Studentgname:
1) Explaingthegessentialgdifferencesgbetweenggeneralgpurposegandgspecialgpurpos
eggovernmentsgandggivegseveralgexamplesgofgeach.
2) Identifygandgexplaingthegcharacteristicsgthatgdistinguishggovernmentsgandgnot-for-
profitgentitiesgfromgbusinessgentities.
3) GASBgandgFASBgstandardsgaregconcernedgonlygwithgexternalgfinancialgreporting;gwhere
as,gFASABgstandardsgaregconcernedgwithgbothginternalgandgexternalgfinancialgreporting.gDogyoug
agreegwithgthisgstatement?gWhygorgwhygnot?
4) Whygshouldgpersonsginterestedgingreadinggfinancialgreportsgofggovernmentsgandgnot-
for-gprofitgentitiesgbegfamiliargwithgstandardsgsetgbygthegGASBgandgthegFASB?
Versiong1 1
,5) Explaingingyourgowngwordsgwhygaccountabilitygisgthegcornerstonegofgallgfinanci
algreportingginggovernment.
6) IngyourgowngwordsgstategthegprimarygneedsgthegGASBgbelievesgexternalgusersghavegfo
rgfinancialgreportsgofgstategandglocalggovernments.gForgcontrast,gstategthegusesgthegFASBgbelie
vesgexternalgusersghavegforgthegfinancialgreportsgofgnot-for-profitgorganizations.
7) Describegthegdifferencegbetweengagcomprehensivegannualgfinancialgreportg(CAFR)gan
dgGASBggeneralgpurposegexternalgfinancialgreportinggforgstategandglocalggovernments.
8) Identifygandgbrieflygexplaingthegfourgsectionsgofgthegperformancegandgaccountabilitygrepo
rtg(PAR)gthatgthegOfficegofgManagementgandgBudgetgrequiresgmajorgfederalgdepartmentsgandgag
enciesgtogprepare.
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,9) Explaingthegconceptsgofgfiscalgandgoperationalgaccountabilitygandgthegbasisgofgaccountin
ggusedgtogcapturegeachgconcept.
10) Describegthegcomprehensivegannualgfinancialgreportg(CAFR).gWhatgaregthegsectionsgofgth
egreportgandgwhichgcomponentsgofgthegorganizationgshouldgitginclude?gIsgagCAFRgrequired?
11) ThegGovernmentalgAccountinggStandardsgBoardgisgassignedgresponsibilitygforgsettin
ggaccountinggandgfinancialgreportinggstandardsgforgwhichgofgthegfollowing?
A) Governmentsgsuchgasgfederalgagencies,gstates,gcities,gcounties,gvillages,gan
dgtownships.
B) Stategandglocalggovernmentgentitiesgandggovernmentally-
relatedgunitsgandgagencies,gsuchgasgutilities,gauthorities,ghospitals,gandgcollegesgandguniversitie
s.
C) Not-for-profitgorganizations.
D) Stategandglocalggovernmentsgandgallgnot-for-profitgorganizations.
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, 12) Whichgofgthegfollowinggbodiesghasgbeengestablishedgtogrecommendgaccountinggan
dgfinancialgreportinggstandardsgforgthegfederalggovernment?
A) FinancialgAccountinggStandardsgBoardg(FASB).
B) GovernmentalgAccountinggStandardsgBoardg(GASB).
C) FederalgAccountinggFoundationg(FAF).
D) FederalgAccountinggStandardsgAdvisorygBoardg(FASAB).
13) ThegFinancialgAccountinggStandardsgBoardghasgthegresponsibilitygforgsettinggaccountin
ggandgfinancialgreportinggstandardsgforgwhichgofgthegfollowing?
A) Allgnot-for-profitgorganizationsgthatgaregnongovernmentalgandgbusinessgentities.
B) Allgnot-for-profitgorganizationsgandgbusinessgentities.
C) Allgnot-for-profitgorganizations.
D) Specialgpurposeggovernmentsgwithgagbusinessgpurpose.
14) Yougaregtryinggtogdecidegifgangentitygyougaregreviewinggisgaggovernmentgorgagnot-
for-gprofit.gWhichgofgthegfollowinggwouldgindicategitgisgaggovernmentgrathergthangagnot-for-
profitgentity?
A) Absencegofgprofitgmotive.
B) Agprimarygsourcegofgrevenuesgisgtaxes.
C) Resourcegprovidersgdognotgexpectgbenefitsgproportionalgtogthegresourcesgprovided.
D) Absencegofgagdefinedgownershipginterestgthatgcangbegsold,gtransferred,gorgredeemed.
15) WhichgofgthegfollowinggisgidentifiedgbygthegGASBgasgtheg"cornerstone"gofgallgfinanci
algreportingginggovernment?
A) Decisiongusefulness.
B) Stewardship.
C) Accountability.
D) Interperiodgequity.
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1) Explaingthegessentialgdifferencesgbetweenggeneralgpurposegandgspecialgpurpos
eggovernmentsgandggivegseveralgexamplesgofgeach.
2) Identifygandgexplaingthegcharacteristicsgthatgdistinguishggovernmentsgandgnot-for-
profitgentitiesgfromgbusinessgentities.
3) GASBgandgFASBgstandardsgaregconcernedgonlygwithgexternalgfinancialgreporting;gwhere
as,gFASABgstandardsgaregconcernedgwithgbothginternalgandgexternalgfinancialgreporting.gDogyoug
agreegwithgthisgstatement?gWhygorgwhygnot?
4) Whygshouldgpersonsginterestedgingreadinggfinancialgreportsgofggovernmentsgandgnot-
for-gprofitgentitiesgbegfamiliargwithgstandardsgsetgbygthegGASBgandgthegFASB?
Versiong1 1
,5) Explaingingyourgowngwordsgwhygaccountabilitygisgthegcornerstonegofgallgfinanci
algreportingginggovernment.
6) IngyourgowngwordsgstategthegprimarygneedsgthegGASBgbelievesgexternalgusersghavegfo
rgfinancialgreportsgofgstategandglocalggovernments.gForgcontrast,gstategthegusesgthegFASBgbelie
vesgexternalgusersghavegforgthegfinancialgreportsgofgnot-for-profitgorganizations.
7) Describegthegdifferencegbetweengagcomprehensivegannualgfinancialgreportg(CAFR)gan
dgGASBggeneralgpurposegexternalgfinancialgreportinggforgstategandglocalggovernments.
8) Identifygandgbrieflygexplaingthegfourgsectionsgofgthegperformancegandgaccountabilitygrepo
rtg(PAR)gthatgthegOfficegofgManagementgandgBudgetgrequiresgmajorgfederalgdepartmentsgandgag
enciesgtogprepare.
Versiong1 2
,9) Explaingthegconceptsgofgfiscalgandgoperationalgaccountabilitygandgthegbasisgofgaccountin
ggusedgtogcapturegeachgconcept.
10) Describegthegcomprehensivegannualgfinancialgreportg(CAFR).gWhatgaregthegsectionsgofgth
egreportgandgwhichgcomponentsgofgthegorganizationgshouldgitginclude?gIsgagCAFRgrequired?
11) ThegGovernmentalgAccountinggStandardsgBoardgisgassignedgresponsibilitygforgsettin
ggaccountinggandgfinancialgreportinggstandardsgforgwhichgofgthegfollowing?
A) Governmentsgsuchgasgfederalgagencies,gstates,gcities,gcounties,gvillages,gan
dgtownships.
B) Stategandglocalggovernmentgentitiesgandggovernmentally-
relatedgunitsgandgagencies,gsuchgasgutilities,gauthorities,ghospitals,gandgcollegesgandguniversitie
s.
C) Not-for-profitgorganizations.
D) Stategandglocalggovernmentsgandgallgnot-for-profitgorganizations.
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, 12) Whichgofgthegfollowinggbodiesghasgbeengestablishedgtogrecommendgaccountinggan
dgfinancialgreportinggstandardsgforgthegfederalggovernment?
A) FinancialgAccountinggStandardsgBoardg(FASB).
B) GovernmentalgAccountinggStandardsgBoardg(GASB).
C) FederalgAccountinggFoundationg(FAF).
D) FederalgAccountinggStandardsgAdvisorygBoardg(FASAB).
13) ThegFinancialgAccountinggStandardsgBoardghasgthegresponsibilitygforgsettinggaccountin
ggandgfinancialgreportinggstandardsgforgwhichgofgthegfollowing?
A) Allgnot-for-profitgorganizationsgthatgaregnongovernmentalgandgbusinessgentities.
B) Allgnot-for-profitgorganizationsgandgbusinessgentities.
C) Allgnot-for-profitgorganizations.
D) Specialgpurposeggovernmentsgwithgagbusinessgpurpose.
14) Yougaregtryinggtogdecidegifgangentitygyougaregreviewinggisgaggovernmentgorgagnot-
for-gprofit.gWhichgofgthegfollowinggwouldgindicategitgisgaggovernmentgrathergthangagnot-for-
profitgentity?
A) Absencegofgprofitgmotive.
B) Agprimarygsourcegofgrevenuesgisgtaxes.
C) Resourcegprovidersgdognotgexpectgbenefitsgproportionalgtogthegresourcesgprovided.
D) Absencegofgagdefinedgownershipginterestgthatgcangbegsold,gtransferred,gorgredeemed.
15) WhichgofgthegfollowinggisgidentifiedgbygthegGASBgasgtheg"cornerstone"gofgallgfinanci
algreportingginggovernment?
A) Decisiongusefulness.
B) Stewardship.
C) Accountability.
D) Interperiodgequity.
Versiong1 4
