Test Bank for Accounting for
Governmental & Nonprofit
Entities 19th Edition by
Jacqueline L. Reck, Suzanne
Lowensohn & Daniel Neely
Complete Chapters With Verified Q&As| A+
1|Page
,PASS Answers at the Back of Each
Chapter
2|Page
, Chapter 1
1) Explain the essential differences between general purpose and special purpose
governments and give several examples of each.
2) Identify and explain the characteristics that distinguish governments and not-for-profit
entities from business entities.
3) GASB and FASB standards are concerned only with external financial reporting; whereas,
FASAB standards are concerned with both internal and external financial reporting. Do you
agree with this statement? Why or why not?
4) Why should persons interested in reading financial reports of governments and not-for-
profit entities be familiar with standards set by the GASB and the FASB?
3|Page
, 5) Explain in your own words why accountability is the cornerstone of all financial
reporting in government.
4|Page
Governmental & Nonprofit
Entities 19th Edition by
Jacqueline L. Reck, Suzanne
Lowensohn & Daniel Neely
Complete Chapters With Verified Q&As| A+
1|Page
,PASS Answers at the Back of Each
Chapter
2|Page
, Chapter 1
1) Explain the essential differences between general purpose and special purpose
governments and give several examples of each.
2) Identify and explain the characteristics that distinguish governments and not-for-profit
entities from business entities.
3) GASB and FASB standards are concerned only with external financial reporting; whereas,
FASAB standards are concerned with both internal and external financial reporting. Do you
agree with this statement? Why or why not?
4) Why should persons interested in reading financial reports of governments and not-for-
profit entities be familiar with standards set by the GASB and the FASB?
3|Page
, 5) Explain in your own words why accountability is the cornerstone of all financial
reporting in government.
4|Page
