
j j j j j
Lowensohn j
Student jname:_ j
1) Explain jthe jessential jdifferences jbetween jgeneral jpurpose jand jspecial
jpurposejgovernments jand jgive jseveral jexamples jof jeach.
2) Identify jand jexplain jthe jcharacteristics jthat jdistinguish jgovernments jand jnot-for-
profitjentities jfrom jbusiness jentities.
3) GASB jand jFASB jstandards jare jconcerned jonly jwith jexternal jfinancial jreporting;
jwhereas, jFASAB jstandards jare jconcerned jwith jboth jinternal jand jexternal jfinancial jreporting.
jDojyou jagree jwith jthis jstatement? jWhy jor j why jnot?
Version j1 1
,4) Why jshould jpersons jinterested jin jreading jfinancial jreports jof jgovernments jand jnot-
for-pj rofit jentities jbe jfamiliar jwith jstandards jset j by jthe jGASB jand jthe jFASB?
Version j1 2
,5) Explain jin jyour jown jwords jwhy jaccountability jis jthe jcornerstone jof jall
jfinancialjreporting j in jgovernment.
6) In jyour jown jwords jstate jthe jprimary jneeds jthe jGASB jbelieves jexternal jusers jhave
jfor jfinancial jreports jof jstate jand jlocal jgovernments. jFor jcontrast, jstate jthe juses jthe jFASB
jbelievesjexternal jusers j have j for jthe j financial jreports jof jnot-for-profit j organizations.
7) Describe jthe jdifference jbetween ja jcomprehensive jannual jfinancial jreport j(CAFR)
jandjGASB jgeneral jpurpose jexternal jfinancial jreporting j for jstate jand j local jgovernments.
8) Identify jand jbriefly jexplain jthe jfour jsections jof jthe jperformance jand jaccountability
jreportj(PAR) jthat jthe jOffice jof jManagement jand jBudget jrequires jmajor jfederal jdepartments
jand jagencies jto j prepare.
Version j1 3
, 9) Explain jthe jconcepts jof jfiscal jand joperational jaccountability jand jthe jbasis jof
jaccountingjused jto j capture jeach jconcept.
10) Describe jthe jcomprehensive jannual jfinancial jreport j(CAFR). jWhat jare jthe jsections jof
jthejreport j and jwhich jcomponents jof jthe jorganization jshould j it j include? jIs ja jCAFR jrequired?
11) The jGovernmental jAccounting jStandards jBoard jis jassigned jresponsibility jfor
jsettingjaccounting jand j financial jreporting jstandards jfor jwhich jof jthe j following?
A) Governments jsuch jas jfederal jagencies, jstates, jcities, jcounties, jvillages,
jandjtownships.
B) State jand jlocal jgovernment jentities jand jgovernmentally-related junits jand
jagencies,jsuch jas jutilities, jauthorities, jhospitals, jand jcolleges jand juniversities.
C) Not-for-profit jorganizations.
D) State jand jlocal jgovernments jand jall jnot-for-profit jorganizations.
Version j1 4
j j j j
j Governmental and Nonprofit Entities 19th
j j j j
j Jacqueline L Reck, Daniel Neely, Suzanne
j j j j j
Lowensohn j
Student jname:_ j
1) Explain jthe jessential jdifferences jbetween jgeneral jpurpose jand jspecial
jpurposejgovernments jand jgive jseveral jexamples jof jeach.
2) Identify jand jexplain jthe jcharacteristics jthat jdistinguish jgovernments jand jnot-for-
profitjentities jfrom jbusiness jentities.
3) GASB jand jFASB jstandards jare jconcerned jonly jwith jexternal jfinancial jreporting;
jwhereas, jFASAB jstandards jare jconcerned jwith jboth jinternal jand jexternal jfinancial jreporting.
jDojyou jagree jwith jthis jstatement? jWhy jor j why jnot?
Version j1 1
,4) Why jshould jpersons jinterested jin jreading jfinancial jreports jof jgovernments jand jnot-
for-pj rofit jentities jbe jfamiliar jwith jstandards jset j by jthe jGASB jand jthe jFASB?
Version j1 2
,5) Explain jin jyour jown jwords jwhy jaccountability jis jthe jcornerstone jof jall
jfinancialjreporting j in jgovernment.
6) In jyour jown jwords jstate jthe jprimary jneeds jthe jGASB jbelieves jexternal jusers jhave
jfor jfinancial jreports jof jstate jand jlocal jgovernments. jFor jcontrast, jstate jthe juses jthe jFASB
jbelievesjexternal jusers j have j for jthe j financial jreports jof jnot-for-profit j organizations.
7) Describe jthe jdifference jbetween ja jcomprehensive jannual jfinancial jreport j(CAFR)
jandjGASB jgeneral jpurpose jexternal jfinancial jreporting j for jstate jand j local jgovernments.
8) Identify jand jbriefly jexplain jthe jfour jsections jof jthe jperformance jand jaccountability
jreportj(PAR) jthat jthe jOffice jof jManagement jand jBudget jrequires jmajor jfederal jdepartments
jand jagencies jto j prepare.
Version j1 3
, 9) Explain jthe jconcepts jof jfiscal jand joperational jaccountability jand jthe jbasis jof
jaccountingjused jto j capture jeach jconcept.
10) Describe jthe jcomprehensive jannual jfinancial jreport j(CAFR). jWhat jare jthe jsections jof
jthejreport j and jwhich jcomponents jof jthe jorganization jshould j it j include? jIs ja jCAFR jrequired?
11) The jGovernmental jAccounting jStandards jBoard jis jassigned jresponsibility jfor
jsettingjaccounting jand j financial jreporting jstandards jfor jwhich jof jthe j following?
A) Governments jsuch jas jfederal jagencies, jstates, jcities, jcounties, jvillages,
jandjtownships.
B) State jand jlocal jgovernment jentities jand jgovernmentally-related junits jand
jagencies,jsuch jas jutilities, jauthorities, jhospitals, jand jcolleges jand juniversities.
C) Not-for-profit jorganizations.
D) State jand jlocal jgovernments jand jall jnot-for-profit jorganizations.
Version j1 4
