TEST BANK FOR
. .
Essentials.of.Accounting.for.Governmental.and.Not-for-Profit.Organizations.15eCopley.-
Chapter.1-14
Chap 01 15e Copley
. . .
Answers Included
.
1) The.Governmental.Accounting.Standards.Board.sets.financial.reporting.standards.for.all.uni
ts.of.government:.federal,.state,.and.local.
⊚. true
⊚. false
2) Fund.accounting.exists.primarily.to.provide.assurance.that.resources.are.used.according.to.lega
l.or.donor.restrictions.
⊚. true
⊚. false
3) The.Financial.Accounting.Standards.Board.sets.financial.reporting.standards.for.profit-
. seeking.businesses.and.nongovernmental,.not-for-profit.organizations.
⊚. true
⊚. false
4) FASAB,.GASB,.and.FASB.standards.are.set.forth.primarily.in.documents.called.statements.
⊚. true
⊚. false
5) FASAB,.GASB,.and.FASB.reporting.standards.are.set.forth.primarily.in.documents.called.con
cept.statements.
⊚. true
⊚. false
6) The.FASAB.was.established.to.recommend.accounting.and.financial.reporting.standards.for.the.f
ederal.government.
⊚. true
⊚. false
,7) The.GASB.does.not.require.supplementary.information.to.be.reported.with.its.financial.statem
ents.even.if.it.is.essential.to.establish.appropriate.context.for.the.financial.statements.and.notes.
⊚. true
⊚. false
8) The.Financial.Accounting.Standards.Board.sets.financial.reporting.standards.for.private.not-.for-
profits.and.investor-owned.businesses.
⊚. true
⊚. false
9) An.organization.is.presumed.to.be.governmental.if.it.has.the.ability.to.issue.directly.debt.that.is.exe
mpt.from.federal.taxes.
⊚. true
⊚. false
10) The.Financial.Accounting.Standards.Board.and.the.Governmental.Accounting.Standards.Bo
ard.are.parallel.bodies.under.the.oversight.of.the.Financial.Accounting.Foundation.
⊚. true
⊚. false
11) The.Federal.Accounting.Standards.Advisory.Board.requires.less.extensive.reports.than.does.the.
FASB.or.GASB.
⊚. true
⊚. false
12) The.FASAB.requires.more.financial.statements.than.are.typically.required.of.state.and.local.gove
rnments.
⊚. true
⊚. false
,13) Governments.must.have.as.many.funds.as.necessary.to.fulfill.legal.requirements.and.sound.fina
ncial.administration.but.must.have.at.a.minimum.a.General.Fund.
⊚. true
⊚. false
14) A.Management's.Discussion.and.Analysis.is.required.for.state.and.local.governmental.units,.and.t
he.federal.government.
⊚. true
⊚. false
15) Although.certain.supplementary.information.may.not.be.required,.if.presented,.it.must.foll
ow.GASB.guidance.regarding.its.format.and.content.
⊚. true
⊚. false
16) The.format.and.content.of.supplementary.information.which.is.not.required.by.GASB.is.up.to.the
. discretion.of.the.reporting.entity.
⊚. true
⊚. false
17) GASB.and.FASB.Concept.Statements.establish.accounting.standards.that.must.be.complied.wit
h.to.receive.an.unqualified.audit.opinion.
⊚. true
⊚. false
18) FASAB,.GASB,.and.FASB.standards.are.set.forth.primarily.in.documents.called.inte
rpretations.
⊚. true
⊚. false
, 19) Fund-
basis.statements.are.presented.for.three.categories.of.government.activities:.governm
ental,.proprietary,.and.fiduciary.
⊚. true
⊚. false
20) State.and.local.governments.may.use.as.many.as.twelve.different.fund.types.
⊚. true
⊚. false
21) The.economic.resource.measurement.focus.and.accrual.basis.is.an.important.feature.of.gov
ernment-wide.financial.statements.
⊚. true
⊚. false
22) Businesslike.activity.fund-
basis.statements.must.be.changed.to.the.accrual.basis.from.the.modified.accrual.basis.when.pr
eparing.government-wide.financial.statements.
⊚. true
⊚. false
23) Governmental-type.activity.fund-
basis.statements.must.use.accrual.basis.when.preparing.government-
wide.financial.statements.
⊚. true
⊚. false
24) Fiduciary.funds.of.a.governmental.unit.use.the.current.financial.resources.measurement.foc
us.and.modified.accrual.basis.of.accounting.
⊚. true
⊚. false
25) Under.the.accrual.basis.of.accounting,.revenues.are.recognized.when.measurable.and.avai
lable.to.finance.expenditures.of.the.current.period.
⊚. true
⊚. false
. .
Essentials.of.Accounting.for.Governmental.and.Not-for-Profit.Organizations.15eCopley.-
Chapter.1-14
Chap 01 15e Copley
. . .
Answers Included
.
1) The.Governmental.Accounting.Standards.Board.sets.financial.reporting.standards.for.all.uni
ts.of.government:.federal,.state,.and.local.
⊚. true
⊚. false
2) Fund.accounting.exists.primarily.to.provide.assurance.that.resources.are.used.according.to.lega
l.or.donor.restrictions.
⊚. true
⊚. false
3) The.Financial.Accounting.Standards.Board.sets.financial.reporting.standards.for.profit-
. seeking.businesses.and.nongovernmental,.not-for-profit.organizations.
⊚. true
⊚. false
4) FASAB,.GASB,.and.FASB.standards.are.set.forth.primarily.in.documents.called.statements.
⊚. true
⊚. false
5) FASAB,.GASB,.and.FASB.reporting.standards.are.set.forth.primarily.in.documents.called.con
cept.statements.
⊚. true
⊚. false
6) The.FASAB.was.established.to.recommend.accounting.and.financial.reporting.standards.for.the.f
ederal.government.
⊚. true
⊚. false
,7) The.GASB.does.not.require.supplementary.information.to.be.reported.with.its.financial.statem
ents.even.if.it.is.essential.to.establish.appropriate.context.for.the.financial.statements.and.notes.
⊚. true
⊚. false
8) The.Financial.Accounting.Standards.Board.sets.financial.reporting.standards.for.private.not-.for-
profits.and.investor-owned.businesses.
⊚. true
⊚. false
9) An.organization.is.presumed.to.be.governmental.if.it.has.the.ability.to.issue.directly.debt.that.is.exe
mpt.from.federal.taxes.
⊚. true
⊚. false
10) The.Financial.Accounting.Standards.Board.and.the.Governmental.Accounting.Standards.Bo
ard.are.parallel.bodies.under.the.oversight.of.the.Financial.Accounting.Foundation.
⊚. true
⊚. false
11) The.Federal.Accounting.Standards.Advisory.Board.requires.less.extensive.reports.than.does.the.
FASB.or.GASB.
⊚. true
⊚. false
12) The.FASAB.requires.more.financial.statements.than.are.typically.required.of.state.and.local.gove
rnments.
⊚. true
⊚. false
,13) Governments.must.have.as.many.funds.as.necessary.to.fulfill.legal.requirements.and.sound.fina
ncial.administration.but.must.have.at.a.minimum.a.General.Fund.
⊚. true
⊚. false
14) A.Management's.Discussion.and.Analysis.is.required.for.state.and.local.governmental.units,.and.t
he.federal.government.
⊚. true
⊚. false
15) Although.certain.supplementary.information.may.not.be.required,.if.presented,.it.must.foll
ow.GASB.guidance.regarding.its.format.and.content.
⊚. true
⊚. false
16) The.format.and.content.of.supplementary.information.which.is.not.required.by.GASB.is.up.to.the
. discretion.of.the.reporting.entity.
⊚. true
⊚. false
17) GASB.and.FASB.Concept.Statements.establish.accounting.standards.that.must.be.complied.wit
h.to.receive.an.unqualified.audit.opinion.
⊚. true
⊚. false
18) FASAB,.GASB,.and.FASB.standards.are.set.forth.primarily.in.documents.called.inte
rpretations.
⊚. true
⊚. false
, 19) Fund-
basis.statements.are.presented.for.three.categories.of.government.activities:.governm
ental,.proprietary,.and.fiduciary.
⊚. true
⊚. false
20) State.and.local.governments.may.use.as.many.as.twelve.different.fund.types.
⊚. true
⊚. false
21) The.economic.resource.measurement.focus.and.accrual.basis.is.an.important.feature.of.gov
ernment-wide.financial.statements.
⊚. true
⊚. false
22) Businesslike.activity.fund-
basis.statements.must.be.changed.to.the.accrual.basis.from.the.modified.accrual.basis.when.pr
eparing.government-wide.financial.statements.
⊚. true
⊚. false
23) Governmental-type.activity.fund-
basis.statements.must.use.accrual.basis.when.preparing.government-
wide.financial.statements.
⊚. true
⊚. false
24) Fiduciary.funds.of.a.governmental.unit.use.the.current.financial.resources.measurement.foc
us.and.modified.accrual.basis.of.accounting.
⊚. true
⊚. false
25) Under.the.accrual.basis.of.accounting,.revenues.are.recognized.when.measurable.and.avai
lable.to.finance.expenditures.of.the.current.period.
⊚. true
⊚. false
