Test Bank For Accounting for Governmental & Nonprofit Entities, 19th Edition All Chapters

Test Bank For Accounting for Governmental & Nonprofit Entities, 18e Jacqueline R
N N N N N N N N N N NN


ck, Suzanne Lowensohn, Earl Wilson
N N N N


AccountingNforNGovernmentalNandNNonprofitNEntities,N18eN(Reck)
ChapterN1N N IntroductionNtoNAccountingNandNFinancialNReportingNforNGovernmentNand
NNot-for-ProfitNEntities




1) SpecialNpurposeNgovernmentsNgenerallyNprovideNaNwiderNrangeNofNservicesNtoNtheirNresidentsNtha
nNdoNgeneralNpurposeNgovernments.

Answer:N FALSE
NDifficulty:N1NEas

y
Topic:N N DistinguishingNGovernmentNandNNot-For-ProfitNOrganizations
LearningNObjective:N 01-
01NIdentifyNandNexplainNtheNcharacteristicsNthatNdistinguishNgovernmentNandNnot-for-
profitNentitiesNfromNfor-profitNentities.
Bloom's:N N Remember
AACSB:N KnowledgeNApplicationNAI
CPA:N BBNIndustry

2) ExamplesNofNgeneralNpurposeNgovernmentsNincludeNcities,Ntowns,NandNpublicNschoolsNthatNreceiv
eNtaxNrevenueNtoNfinanceNtheNservicesNtheyNprovide.

Answer:N TRUEN
Difficulty:N1NEas
y
Topic:N N DistinguishingNGovernmentNandNNot-For-ProfitNOrganizations
LearningNObjective:N 01-
01NIdentifyNandNexplainNtheNcharacteristicsNthatNdistinguishNgovernmentNandNnot-for-
profitNentitiesNfromNfor-profitNentities.
Bloom's:N N Remember
AACSB:N KnowledgeNApplicationNAI
CPA:N BBNIndustry

3) TheNGovernmentalNAccountingNStandardsNBoardN(GASB)NisNtheNbodyNauthorizedNtoNestablis
hNaccountingNprinciplesNforNallNstateNandNlocalNgovernments,NbothNgeneralNpurposeNandNspecial
Npurpose.




Answer:N TRUEN
Difficulty:N1NEas
y
Topic:N N SourcesNofNfinancialNreportingNstandards
LearningNObjective:N 01-
02NIdentifyNtheNauthoritativeNbodiesNresponsibleNforNsettingNfinancialNreportingNstandardsNfor
N(1)NstateNandNlocalNgovernments,N(2)NtheNfederalNgovernment,NandN(3)Nnot-for-

profitNorganizations.
Bloom's:N N Remember
AACSB:N KnowledgeNApplication
NAICPA:N BBN Industry




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,4) TheNGovernmentalNAccountingNStandardsNBoardN(GASB)NisNtheNbodyNauthorizedNtoNestablis
hNaccountingNprinciplesNforNallNgovernmentNentities.

Answer:N FALSE
NDifficulty:N1NEas

y
Topic:N N SourcesNofNfinancialNreportingNstandards
LearningNObjective:N 01-
02NIdentifyNtheNauthoritativeNbodiesNresponsibleNforNsettingNfinancialNreportingNstandardsNfor
N(1)NstateNandNlocalNgovernments,N(2)NtheNfederalNgovernment,NandN(3)Nnot-for-

profitNorganizations.
Bloom's:N N Remember
AACSB:N KnowledgeNApplication
NAICPA:N BBN Industry




5) TheNFinancialNAccountingNStandardsNBoardN(FASB)NisNtheNbodyNauthorizedNtoNestablis
hNaccountingNprinciplesNforNallNcollegesNandNuniversitiesNandNhealthNcareNentities.

Answer:N FALSE
NDifficulty:N1NEas

y
Topic:N N SourcesNofNfinancialNreportingNstandards
LearningNObjective:N 01-
02NIdentifyNtheNauthoritativeNbodiesNresponsibleNforNsettingNfinancialNreportingNstandardsNfor
N(1)NstateNandNlocalNgovernments,N(2)NtheNfederalNgovernment,NandN(3)Nnot-for-

profitNorganizations.
Bloom's:N N Remember
AACSB:N KnowledgeNApplication
NAICPA:N BBN Industry




6) NeitherNgovernmentsNnorNnot-for-
profitNentitiesNhaveNresidualNequityNthatNcanNbeNdistributedNtoNowners.

Answer:N TRUENDiff
iculty:N2NMedium
Topic:N N DistinguishingNGovernmentNandNNot-For-ProfitNOrganizations
LearningNObjective:N 01-
01NIdentifyNandNexplainNtheNcharacteristicsNthatNdistinguishNgovernmentNandNnot-for-
profitNentitiesNfromNfor-profitNentities.
Bloom's:N N Understand
AACSB:N KnowledgeNApplicationNAI
CPA:N FNNReporting




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,7) ANcharacteristicNcommonNtoNgovernmentsNandNnot-for-profitNorganizationsNisNthatNtheyNdoNnot
existNtoNprovideNgoodsNorNservicesNatNaNprofitNorNprofitNequivalent.

Answer:N TRUENDiff
iculty:N2NMedium
Topic:N N DistinguishingNGovernmentNandNNot-For-ProfitNOrganizations
LearningNObjective:N 01-
01NIdentifyNandNexplainNtheNcharacteristicsNthatNdistinguishNgovernmentNandNnot-for-
profitNentitiesNfromNfor-profitNentities.
Bloom's:N N Understand
AACSB:N KnowledgeNApplicationNAI
CPA:N BBNIndustry

8) TheNneedsNofNusersNofNgovernmentNfinancialNreportsNareNtheNsameNasNthoseNofNusersNofNbusine
ssNentityNfinancialNreports.

Answer:N FALSENDif
ficulty:N2NMedium
Topic:N N DistinguishingNGovernmentNandNNot-For-ProfitNOrganizations
LearningNObjective:N 01-
01NIdentifyNandNexplainNtheNcharacteristicsNthatNdistinguishNgovernmentNandNnot-for-
profitNentitiesNfromNfor-profitNentities.
Bloom's:N N Understand
AACSB:N KnowledgeNApplicationNAI
CPA:N BBNIndustry

9) TheNFederalNAccountingNStandardsNAdvisoryNBoardN(FASAB)NrecommendsNaccountin
gNprinciplesNandNstandardsNforNtheNfederalNgovernmentNandNitsNagenciesNandNdepartments
.

Answer:N TRUEN
Difficulty:N1NEas
y
Topic:N N SourcesNofNfinancialNreportingNstandards
LearningNObjective:N 01-
02NIdentifyNtheNauthoritativeNbodiesNresponsibleNforNsettingNfinancialNreportingNstandardsNfor
N(1)NstateNandNlocalNgovernments,N(2)NtheNfederalNgovernment,NandN(3)Nnot-for-

profitNorganizations.
Bloom's:N N Remember
AACSB:N KnowledgeNApplication
NAICPA:N BBN Industry




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, 10) TheNFASB,NGASB,NandNFASABNallNfocusNtheirNstandardsNonNbothNinternalNandNexternalNfinanci
alNreporting.

Answer:N FALSENDif
ficulty:N2NMedium
Topic:N N ObjectivesNofNfinancialNreporting
LearningNObjective:N 01-
03NContrastNandNcompareNtheNobjectivesNofNfinancialNreportingNforN(1)NstateNandNlocalNgovern
ments,N(2)NtheNfederalNgovernment,NandN(3)Nnot-for-
profitNorganizations.NBloom's:N Understand
AACSB:N KnowledgeNApplication
NAICPA:N BBN Industry




11) InterperiodNequityNrefersNtoNtheNconceptNthatNcurrent-
yearNrevenuesNareNsufficientNtoNpayNforNservicesNprovidedNthatNyear,NsoNthatNfutureNtaxpayersNwill
NnotNbeNrequiredNtoNassumeNtheNburdenNforNservices NpreviouslyNprovided.




Answer:N TRUENDiff
iculty:N2NMedium
Topic:N N ObjectivesNofNfinancialNreporting
LearningNObjective:N 01-
03NContrastNandNcompareNtheNobjectivesNofNfinancialNreportingNforN(1)NstateNandNlocalNgovern
ments,N(2)NtheNfederalNgovernment,NandN(3)Nnot-for-
profitNorganizations.NBloom's:N Understand
AACSB:N KnowledgeNApplication
NAICPA:N FNNReporting




12) TheNminimumNrequirementsNforNgeneralNpurposeNexternalNfinancialNreportingNareN(1)Nmanag
ement'sNdiscussionNandNanalysisN(MD&A),N(2)NtheNbasicNfinancialNstatements,NincludingNtheNnote
sNtoNtheNfinancialNstatements,NandN(3)NcombiningNandNindividualNfundNfinancialNstatements.

Answer:N FALSE
NDifficulty:N1NEas

y
Topic:N N FinancialNReportingNofNStateNandNLocalNGovernments
LearningNObjective:N 01-
04NExplainNtheNminimumNrequirementsNforNgeneralNpurposeNexternalNfinancialNreportingNforNstate
NandNlocalNgovernmentsNandNhowNtheyNrelateNtoNcomprehensiveNannualNfinancialNreports.

Bloom's:N N Remember
AACSB:N KnowledgeNApplicationNAI
CPA:N FNNReporting




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