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Accounting for Governmental and Nonprofit Entities
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Accounting for Governmental and Nonprofit Entities
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Test Bank For Accounting for Governmental and Nonprofit Entities 19th Jacqueline L Reck, Latest Edition 2024
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Accounting for Governmental and Nonprofit Entities
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Accounting for Governmental and Nonprofit Entities
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TEST BANK For Accounting for Governmental andNonprofit Entities 19th Edition by Neely & Reck
Accountability - ANSWER: Being obliged to explain one's actions, to justify what one
does; the requirement for government to answer to its citizenry - to justify the
raising of public resources and expenditure of those resources. Also, in the GASB's
view, the obligation to report whether the government obligation to report whether
the government operated within appropriate legal constraints; whether resources
were used efficiently, economically, and effectively; whether current-year revenues
were sufficient to pay for the services provided in the current year; and whether the
burden for services previously provided will be shifted to future taxpayers
Basic financial statements - ANSWER: Term used in GASB standards to describe
required government-wide and fund financial statements
Comprehensive annual financial report (CAFR) - ANSWER: A government's annual
report that contains three sections - introductory, financial, and statistical. A CAFR
provides financial information beyond the general purpose external financial
statements and conforms to guidance in the GASB Codification.
Donor-imposed restrictions - ANSWER: Donor stipulations that specify use for a
contributed asset that is more specific than broad limits resulting from the nature of
the not-for-profit entity, the environment in which it operates, or the purposes
specified in its articles of incorporation or bylaws; May be temporary or permanent
Federal Accounting Standards Advisory Board (FASAB) - ANSWER:
Financial Accounting Standards Board (FASB) - ANSWER:
Fiscal accountability - ANSWER: Current-period financial position and budgetary
compliance reported in fund-type financial statements of governments
Fund financial statements - ANSWER: A category of the basic financial statements
that assist in assessing fiscal accountability
General purpose governments - ANSWER: Governments that provide many
categories of services to their residents, such as states, counties, municipalities, and
townships. Typical services include public safety, road maintenance, and health and
welfare
, Generally Accepted Accounting Principles (GAAP) - ANSWER: The body of accounting
and financial reporting standards, conventions, and practices that have authoritative
support from standards-setting bodies such as the GASB and FASB, or for which a
degree of consensus exists among accounting professionals at a given point in time,
GAAP is continually evolving as changes occur in the reporting environment
Governmental Accounting Standards Board (GASB) - ANSWER:
Government-Wide Financial Statements - ANSWER: Two statements prescribed by
GASB standards designed to provide a highly aggregated overview of a government's
net position and results of financial activities
Interperiod equity - ANSWER: A term coined by GASB indicating the extent to which
current-period revenues are adequate to pay for current-period services.
Management's Discussion and Analysis (MD&A) - ANSWER: Narrative information, in
addition to the basic financial statements, in which management provides a brief,
objective, and easily readable analysis of the government's financial performance for
the year and its financial position at year-end. An MD&A is required for state and
local governments and federal agencies
Modified accrual basis - ANSWER: Required for use by governmental funds, revenues
are recognized in the period in which they become available and measurable, and
expenditures are recognized at the time a liability is incurred pursuant to
appropriation authority.
Operation accountability - ANSWER: Information useful in assessing operating results
and short and long - term financial position and the cost of providing services from
an economic perspective reported in entitywide financial statements
Performance and Accountability Report (PAR) - ANSWER: A report required to be
prepared by major federal departments and agencies under the Office of
Management and Budget's (OMB) Circular A-136. It includes an annual performance
report (APR), annual financial statements, and a variety of management reports on
internal control and other accountability issues.
Required Supplementary Information (RSI) - ANSWER: Information that is required
by GAAP to be included with the audited annual financial statements, usually directly
following the notes to the general purpose external financial statements
Service Efforts and Accomplishments (SEA) - ANSWER: A conceptualization of the
resources consumed (inputs), tasks performed (outputs), goals attained (outcomes),
and the relationship among these items in providing services in selected areas (e.g.,
police protection, solid waste garbage collection, and elementary and secondary
education)
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