70 Free Test Bank Essentials of Accounting for Governmental and Not for Profit Organizations 11th Edition by Copley

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Which of the following characteristics would not define an organization as governmental?

•  A)The power to enact and enforce a tax levy.
•  B)The potential for unilateral dissolution by a government with the net assets reverting to a government.
•  C)The receipt of grant money from a state or local government for the purpose of providing services to the public.
•  D)All of the above.

Which of the following is a fiduciary fund?

•  A) Investment trust
•  B) Permanent
•  C) Enterprise
•  D) Internal service

The GASB sets accounting standards for all of the following except:

•  A)State and local governments
•  B)Nongovernmental not-for-profit hospital
•  C)Component units owned or controlled by governments
•  D)Governmentally related not-for-profit universities

The term “proprietary funds” applies to:

•  A)enterprise and internal service funds only.
•  B)all funds that use accrual accounting.
•  C)enterprise, internal service, and private-purpose trust funds.
•  D)none of the above answers are correct.

The GASB has the authority to establish accounting and financial reporting standards for:

•  A)Federal government
•  B)Private not-for-profits
•  C)State governments
•  D)None of the above

Governmental funds include:

•  A)Special revenue funds
•  B)Internal service funds
•  C)Debt service funds
•  D)A and C

Which of the following would not be included in FASB Statement of Financial Accounting Concepts #4, which identifies the information needs of the users of non-business financial statements?

•  A) Format and content of financial statements
•  B)Assessing services provided by a non-business organization and its ability to continue to provide those services
•  C)Assessing managements’ stewardship and performance
•  D)Evaluation of an organization’s resources, obligations and effects of changes in net resources

The term “fiduciary funds” applies to:

•  A)enterprise and internal service funds.
•  B)pension, investment trust and enterprise funds
•  C)enterprise, internal service, and private-purpose trust funds.
•  D)none of the above answers are correct.

Which of the following is not one of the objectives of Federal Financial Reporting, as outlined in SFFAC 1, which was issued by the FASAB?

•  A)Financial reporting should enable evaluation of the service efforts, costs and accomplishments of the reporting entity.
•  B)Financial reporting should enable evaluation of the success rate of programs
•  C)Financial reporting should reveal whether financial systems and controls are adequate
•  D)Financial reporting should demonstrate accountability regarding raising and expending money according to budgetary process and laws and regulations

Which of the following use current financial resources measurement focus?

•  A) Fiduciary fund statements
•  B)Governmental fund statements
•  C)Proprietary fund statements
•  D)Internal Service fund statements

Under the modified accrual basis of accounting, revenues should be recognized when they are:

•  A)authorized by the budget ordinance.
•  B)realizable and earned.
•  C)measurable and available to finance expenditures of the current period.
•  D)realized through collection.

Which fund category must change from modified accrual to accrual basis when preparing government-wide financial statements?

•  A)Governmental
•  B)Proprietary
•  C)Fiduciary
•  D)A & B only

Level “A” GAAP for The University of Virginia, a public institution, would be established by the:

•  A)Financial Accounting Standards Board.
•  B)Governmental Accounting Standards Board.
•  C)American Institute of Certified Public Accountants.
•  D)National Association of College and University Business Officers.

Governmental funds use the:

•  A)economic resources measurement focus and accrual basis of accounting.
•  B)current financial resources measurement focus and accrual basis of accounting.
•  C)economic resources measurement focus and modified accrual basis of accounting.
•  D) current financial resources measurement focus and modified accrual basis of accounting

The FASAB has the authority to establish accounting and financial reporting standards for:

•  A)Federal government
•  B)Investor owned business
•  C)State and local governments
•  D)Public not-for-profits

Fiduciary funds are to use the:

•  A)economic resources measurement focus and modified accrual basis of accounting.
•  B)current financial resources measurement focus and accrual basis of accounting.
•  C)economic resources measurement focus and accrual basis of accounting.
•  D)none of the above, the fiduciary funds have no revenues.

The FASB has the authority to establish accounting and financial reporting standards for:

•  A)Federal government
•  B)Private not-for-profits
•  C)Public not-for-profits
•  D)State and local governments

Which of the following is not a fiduciary fund?

•  A) Agency
•  B) Permanent
•  C) Pension trust
•  D) Private-purpose trust

The Governmental Accounting Standards Board has been given authority to establish accounting and financial reporting standards for:

•  A)all governmental units and agencies.
•  B)federal, state, and local governments and governmentally-owned utilities, authorities, hospitals, and colleges and universities..
•  C)all governmental units and all not-for-profit organizations.
•  D)state and local governmental entities, and governmentally-owned utilities, authorities, hospitals, and colleges and universities.

The “Hierarchy of GAAP” is established by the:

•  A)Financial Accounting Standards Board.
•  B)Federal Accounting Standards Advisory Board
•  C)Governmental Accounting Standards Board
•  D)All of the above have established a hierarchy

Proprietary funds use the:

•  A)economic resources measurement focus and accrual basis of accounting.
•  B)current financial resources measurement focus and modified accrual basis of accounting
•  C)economic resources measurement focus and modified accrual basis of accounting.
•  D)current financial resources measurement focus and accrual basis of accounting.

In order for a fund to exist, there must be:

•  A)A fiscal entity; assets set aside for a specific purpose
•  B)A double-entry accounting entity
•  C)Both A & B are required
•  D)A & B are optional and not required

Which of the following best describes how many funds a government should use?

•  A) One for each revenue source
•  B)Two at a minimum; the General Fund and one enterprise fund
•  C)As many as necessary to fulfill legal requirements and sound financial administration
•  D)None of the above

Which of the following is a governmental fund?

•  A) Agency
•  B) Enterprise
•  C)Special revenue
•  D)Internal service