15 Free Test Bank for Introduction to Governmental and Not for Profit Accounting 7th Edition by Ives

To improve your deeper backgrounds about recent changes in accounting and reporting standards place college and university accounting in the realm of applications of not-for-profit and governmental accounting standards, rather than as an industry subject to special standards. Not-for-profit colleges and universities are required to apply the FASB’s standards on not-for-profit accounting that you should try to practice 15 free test bank for ntroduction To Governmental And Not For Profit Accounting Ives 7th Edition multiple choice questions. There are many kind of free online questions and clear answers of governmental and nonprofit accounting to help you remember easier. Furtheremore, do not wonder that you must pay any fee because of  free for test bank according to the textbook content. Let’s start right now!

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Not-for-profit organizations obtain their revenues primarily from

•  a.Sales to customers
•  b.Contributions from donors
•  c.Taxes on personal property
•  d.Taxes on real property

Which of the following activities is performed by governments but not by not-for-profit organizations?

•  a.Issuing federal tax-free debt
•  b.Receiving grants
•  c.Preparing budgets
•  d.Providing services to constituents

The Governmental Accounting Standards Board (GASB) establishes financial reporting standards for state and local governmental entities. An entity possessing the following characteristics should follow GASB standards:

•  a.The power to enact and levy a tax.
•  b.The power to issue debt, for which its interest is exempt from federal taxation.
•  c.The potential that a government could unilaterally dissolve the entity and assume their assets and liabilities.
•  d.All of the above.
•  e.Only a and b.

For which types of organizations is the Financial Accounting Standards Board (FASB) responsible for establishing accounting and financial reporting standards?

•  a.Business-type organizations and not-for-profit organizations, including not-for-profit colleges, universities and health care providers
•  b.Business-type organizations; not-for-profit organizations; and all colleges, universities and health care providers, whether organized as not-for-profit or governmental entities
•  c.Business-type organizations only
•  d.All entities, except for those under the jurisdiction of the American Institute of CPAs

Government and nonprofit accounting focuses on which of the following?

•  a.Calculating profit or loss
•  b.Protecting investors from fraud
•  c.Demonstrating accountability
•  d.Reporting to management

To what extent do organizations that use fund accounting also report on the entity as a whole?

•  a.Organizations that use fund accounting are not required to report on the entity as a whole
•  b.Organizations that choose to report on the entity as a whole are not permitted to use fund accounting for internal purposes
•  c.Organizations that use fund accounting are required to report on the entity as a whole
•  d.Organizations that use fund accounting have the option of reporting either on funds or on the organization as a whole

Which of the following is not a reason that governmental accounting is different from business accounting?

•  a.Different users of financial reports
•  b.Expected long-life of governments
•  c.Capital assets are used by governments
•  d.Revenues that are unique to governments

Which of the following is the most authoritative source of accounting standards for cities and counties?

•  a.Current practices widely used by not-for-profit entities
•  b.GASB Statements and Interpretations
•  c.AICPA Industry Audit Guides
•  d.Implementation guides published by GASB staff

Which of the following is a distinguishing characteristic of a nonbusiness organization?

•  a.Its revenues do not exceed its expenses
•  b.There is an absence of ownership interests that can be sold, transferred, or redeemed
•  c.It does not depreciate its capital assets
•  d.It does not charge fees for any of its services

A not-for-profit organization performs all of the following activities except

•  a.Charging a fee for services provided
•  b.Paying dividends to shareholders
•  c.Purchasing long-lived (capital) assets
•  d.Paying overtime to employees

For which types of organizations is the Governmental Accounting Standards Board (GASB) responsible for establishing accounting and financial reporting standards?

•  a.All state, local, and Federal organizations
•  b.All state and local governmental organizations, except for state and local governmental colleges, universities, health care providers, and utilities
•  c.All state and local governmental organizations, including government-sponsored colleges, universities, health care providers, and utilities
•  d.All governmental and not-for-profit organizations

Which basis of accounting is used for the basic governmental functions of state and local governments?

•  a.Cash basis of accounting
•  b.Modified accrual basis of accounting
•  c.Accrual basis of accounting
•  d.Regulatory basis of accounting

An activity that is unique to governments is

•  a.Budgeting
•  b.Cash management
•  c.Levying taxes
•  d.Advertising

Which entity establishes financial accounting standards and principles for the federal government?

•  a.FASB
•  b.GASB
•  c.FASAB
•  d.None of the above.