100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Accounting for Governmental & Nonprofit Entities 18th Edition by Jacqueline L. Reck, Suzanne Lowensohn, Daniel Neely.-Test Bank CA$28.74   Add to cart
Quickly navigate to
Preview
  2.  
  3. Accounting For Governmental & Nonprofit Entities
  4.  
  5. Accounting for Governmental & Nonprofit Entities

Exam (elaborations)

Accounting for Governmental & Nonprofit Entities 18th Edition by Jacqueline L. Reck, Suzanne Lowensohn, Daniel Neely.-Test Bank
 12 views  0 purchase
  • Course
  • Accounting for Governmental & Nonprofit Entities
  • Institution
  • Accounting For Governmental & Nonprofit Entities
  • Book
  • Accounting for Governmental & Nonprofit Entities

Test bank for Accounting for Governmental & Nonprofit Entities 18th Edition by Jacqueline L. Reck, Suzanne Lowensohn, Daniel Neely.Chapter 1: Introduction to Accounting and Financial Reportingfor Government and Not-for-Profit Entities PART ONE: State and Local Governments Chapter 2: Principles of A...

[Show more]

Preview 4 out of 532  pages

Document information

  • June 6, 2024
  • 532
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • nonprofit entities
  • 18th edition
  • accounting for governmental
  • test bank

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

More summaries for

  • Test Bank For Accounting for Governmental and Nonprofit Entities 18th Jacqueline L Reck, Daniel Neely, Suzanne Lowensohn || All Verified Chapters | Newest Version 2024 A+
  • Test Bank For Accounting for Governmental and Nonprofit Entities 18th Jacqueline L Reck, Daniel Neely, Suzanne Lowensohn
  • Test bank for Accounting for Governmental & Nonprofit Entities 18th Edition by Jacqueline L. Reck, Suzanne Lowensohn, Daniel Neely.
All for this textbook (8)

Written for

  • Accounting for Governmental & Nonprofit Entities
  • Accounting for Governmental & Nonprofit Entities

Seller

avatar-seller
inspiredbooks

Reviews received

Content preview

Accounting for Governmental and Nonprofit Entities, 18e (Reck)
Chapter 1 Introduction to Accounting and Financial Reporting for Government and Not-
for-Profit Entities

1) Special purpose governments generally provide a wider range of services to their residents
than do general purpose governments.

Answer: FALSE
Difficulty: 1 Easy
Topic: Distinguishing Government and Not-For-Profit Organizations
Learning Objective: 01-01 Identify and explain the characteristics that distinguish government




M
and not-for-profit entities from for-profit entities.
Bloom's: Remember
AACSB: Knowledge Application
AICPA: BB Industry




E
2) Examples of general purpose governments include cities, towns, and public schools that
receive tax revenue to finance the services they provide.

Answer: TRUE
Difficulty: 1 Easy
D
G
Topic: Distinguishing Government and Not-For-Profit Organizations
Learning Objective: 01-01 Identify and explain the characteristics that distinguish government
and not-for-profit entities from for-profit entities.
Bloom's: Remember
E
AACSB: Knowledge Application
AICPA: BB Industry
E

3) The Governmental Accounting Standards Board (GASB) is the body authorized to establish
accounting principles for all state and local governments, both general purpose and special
purpose.
K


Answer: TRUE
Difficulty: 1 Easy
Topic: Sources of financial reporting standards
Learning Objective: 01-02 Identify the authoritative bodies responsible for setting financial
reporting standards for (1) state and local governments, (2) the federal government, and (3) not-
for-profit organizations.
Bloom's: Remember
AACSB: Knowledge Application
AICPA: BB Industry




1
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.

,4) The Governmental Accounting Standards Board (GASB) is the body authorized to establish
accounting principles for all government entities.

Answer: FALSE
Difficulty: 1 Easy
Topic: Sources of financial reporting standards
Learning Objective: 01-02 Identify the authoritative bodies responsible for setting financial
reporting standards for (1) state and local governments, (2) the federal government, and (3) not-
for-profit organizations.
Bloom's: Remember
AACSB: Knowledge Application




M
AICPA: BB Industry

5) The Financial Accounting Standards Board (FASB) is the body authorized to establish
accounting principles for all colleges and universities and health care entities.




E
Answer: FALSE
Difficulty: 1 Easy
Topic: Sources of financial reporting standards
D
Learning Objective: 01-02 Identify the authoritative bodies responsible for setting financial
reporting standards for (1) state and local governments, (2) the federal government, and (3) not-
G
for-profit organizations.
Bloom's: Remember
AACSB: Knowledge Application
AICPA: BB Industry
E

6) Neither governments nor not-for-profit entities have residual equity that can be distributed to
owners.
E


Answer: TRUE
Difficulty: 2 Medium
K


Topic: Distinguishing Government and Not-For-Profit Organizations
Learning Objective: 01-01 Identify and explain the characteristics that distinguish government
and not-for-profit entities from for-profit entities.
Bloom's: Understand
AACSB: Knowledge Application
AICPA: FN Reporting




2
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.

,7) A characteristic common to governments and not-for-profit organizations is that they do not
exist to provide goods or services at a profit or profit equivalent.

Answer: TRUE
Difficulty: 2 Medium
Topic: Distinguishing Government and Not-For-Profit Organizations
Learning Objective: 01-01 Identify and explain the characteristics that distinguish government
and not-for-profit entities from for-profit entities.
Bloom's: Understand
AACSB: Knowledge Application
AICPA: BB Industry




M
8) The needs of users of government financial reports are the same as those of users of business
entity financial reports.




E
Answer: FALSE
Difficulty: 2 Medium
Topic: Distinguishing Government and Not-For-Profit Organizations

and not-for-profit entities from for-profit entities.
Bloom's: Understand
D
Learning Objective: 01-01 Identify and explain the characteristics that distinguish government
G
AACSB: Knowledge Application
AICPA: BB Industry

9) The Federal Accounting Standards Advisory Board (FASAB) recommends accounting
E
principles and standards for the federal government and its agencies and departments.

Answer: TRUE
E

Difficulty: 1 Easy
Topic: Sources of financial reporting standards
Learning Objective: 01-02 Identify the authoritative bodies responsible for setting financial
K


reporting standards for (1) state and local governments, (2) the federal government, and (3) not-
for-profit organizations.
Bloom's: Remember
AACSB: Knowledge Application
AICPA: BB Industry




3
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.

, 10) The FASB, GASB, and FASAB all focus their standards on both internal and external
financial reporting.

Answer: FALSE
Difficulty: 2 Medium
Topic: Objectives of financial reporting
Learning Objective: 01-03 Contrast and compare the objectives of financial reporting for (1)
state and local governments, (2) the federal government, and (3) not-for-profit organizations.
Bloom's: Understand
AACSB: Knowledge Application
AICPA: BB Industry




M
11) Interperiod equity refers to the concept that current-year revenues are sufficient to pay for
services provided that year, so that future taxpayers will not be required to assume the burden for
services previously provided.




E
Answer: TRUE
Difficulty: 2 Medium
Topic: Objectives of financial reporting
D
Learning Objective: 01-03 Contrast and compare the objectives of financial reporting for (1)
state and local governments, (2) the federal government, and (3) not-for-profit organizations.
G
Bloom's: Understand
AACSB: Knowledge Application
AICPA: FN Reporting
E
12) The minimum requirements for general purpose external financial reporting are (1)
management's discussion and analysis (MD&A), (2) the basic financial statements, including the
notes to the financial statements, and (3) combining and individual fund financial statements.
E


Answer: FALSE
Difficulty: 1 Easy
K


Topic: Financial Reporting of State and Local Governments
Learning Objective: 01-04 Explain the minimum requirements for general purpose external
financial reporting for state and local governments and how they relate to comprehensive annual
financial reports.
Bloom's: Remember
AACSB: Knowledge Application
AICPA: FN Reporting




4
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller inspiredbooks. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$28.74. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75759 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$28.74
  • (0)
  Add to cart