Student name:
m
1) Explainmthemessentialmdifferencesmbetweenmgeneralmpurposemand mspecialmpurpo
semgovernmentsmand mgivemseveralmexamplesmof meach.
2) Identifymand mexplainmthemcharacteristicsmthat mdistinguishmgovernmentsmand mnot-for-
profit mentitiesmfrommbusinessmentities.
3) GASBmand mFASBmstandardsmaremconcerned monlymwithmexternalmfinancialmreporting;mwher
eas,mFASABmstandardsmaremconcerned mwithmbothminternalmand mexternalmfinancialmreporting.mDomy
oumagreemwithmthismstatement?mWhymormwhymnot?
4) Whymshould mpersonsminterested minmreadingmfinancialmreportsmof mgovernmentsmand mnot-
for-mprofit mentitiesmbemfamiliarmwithmstandardsmset mbymthemGASBmand mthemFASB?
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,5) Explainminmyourmownmwordsmwhymaccountabilitymismthemcornerstonemof mallmfinanci
almreportingminmgovernment.
6) InmyourmownmwordsmstatemthemprimarymneedsmthemGASBmbelievesmexternalmusersmhavemf
ormfinancialmreportsmof mstatemand mlocalmgovernments.mFormcontrast,mstatemthemusesmthemFASBmbel
ievesmexternalmusersmhavemformthemfinancialmreportsmof mnot-for-profit morganizations.
7) Describemthemdifferencembetweenmamcomprehensivemannualmfinancialmreport m(CAFR)ma
nd mGASBmgeneralmpurposemexternalmfinancialmreportingmformstatemand mlocalmgovernments.
8) Identifymand mbrieflymexplainmthemfourmsectionsmof mthemperformancemand maccountabilitymrep
ort m(PAR)mthat mthemOfficemof mManagement mand mBudget mrequiresmmajormfederalmdepartmentsmand m
agenciesmtomprepare.
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,9) Explainmthemconceptsmof mfiscalmand moperationalmaccountabilitymand mthembasismof maccounti
ngmused mtomcapturemeachmconcept.
10) Describemthemcomprehensivemannualmfinancialmreport m(CAFR).mWhat maremthemsectionsmof mt
hemreport mand mwhichmcomponentsmof mthemorganizationmshould mit minclude?mIsmamCAFRmrequired?
11) ThemGovernmentalmAccountingmStandardsmBoard mismassigned mresponsibilitymformsettin
gmaccountingmand mfinancialmreportingmstandardsmformwhichmof mthemfollowing?
A) Governmentsmsuchmasmfederalmagencies,mstates,mcities,mcounties,mvillages,man
d mtownships.
B) Statemand mlocalmgovernment mentitiesmand mgovernmentally-
related munitsmand magencies,msuchmasmutilities,mauthorities,mhospitals,mand mcollegesmand muniversiti
es.
C) Not-for-profit morganizations.
D) Statemand mlocalmgovernmentsmand mallmnot-for-profit morganizations.
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, 12) Whichmof mthemfollowingmbodiesmhasmbeenmestablished mtomrecommend maccountingma
nd mfinancialmreportingmstandardsmformthemfederalmgovernment?
A) FinancialmAccountingmStandardsmBoard m(FASB).
B) GovernmentalmAccountingmStandardsmBoard m(GASB).
C) FederalmAccountingmFoundationm(FAF).
D) FederalmAccountingmStandardsmAdvisorymBoard m(FASAB).
13) ThemFinancialmAccountingmStandardsmBoard mhasmthemresponsibilitymformsettingmaccounti
ngmand mfinancialmreportingmstandardsmformwhichmof mthemfollowing?
A) Allmnot-for-profit morganizationsmthat maremnongovernmentalmand mbusinessmentities.
B) Allmnot-for-profit morganizationsmand mbusinessmentities.
C) Allmnot-for-profit morganizations.
D) Specialmpurposemgovernmentsmwithmambusinessmpurpose.
14) Youmaremtryingmtomdecidemif manmentitymyoumaremreviewingmismamgovernment mormamnot-
for-mprofit.mWhichmof mthemfollowingmwould mindicatemit mismamgovernment mrathermthanmamnot-
for-profit mentity?
A) Absencemof mprofit mmotive.
B) A mprimarymsourcemof mrevenuesmismtaxes.
C) Resourcemprovidersmdomnot mexpect mbenefitsmproportionalmtomthemresourcesmprovided.
D) Absencemof mamdefined mownershipminterest mthat mcanmbemsold,mtransferred,mormredeemed.
15) Whichmof mthemfollowingmismidentified mbymthemGASBmasmthem"cornerstone"mof mallmfinanc
ialmreportingminmgovernment?
A) Decisionmusefulness.
B) Stewardship.
C) Accountability.
D) Interperiod mequity.
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m
1) Explainmthemessentialmdifferencesmbetweenmgeneralmpurposemand mspecialmpurpo
semgovernmentsmand mgivemseveralmexamplesmof meach.
2) Identifymand mexplainmthemcharacteristicsmthat mdistinguishmgovernmentsmand mnot-for-
profit mentitiesmfrommbusinessmentities.
3) GASBmand mFASBmstandardsmaremconcerned monlymwithmexternalmfinancialmreporting;mwher
eas,mFASABmstandardsmaremconcerned mwithmbothminternalmand mexternalmfinancialmreporting.mDomy
oumagreemwithmthismstatement?mWhymormwhymnot?
4) Whymshould mpersonsminterested minmreadingmfinancialmreportsmof mgovernmentsmand mnot-
for-mprofit mentitiesmbemfamiliarmwithmstandardsmset mbymthemGASBmand mthemFASB?
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,5) Explainminmyourmownmwordsmwhymaccountabilitymismthemcornerstonemof mallmfinanci
almreportingminmgovernment.
6) InmyourmownmwordsmstatemthemprimarymneedsmthemGASBmbelievesmexternalmusersmhavemf
ormfinancialmreportsmof mstatemand mlocalmgovernments.mFormcontrast,mstatemthemusesmthemFASBmbel
ievesmexternalmusersmhavemformthemfinancialmreportsmof mnot-for-profit morganizations.
7) Describemthemdifferencembetweenmamcomprehensivemannualmfinancialmreport m(CAFR)ma
nd mGASBmgeneralmpurposemexternalmfinancialmreportingmformstatemand mlocalmgovernments.
8) Identifymand mbrieflymexplainmthemfourmsectionsmof mthemperformancemand maccountabilitymrep
ort m(PAR)mthat mthemOfficemof mManagement mand mBudget mrequiresmmajormfederalmdepartmentsmand m
agenciesmtomprepare.
Versionm1 2
,9) Explainmthemconceptsmof mfiscalmand moperationalmaccountabilitymand mthembasismof maccounti
ngmused mtomcapturemeachmconcept.
10) Describemthemcomprehensivemannualmfinancialmreport m(CAFR).mWhat maremthemsectionsmof mt
hemreport mand mwhichmcomponentsmof mthemorganizationmshould mit minclude?mIsmamCAFRmrequired?
11) ThemGovernmentalmAccountingmStandardsmBoard mismassigned mresponsibilitymformsettin
gmaccountingmand mfinancialmreportingmstandardsmformwhichmof mthemfollowing?
A) Governmentsmsuchmasmfederalmagencies,mstates,mcities,mcounties,mvillages,man
d mtownships.
B) Statemand mlocalmgovernment mentitiesmand mgovernmentally-
related munitsmand magencies,msuchmasmutilities,mauthorities,mhospitals,mand mcollegesmand muniversiti
es.
C) Not-for-profit morganizations.
D) Statemand mlocalmgovernmentsmand mallmnot-for-profit morganizations.
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, 12) Whichmof mthemfollowingmbodiesmhasmbeenmestablished mtomrecommend maccountingma
nd mfinancialmreportingmstandardsmformthemfederalmgovernment?
A) FinancialmAccountingmStandardsmBoard m(FASB).
B) GovernmentalmAccountingmStandardsmBoard m(GASB).
C) FederalmAccountingmFoundationm(FAF).
D) FederalmAccountingmStandardsmAdvisorymBoard m(FASAB).
13) ThemFinancialmAccountingmStandardsmBoard mhasmthemresponsibilitymformsettingmaccounti
ngmand mfinancialmreportingmstandardsmformwhichmof mthemfollowing?
A) Allmnot-for-profit morganizationsmthat maremnongovernmentalmand mbusinessmentities.
B) Allmnot-for-profit morganizationsmand mbusinessmentities.
C) Allmnot-for-profit morganizations.
D) Specialmpurposemgovernmentsmwithmambusinessmpurpose.
14) Youmaremtryingmtomdecidemif manmentitymyoumaremreviewingmismamgovernment mormamnot-
for-mprofit.mWhichmof mthemfollowingmwould mindicatemit mismamgovernment mrathermthanmamnot-
for-profit mentity?
A) Absencemof mprofit mmotive.
B) A mprimarymsourcemof mrevenuesmismtaxes.
C) Resourcemprovidersmdomnot mexpect mbenefitsmproportionalmtomthemresourcesmprovided.
D) Absencemof mamdefined mownershipminterest mthat mcanmbemsold,mtransferred,mormredeemed.
15) Whichmof mthemfollowingmismidentified mbymthemGASBmasmthem"cornerstone"mof mallmfinanc
ialmreportingminmgovernment?
A) Decisionmusefulness.
B) Stewardship.
C) Accountability.
D) Interperiod mequity.
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