v v v v v v
Profit Organizations 15e Copley - Complete test bank
v v v v v v v
Chap 01 15e Copley
v v v
Answers Included
v
1) ThevGovernmentalvAccountingvStandardsvBoardvsetsvfinancialvreportingvstandardsvforvallv
unitsvofvgovernment:vfederal,vstate,vandvlocal.
⊚v true
⊚v false
2) Fundvaccountingvexistsvprimarilyvtovprovidevassurancevthatvresourcesvarevusedvaccordingvtovl
egalvorvdonorvrestrictions.
⊚v true
⊚v false
3) ThevFinancialvAccountingvStandardsvBoardvsetsvfinancialvreportingvstandardsvforvprofit-
vseekingvbusinessesvandvnongovernmental,vnot-for-profitvorganizations.
⊚v true
⊚v false
4) FASAB,vGASB,vandvFASBvstandardsvarevsetvforthvprimarilyvinvdocumentsvcalledvstatements.
⊚v true
⊚v false
5) FASAB,vGASB,vandvFASBvreportingvstandardsvarevsetvforthvprimarilyvinvdocumentsvcalledvc
onceptvstatements.
⊚v true
⊚v false
6) ThevFASABvwasvestablishedvtovrecommendvaccountingvandvfinancialvreportingvstandardsvforvt
hevfederalvgovernment.
⊚v true
⊚v false
1
,7) ThevGASBvdoesvnotvrequirevsupplementaryvinformationvtovbevreportedvwithvitsvfinancialvstat
ementsvevenvifvitvisvessentialvtovestablishvappropriatevcontextvforvthevfinancialvstatementsvandv
notes.
⊚v true
⊚v false
8) ThevFinancialvAccountingvStandardsvBoardvsetsvfinancialvreportingvstandardsvforvprivatevnot-
vfor-profitsvandvinvestor-ownedvbusinesses.
⊚v true
⊚v false
9) Anvorganizationvisvpresumedvtovbevgovernmentalvifvitvhasvthevabilityvtovissuevdirectlyvdebtvthatvi
svexemptvfromvfederalvtaxes.
⊚v true
⊚v false
10) ThevFinancialvAccountingvStandardsvBoardvandvthevGovernmentalvAccountingvStandardsv
BoardvarevparallelvbodiesvundervthevoversightvofvthevFinancialvAccountingvFoundation.
⊚v true
⊚v false
11) ThevFederalvAccountingvStandardsvAdvisoryvBoardvrequiresvlessvextensivevreportsvthanvdoesvt
hevFASBvorvGASB.
⊚v true
⊚v false
12) ThevFASABvrequiresvmorevfinancialvstatementsvthanvarevtypicallyvrequiredvofvstatevandvlocalvg
overnments.
⊚v true
⊚v false
2
,13) Governmentsvmustvhavevasvmanyvfundsvasvnecessaryvtovfulfillvlegalvrequirementsvandvsoundvf
inancialvadministrationvbutvmustvhavevatvavminimumvavGeneralvFund.
⊚v true
⊚v false
14) AvManagement'svDiscussionvandvAnalysisvisvrequiredvforvstatevandvlocalvgovernmentalvunits,va
ndvthevfederalvgovernment.
⊚v true
⊚v false
15) Althoughvcertainvsupplementaryvinformationvmayvnotvbevrequired,vifvpresented,vitvmustvf
ollowvGASBvguidancevregardingvitsvformatvandvcontent.
⊚v true
⊚v false
16) ThevformatvandvcontentvofvsupplementaryvinformationvwhichvisvnotvrequiredvbyvGASBvisvupvt
ovthevdiscretionvofvthevreportingventity.
⊚v true
⊚v false
17) GASBvandvFASBvConceptvStatementsvestablishvaccountingvstandardsvthatvmustvbevcompliedv
withvtovreceivevanvunqualifiedvauditvopinion.
⊚v true
⊚v false
18) FASAB,vGASB,vandvFASBvstandardsvarevsetvforthvprimarilyvinvdocumentsvcalledvi
nterpretations.
⊚v true
⊚v false
3
, 19) Fund-
basisvstatementsvarevpresentedvforvthreevcategoriesvofvgovernmentvactivities:vgover
nmental,vproprietary,vandvfiduciary.
⊚v true
⊚v false
20) Statevandvlocalvgovernmentsvmayvusevasvmanyvasvtwelvevdifferentvfundvtypes.
⊚v true
⊚v false
21) Theveconomicvresourcevmeasurementvfocusvandvaccrualvbasisvisvanvimportantvfeaturevofv
government-widevfinancialvstatements.
⊚v true
⊚v false
22) Businesslikevactivityvfund-
basisvstatementsvmustvbevchangedvtovthevaccrualvbasisvfromvthevmodifiedvaccrualvbasisvwhe
nvpreparingvgovernment-widevfinancialvstatements.
⊚v true
⊚v false
23) Governmental-typevactivityvfund-
basisvstatementsvmustvusevaccrualvbasisvwhenvpreparingvgovernment-
widevfinancialvstatements.
⊚v true
⊚v false
24) Fiduciaryvfundsvofvavgovernmentalvunitvusevthevcurrentvfinancialvresourcesvmeasurementvf
ocusvandvmodifiedvaccrualvbasisvofvaccounting.
⊚v true
⊚v false
25) Undervthevaccrualvbasisvofvaccounting,vrevenuesvarevrecognizedvwhenvmeasurablevandv
availablevtovfinancevexpendituresvofvthevcurrentvperiod.
⊚v true
⊚v false
4