Exam (elaborations)

Test Bank for Essentials of Accounting for Governmental and Not-for-Profit Organizations, 15th Edition by Copley

25 views 2 purchases

Course
Cost accounting

Institution
Cost Accounting

Complete test bank for Essentials of Accounting for Governmental and Not-for-Profit Organizations, 15th Edition 15e by Paul Copley. ISBN 8902 Full Chapters test bank are included Chapter 1: Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Organizations Chapter ...

[Show more]

Preview 4 out of 520 pages

View example

Uploaded on September 10, 2024
Number of pages 520
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

essentials of accounting
15th edition
test bank
governmental and not for profit organizations

Institution Cost accounting
Course Cost accounting

medpapers

Member since 10 months 99 documents sold

CA$29.03

Added

Add to cart

Add to wishlist

100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached

MEDEXCELLENCE

Chap 01 15e Copley
1) The Governmental Accounting Standards Board sets financial reporting standards for all
units of government: federal, state, and local. ALL CHAPTERS
⊚ true ANSWERS INCLUDED
⊚ false

2) Fund accounting exists primarily to provide assurance that resources are used according to
legal or donor restrictions.
⊚ true

E
⊚ false

C
3) The Financial Accounting Standards Board sets financial reporting standards for profit-

N
seeking businesses and nongovernmental, not-for-profit organizations.
⊚ true

LE
⊚ false
EL
4) FASAB, GASB, and FASB standards are set forth primarily in documents called statements.
⊚ true
⊚ false
C
EX

5) FASAB, GASB, and FASB reporting standards are set forth primarily in documents called
concept statements.
⊚ true
⊚ false
ED

6) The FASAB was established to recommend accounting and financial reporting standards for
the federal government.
M

⊚ true
⊚ false

1

, MEDEXCELLENCE

7) The GASB does not require supplementary information to be reported with its financial
statements even if it is essential to establish appropriate context for the financial statements
and notes.
⊚ true
⊚ false

8) The Financial Accounting Standards Board sets financial reporting standards for private not-
for-profits and investor-owned businesses.
⊚ true
⊚ false

E
C
9) An organization is presumed to be governmental if it has the ability to issue directly debt that
is exempt from federal taxes.

N
⊚ true
⊚ false

LE
10) The Financial Accounting Standards Board and the Governmental Accounting Standards
Board are parallel bodies under the oversight of the Financial Accounting Foundation.
EL
⊚ true
⊚ false
C

11) The Federal Accounting Standards Advisory Board requires less extensive reports than does
EX

the FASB or GASB.
⊚ true
⊚ false
ED

12) The FASAB requires more financial statements than are typically required of state and local
governments.
M

⊚ true
⊚ false

2

, MEDEXCELLENCE

13) Governments must have as many funds as necessary to fulfill legal requirements and sound
financial administration but must have at a minimum a General Fund.
⊚ true
⊚ false

14) A Management's Discussion and Analysis is required for state and local governmental units,
and the federal government.
⊚ true
⊚ false

E
15) Although certain supplementary information may not be required, if presented, it must

C
follow GASB guidance regarding its format and content.
⊚ true

N
⊚ false

to the discretion of the reporting entity.
⊚ true LE
16) The format and content of supplementary information which is not required by GASB is up
EL
⊚ false
C

17) GASB and FASB Concept Statements establish accounting standards that must be complied
with to receive an unqualified audit opinion.
EX

⊚ true
⊚ false
ED

18) FASAB, GASB, and FASB standards are set forth primarily in documents called
interpretations.
⊚ true
M

⊚ false

3

, MEDEXCELLENCE

19) Fund-basis statements are presented for three categories of government activities:
governmental, proprietary, and fiduciary.
⊚ true
⊚ false

20) State and local governments may use as many as twelve different fund types.
⊚ true
⊚ false

21) The economic resource measurement focus and accrual basis is an important feature of

E
government-wide financial statements.

C
⊚ true
⊚ false

N
LE
22) Businesslike activity fund-basis statements must be changed to the accrual basis from the
modified accrual basis when preparing government-wide financial statements.
⊚ true
⊚ false
EL
23) Governmental-type activity fund-basis statements must use accrual basis when preparing
C

government-wide financial statements.
⊚ true
EX

⊚ false
ED

24) Fiduciary funds of a governmental unit use the current financial resources measurement
focus and modified accrual basis of accounting.
⊚ true
⊚ false
M

25) Under the accrual basis of accounting, revenues are recognized when measurable and
available to finance expenditures of the current period.
⊚ true
⊚ false

4

The benefits of buying summaries with Stuvia:

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

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

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 medpapers. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$29.03. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

77254 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

Exam (elaborations)

Test Bank for Essentials of Accounting for Governmental and Not-for-Profit Organizations, 15th Edition by Copley

Document information

Subjects

Written for

Seller

Reviews received

Content preview