Test Bank Complete_
Accounting For Governmental & Nonprofit Entities 18th Edition
By Jacqueline L. Reck, Suzanne Lowensohn & Daniel Neely
All Chapters 1-17| Latest Version With Verified Answers| Rated A+
From: [Bestmaxsolutions.stuvia
,Chapter 1: Introduction To Accounting And Financial Reporting For Government And Not-For-Profit Entities ______________ 3
Chapter 2: Principles Of Accounting And Financial Reporting For State And Local Governments ________________________ 36
Chapter 3: Governmental Operating Statement Accounts; Budgetary Accounting ___________________________________ 74
Chapter 4: Accounting For Governmental Operating Activities–Illustrative Transactions And Financial Statements _______ 121
Chapter 5: Accounting For General Capital Assets And Capital Projects ___________________________________________ 170
Chapter 6: Accounting For General Long-Term Liabilities And Debt Service ________________________________________ 214
Chapter 7: Accounting For The Business-Type Activities Of State And Local Governments ____________________________ 253
Chapter 8: Accounting For Fiduciary Activities—Custodial And Trust Funds ________________________________________ 289
Chapter 9: Financial Reporting Of State And Local Governments ________________________________________________ 323
Chapter 10: Analysis Of Government Financial Performance____________________________________________________ 356
Chapter 11: Auditing Of Government And Not-For-Profit Organizations __________________________________________ 385
Chapter 12: Budgeting And Performance Measurement _______________________________________________________ 420
Chapter 13: Not-For-Profit Organizations—Regulatory, Taxation, And Performance Issues __________________________ 448
Chapter 14: Accounting For Not-For-Profit Organizations ______________________________________________________ 477
Chapter 15: Accounting For Colleges And Universities _________________________________________________________ 514
Chapter 16: Accounting For Health Care Organizations ________________________________________________________ 545
Chapter 17: Accounting And Reporting For The Federal Government _____________________________________________ 576
,Chapter 1: Introduction To Accounting And Financial Reporting For
Government And Not-For-Profit Entities
Jacqueline L. Reck: accounting For Governmental & Nonprofit Entities 18th Edition
1) Special Purpose Governments Generally Provide A Wider Range Of Services To Their
Residents Than Do General Purpose Governments.
ANSWER: FALSE
Difficulty: 1 Easy
Topic: Distinguishing Government And Not-For-Profit Organizations
Learning Objective: 01-01 Identify And Explain The Characteristics That Distinguish
Government And Not-For-Profit Entities From For-Profit Entities.
Bloom's: Remember
AACSB: Knowledge Application AICPA: BB Industry
2) Examples Of General Purpose Governments Include Cities, Towns, And Public
Schools That Receive Tax Revenue To Finance The Services They Provide.
ANSWER: TRUE
Difficulty: 1 Easy
Topic: Distinguishing Government And Not-For-Profit Organizations
Learning Objective: 01-01 Identify And Explain The Characteristics That Distinguish
Government And Not-For-Profit Entities From For-Profit Entities.
Bloom's: Remember
AACSB: Knowledge Application AICPA: BB Industry
3) The Governmental Accounting Standards Board (GASB) Is The Body Authorized To
Establish Accounting Principles For All State And Local Governments, Both General
Purpose And Special Purpose.
,ANSWER: TRUE
Difficulty: 1 Easy
Topic: Sources Of Financial Reporting Standards
Learning Objective: 01-02 Identify The Authoritative Bodies Responsible For Setting
Financial Reporting Standards For (1) State And Local Governments, (2) The Federal
Government, And (3) Not-For-Profit Organizations.
Bloom's: Remember
AACSB: Knowledge Application AICPA: BB Industry
4) The Governmental Accounting Standards Board (GASB) Is The Body Authorized To
Establish Accounting Principles For All Government Entities.
ANSWER: FALSE
Difficulty: 1 Easy
Topic: Sources Of Financial Reporting Standards
Learning Objective: 01-02 Identify The Authoritative Bodies Responsible For Setting
Financial Reporting Standards For (1) State And Local Governments, (2) The Federal
Government, And (3) Not-For-Profit Organizations.
Bloom's: Remember
AACSB: Knowledge Application AICPA: BB Industry
5) The Financial Accounting Standards Board (FASB) Is The Body Authorized To
Establish Accounting Principles For All Colleges And Universities And Health Care
Entities.
ANSWER: FALSE
Difficulty: 1 Easy
Topic: Sources Of Financial Reporting Standards
Learning Objective: 01-02 Identify The Authoritative Bodies Responsible For Setting
Financial Reporting Standards For (1) State And Local Governments, (2) The Federal
Government, And (3) Not-For-Profit Organizations.
,Bloom's: Remember
AACSB: Knowledge Application AICPA: BB Industry
6) Neither Governments Nor Not-For-Profit Entities Have Residual Equity That Can Be
Distributed To Owners.
ANSWER: TRUE
Difficulty: 2 Medium
Topic: Distinguishing Government And Not-For-Profit Organizations
Learning Objective: 01-01 Identify And Explain The Characteristics That Distinguish
Government And Not-For-Profit Entities From For-Profit Entities.
Bloom's: Understand
AACSB: Knowledge Application AICPA: FN Reporting
7) A Characteristic Common To Governments And Not-For-Profit Organizations Is That
They Do Not
Exist To Provide Goods Or Services At A Profit Or Profit Equivalent.
ANSWER: TRUE
Difficulty: 2 Medium
Topic: Distinguishing Government And Not-For-Profit Organizations
Learning Objective: 01-01 Identify And Explain The Characteristics That Distinguish
Government And Not-For-Profit Entities From For-Profit Entities.
Bloom's: Understand
AACSB: Knowledge Application AICPA: BB Industry
8) The Needs Of Users Of Government Financial Reports Are The Same As Those Of
Users Of Business Entity Financial Reports.
ANSWER: FALSE
Difficulty: 2 Medium
,Topic: Distinguishing Government And Not-For-Profit Organizations
Learning Objective: 01-01 Identify And Explain The Characteristics That Distinguish
Government And Not-For-Profit Entities From For-Profit Entities.
Bloom's: Understand
AACSB: Knowledge Application AICPA: BB Industry
9) The Federal Accounting Standards Advisory Board (FASAB) Recommends
Accounting Principles And Standards For The Federal Government And Its Agencies
And Departments.
ANSWER: TRUE
Difficulty: 1 Easy
Topic: Sources Of Financial Reporting Standards
Learning Objective: 01-02 Identify The Authoritative Bodies Responsible For Setting
Financial Reporting Standards For (1) State And Local Governments, (2) The Federal
Government, And (3) Not-For-Profit Organizations.
Bloom's: Remember
AACSB: Knowledge Application AICPA: BB Industry
10) The FASB, GASB, And FASAB All Focus Their Standards On Both Internal And
External Financial Reporting.
ANSWER: FALSE
Difficulty: 2 Medium
Topic: Objectives Of Financial Reporting
Learning Objective: 01-03 Contrast And Compare The Objectives Of Financial
Reporting For (1) State And Local Governments, (2) The Federal Government, And (3)
Not-For-Profit Organizations. Bloom's: Understand
AACSB: Knowledge Application AICPA: BB Industry
, 11) The Governmental Accounting Standards Board Is Assigned Responsibility For
Setting Accounting And Financial Reporting Standards For
A) Governments Such As Federal Agencies, States, Cities, Counties, Villages, And
Townships.
B) State And Local Government Entities And Governmentally-Related Units And
Agencies, Such As Utilities, Authorities, Hospitals, And Colleges And Universities.
C) Not-For-Profit Organizations.
D) State And Local Governments And All Not-For-Profit Organizations.
ANSWER: B
The Governmental Accounting Standards Board (GASB) Is Responsible For Setting
Accounting And Financial Reporting Standards For State And Local Government
Entities, As Well As Government-Related Entities Like Utilities, Authorities, Hospitals,
And Colleges. It Does Not Include The Federal Government, Which Is Covered By A
Different Body (FASAB), Nor Does It Include Non-Governmental Not-For-Profit
Organizations.
Difficulty: 2 Medium
Topic: Sources Of Financial Reporting Standards
Learning Objective: 01-02 Identify The Authoritative Bodies Responsible For Setting
Financial Reporting Standards For (1) State And Local Governments, (2) The Federal
Government, And (3) Not-For-Profit Organizations.
Bloom's: Understand
AACSB: Knowledge Application AICPA: BB Industry
12) The Body That Has Been Established To Recommend Accounting And Financial
Reporting Standards For The Federal Government Is The
A) Financial Accounting Standards Board (FASB).
B) Governmental Accounting Standards Board (GASB).
C) Federal Accounting Foundation (FAF).
D) Federal Accounting Standards Advisory Board (FASAB).
Accounting For Governmental & Nonprofit Entities 18th Edition
By Jacqueline L. Reck, Suzanne Lowensohn & Daniel Neely
All Chapters 1-17| Latest Version With Verified Answers| Rated A+
From: [Bestmaxsolutions.stuvia
,Chapter 1: Introduction To Accounting And Financial Reporting For Government And Not-For-Profit Entities ______________ 3
Chapter 2: Principles Of Accounting And Financial Reporting For State And Local Governments ________________________ 36
Chapter 3: Governmental Operating Statement Accounts; Budgetary Accounting ___________________________________ 74
Chapter 4: Accounting For Governmental Operating Activities–Illustrative Transactions And Financial Statements _______ 121
Chapter 5: Accounting For General Capital Assets And Capital Projects ___________________________________________ 170
Chapter 6: Accounting For General Long-Term Liabilities And Debt Service ________________________________________ 214
Chapter 7: Accounting For The Business-Type Activities Of State And Local Governments ____________________________ 253
Chapter 8: Accounting For Fiduciary Activities—Custodial And Trust Funds ________________________________________ 289
Chapter 9: Financial Reporting Of State And Local Governments ________________________________________________ 323
Chapter 10: Analysis Of Government Financial Performance____________________________________________________ 356
Chapter 11: Auditing Of Government And Not-For-Profit Organizations __________________________________________ 385
Chapter 12: Budgeting And Performance Measurement _______________________________________________________ 420
Chapter 13: Not-For-Profit Organizations—Regulatory, Taxation, And Performance Issues __________________________ 448
Chapter 14: Accounting For Not-For-Profit Organizations ______________________________________________________ 477
Chapter 15: Accounting For Colleges And Universities _________________________________________________________ 514
Chapter 16: Accounting For Health Care Organizations ________________________________________________________ 545
Chapter 17: Accounting And Reporting For The Federal Government _____________________________________________ 576
,Chapter 1: Introduction To Accounting And Financial Reporting For
Government And Not-For-Profit Entities
Jacqueline L. Reck: accounting For Governmental & Nonprofit Entities 18th Edition
1) Special Purpose Governments Generally Provide A Wider Range Of Services To Their
Residents Than Do General Purpose Governments.
ANSWER: FALSE
Difficulty: 1 Easy
Topic: Distinguishing Government And Not-For-Profit Organizations
Learning Objective: 01-01 Identify And Explain The Characteristics That Distinguish
Government And Not-For-Profit Entities From For-Profit Entities.
Bloom's: Remember
AACSB: Knowledge Application AICPA: BB Industry
2) Examples Of General Purpose Governments Include Cities, Towns, And Public
Schools That Receive Tax Revenue To Finance The Services They Provide.
ANSWER: TRUE
Difficulty: 1 Easy
Topic: Distinguishing Government And Not-For-Profit Organizations
Learning Objective: 01-01 Identify And Explain The Characteristics That Distinguish
Government And Not-For-Profit Entities From For-Profit Entities.
Bloom's: Remember
AACSB: Knowledge Application AICPA: BB Industry
3) The Governmental Accounting Standards Board (GASB) Is The Body Authorized To
Establish Accounting Principles For All State And Local Governments, Both General
Purpose And Special Purpose.
,ANSWER: TRUE
Difficulty: 1 Easy
Topic: Sources Of Financial Reporting Standards
Learning Objective: 01-02 Identify The Authoritative Bodies Responsible For Setting
Financial Reporting Standards For (1) State And Local Governments, (2) The Federal
Government, And (3) Not-For-Profit Organizations.
Bloom's: Remember
AACSB: Knowledge Application AICPA: BB Industry
4) The Governmental Accounting Standards Board (GASB) Is The Body Authorized To
Establish Accounting Principles For All Government Entities.
ANSWER: FALSE
Difficulty: 1 Easy
Topic: Sources Of Financial Reporting Standards
Learning Objective: 01-02 Identify The Authoritative Bodies Responsible For Setting
Financial Reporting Standards For (1) State And Local Governments, (2) The Federal
Government, And (3) Not-For-Profit Organizations.
Bloom's: Remember
AACSB: Knowledge Application AICPA: BB Industry
5) The Financial Accounting Standards Board (FASB) Is The Body Authorized To
Establish Accounting Principles For All Colleges And Universities And Health Care
Entities.
ANSWER: FALSE
Difficulty: 1 Easy
Topic: Sources Of Financial Reporting Standards
Learning Objective: 01-02 Identify The Authoritative Bodies Responsible For Setting
Financial Reporting Standards For (1) State And Local Governments, (2) The Federal
Government, And (3) Not-For-Profit Organizations.
,Bloom's: Remember
AACSB: Knowledge Application AICPA: BB Industry
6) Neither Governments Nor Not-For-Profit Entities Have Residual Equity That Can Be
Distributed To Owners.
ANSWER: TRUE
Difficulty: 2 Medium
Topic: Distinguishing Government And Not-For-Profit Organizations
Learning Objective: 01-01 Identify And Explain The Characteristics That Distinguish
Government And Not-For-Profit Entities From For-Profit Entities.
Bloom's: Understand
AACSB: Knowledge Application AICPA: FN Reporting
7) A Characteristic Common To Governments And Not-For-Profit Organizations Is That
They Do Not
Exist To Provide Goods Or Services At A Profit Or Profit Equivalent.
ANSWER: TRUE
Difficulty: 2 Medium
Topic: Distinguishing Government And Not-For-Profit Organizations
Learning Objective: 01-01 Identify And Explain The Characteristics That Distinguish
Government And Not-For-Profit Entities From For-Profit Entities.
Bloom's: Understand
AACSB: Knowledge Application AICPA: BB Industry
8) The Needs Of Users Of Government Financial Reports Are The Same As Those Of
Users Of Business Entity Financial Reports.
ANSWER: FALSE
Difficulty: 2 Medium
,Topic: Distinguishing Government And Not-For-Profit Organizations
Learning Objective: 01-01 Identify And Explain The Characteristics That Distinguish
Government And Not-For-Profit Entities From For-Profit Entities.
Bloom's: Understand
AACSB: Knowledge Application AICPA: BB Industry
9) The Federal Accounting Standards Advisory Board (FASAB) Recommends
Accounting Principles And Standards For The Federal Government And Its Agencies
And Departments.
ANSWER: TRUE
Difficulty: 1 Easy
Topic: Sources Of Financial Reporting Standards
Learning Objective: 01-02 Identify The Authoritative Bodies Responsible For Setting
Financial Reporting Standards For (1) State And Local Governments, (2) The Federal
Government, And (3) Not-For-Profit Organizations.
Bloom's: Remember
AACSB: Knowledge Application AICPA: BB Industry
10) The FASB, GASB, And FASAB All Focus Their Standards On Both Internal And
External Financial Reporting.
ANSWER: FALSE
Difficulty: 2 Medium
Topic: Objectives Of Financial Reporting
Learning Objective: 01-03 Contrast And Compare The Objectives Of Financial
Reporting For (1) State And Local Governments, (2) The Federal Government, And (3)
Not-For-Profit Organizations. Bloom's: Understand
AACSB: Knowledge Application AICPA: BB Industry
, 11) The Governmental Accounting Standards Board Is Assigned Responsibility For
Setting Accounting And Financial Reporting Standards For
A) Governments Such As Federal Agencies, States, Cities, Counties, Villages, And
Townships.
B) State And Local Government Entities And Governmentally-Related Units And
Agencies, Such As Utilities, Authorities, Hospitals, And Colleges And Universities.
C) Not-For-Profit Organizations.
D) State And Local Governments And All Not-For-Profit Organizations.
ANSWER: B
The Governmental Accounting Standards Board (GASB) Is Responsible For Setting
Accounting And Financial Reporting Standards For State And Local Government
Entities, As Well As Government-Related Entities Like Utilities, Authorities, Hospitals,
And Colleges. It Does Not Include The Federal Government, Which Is Covered By A
Different Body (FASAB), Nor Does It Include Non-Governmental Not-For-Profit
Organizations.
Difficulty: 2 Medium
Topic: Sources Of Financial Reporting Standards
Learning Objective: 01-02 Identify The Authoritative Bodies Responsible For Setting
Financial Reporting Standards For (1) State And Local Governments, (2) The Federal
Government, And (3) Not-For-Profit Organizations.
Bloom's: Understand
AACSB: Knowledge Application AICPA: BB Industry
12) The Body That Has Been Established To Recommend Accounting And Financial
Reporting Standards For The Federal Government Is The
A) Financial Accounting Standards Board (FASB).
B) Governmental Accounting Standards Board (GASB).
C) Federal Accounting Foundation (FAF).
D) Federal Accounting Standards Advisory Board (FASAB).
