9/5/23,n12:07nPM SolutionsnandnTestnBanknFornAccountingnfornGovernmentaln&nNonprofitn
…
FornAllnChaptersnà
Studentn name:
TRUE/FALSEn-nWriten'T'nifnthenstatementnisntruenandn'F'nifnthenstatementnisnfalse.
1) AccordingntonthenguidancenofnGASBnConceptsnStatementn3,nfinancialninformationncann
ben communicatednbynrecognitionninnthenfinancialnstatements,ndisclosureninnthennotesntonthenfin
ancialn statements,npresentationnasnrequirednsupplementaryninformation,nornpresentationnasn sup
plementaryninformation.
⊚ true
⊚ false
2) AccordingntonGASBnConceptsnStatementn1nanprimarynobjectivenofn financialnreportsnis
nton provideninformationnusefuln inndeterminingnthenaccountabilitynofnthengovernment.
⊚ true
⊚ false
3) Activitiesnanlocalngovernmentncannengageninnarenclassifiednasngovernmental,nbusines
s-n type,nornfiduciary.
⊚ true
⊚ false
Versionn 1 1
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,9/5/23,n12:07nPM SolutionsnandnTestnBanknFornAccountingnfornGovernmentaln&nNonprofitn
…
FornAllnChaptersnà
4) Governmentalnfundsnarenidenticalntongovernmentalnactivities,nproprietarynfundsnaren id
enticalntonbusiness-
typenactivities,nandnfiduciarynfundsnarenidenticalntonfiduciarynactivitiesnofnan government.
⊚ true
⊚ false
5) Onlynthosengovernmentalnandnproprietarynfundsnthatn meetnthenGASBnsizencriterianforn
majornfundsnarenreportedninnseparatencolumnsnofnthengovernmentalnandnproprietarynfundnfinanc
ialn statements.
⊚ true
⊚ false
6) Economicnresourcesnarencashnornitemsnexpectedntonbenconvertednintoncashnduringnt
hen currentnperiod,nornsoonnenoughnthereafterntonpayncurrentnperiodnliabilities.
⊚ true
⊚ false
7) Governmentaln fundsn accountn forn currentn andn long-termn liabilities.
⊚ true
⊚ false
Versionn 1 2
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,9/5/23,n12:07nPM SolutionsnandnTestnBanknFornAccountingnfornGovernmentaln&nNonprofitn
…
FornAllnChaptersnà
8) Thentypesnofnfundsnthatn maynbenusedninngovernmentalnaccountingnarenclassifiednintont
hen threencategoriesnofngovernmental,nproprietary,nandnfiduciary.
⊚ true
⊚ false
9) Thengovernmentaln fundsncategorynincludesnthenGeneralnFund,nspecialnrevenuenfunds,nde
btn servicenfunds,ncapitalnprojectsnfunds,nandninternalnservicen funds.
⊚ true
⊚ false
10) Governmentsncan,ninnpart,ndemonstratenoperationalnaccountabilitynbynusingnanneconom
icn resourcesn measurementnfocusnandnthenaccrualnbasisnofnaccountingnfornreporting.
⊚ true
⊚ false
11) Allncapitalnassetsnacquirednbynornusednbynanfundnshouldnbenreportedninnthenfundnbala
ncen sheetnornstatementnofnnetnposition.
Versionn 1 3
about:blank 3/36
, 9/5/23,n12:07nPM SolutionsnandnTestnBanknFornAccountingnfornGovernmentaln&nNonprofitn
…
FornAllnChaptersnà
⊚ true
⊚ false
12) Becausenbudgetarynaccountsnarenusednbyngovernments,ngovernmentn financialnstatement
sn cannnevernbensaidntonbeninnaccordnwithngenerallynacceptednaccountingnprinciples.
⊚ true
⊚ false
13) Then maximumn numbernofnfinancialnstatementsnpreparednbynanynofnthenthreenfu
ndn categoriesnofngovernmentnisnthree.
⊚ true
⊚ false
14) Whennrevenuesnarenlegallynrestrictednbynexternalnresourcenprovidersnorncommittednb
yn enablingn legislationn fornparticularnoperatingnpurposes,nanprivatenpurposentrustnfundnisncre
ated.
⊚ true
⊚ false
Versionn 1 4
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…
FornAllnChaptersnà
Studentn name:
TRUE/FALSEn-nWriten'T'nifnthenstatementnisntruenandn'F'nifnthenstatementnisnfalse.
1) AccordingntonthenguidancenofnGASBnConceptsnStatementn3,nfinancialninformationncann
ben communicatednbynrecognitionninnthenfinancialnstatements,ndisclosureninnthennotesntonthenfin
ancialn statements,npresentationnasnrequirednsupplementaryninformation,nornpresentationnasn sup
plementaryninformation.
⊚ true
⊚ false
2) AccordingntonGASBnConceptsnStatementn1nanprimarynobjectivenofn financialnreportsnis
nton provideninformationnusefuln inndeterminingnthenaccountabilitynofnthengovernment.
⊚ true
⊚ false
3) Activitiesnanlocalngovernmentncannengageninnarenclassifiednasngovernmental,nbusines
s-n type,nornfiduciary.
⊚ true
⊚ false
Versionn 1 1
about:blank 1/36
,9/5/23,n12:07nPM SolutionsnandnTestnBanknFornAccountingnfornGovernmentaln&nNonprofitn
…
FornAllnChaptersnà
4) Governmentalnfundsnarenidenticalntongovernmentalnactivities,nproprietarynfundsnaren id
enticalntonbusiness-
typenactivities,nandnfiduciarynfundsnarenidenticalntonfiduciarynactivitiesnofnan government.
⊚ true
⊚ false
5) Onlynthosengovernmentalnandnproprietarynfundsnthatn meetnthenGASBnsizencriterianforn
majornfundsnarenreportedninnseparatencolumnsnofnthengovernmentalnandnproprietarynfundnfinanc
ialn statements.
⊚ true
⊚ false
6) Economicnresourcesnarencashnornitemsnexpectedntonbenconvertednintoncashnduringnt
hen currentnperiod,nornsoonnenoughnthereafterntonpayncurrentnperiodnliabilities.
⊚ true
⊚ false
7) Governmentaln fundsn accountn forn currentn andn long-termn liabilities.
⊚ true
⊚ false
Versionn 1 2
about:blank 2/36
,9/5/23,n12:07nPM SolutionsnandnTestnBanknFornAccountingnfornGovernmentaln&nNonprofitn
…
FornAllnChaptersnà
8) Thentypesnofnfundsnthatn maynbenusedninngovernmentalnaccountingnarenclassifiednintont
hen threencategoriesnofngovernmental,nproprietary,nandnfiduciary.
⊚ true
⊚ false
9) Thengovernmentaln fundsncategorynincludesnthenGeneralnFund,nspecialnrevenuenfunds,nde
btn servicenfunds,ncapitalnprojectsnfunds,nandninternalnservicen funds.
⊚ true
⊚ false
10) Governmentsncan,ninnpart,ndemonstratenoperationalnaccountabilitynbynusingnanneconom
icn resourcesn measurementnfocusnandnthenaccrualnbasisnofnaccountingnfornreporting.
⊚ true
⊚ false
11) Allncapitalnassetsnacquirednbynornusednbynanfundnshouldnbenreportedninnthenfundnbala
ncen sheetnornstatementnofnnetnposition.
Versionn 1 3
about:blank 3/36
, 9/5/23,n12:07nPM SolutionsnandnTestnBanknFornAccountingnfornGovernmentaln&nNonprofitn
…
FornAllnChaptersnà
⊚ true
⊚ false
12) Becausenbudgetarynaccountsnarenusednbyngovernments,ngovernmentn financialnstatement
sn cannnevernbensaidntonbeninnaccordnwithngenerallynacceptednaccountingnprinciples.
⊚ true
⊚ false
13) Then maximumn numbernofnfinancialnstatementsnpreparednbynanynofnthenthreenfu
ndn categoriesnofngovernmentnisnthree.
⊚ true
⊚ false
14) Whennrevenuesnarenlegallynrestrictednbynexternalnresourcenprovidersnorncommittednb
yn enablingn legislationn fornparticularnoperatingnpurposes,nanprivatenpurposentrustnfundnisncre
ated.
⊚ true
⊚ false
Versionn 1 4
about:blank 4/36
