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TEST BANK For Government and Not-for-Profit Accounting: Concepts and Practices 9th Edition by Granof; Khumawala; Calabrese,| All Chapters 1 - 17 Covered| Complete Guide A+$15.49
TEST BANK For Government and Not-for-Profit Accounting: Concepts and Practices 9th Edition by Granof; Khumawala; Calabrese,| All Chapters 1 - 17 Covered| Complete Guide A+
TEST BANK For Government and Not-for-Profit Accounting: Concepts and Practices 9th Edition by Granof; Khumawala; Calabrese,| All Chapters 1 - 17 Covered| Complete Guide A+
Government And Not-For-Profit Accounting: Concepts And
Practices
By Granof; Khumawala; Calabrese,
9TH Edition
,Test Bank For Government And Not-For-Profit Accounting: Concepts
And Practices, 9th Edition By Michael H. Granof
Chapter 1
The Government And Not-For-Profit Environment
TRUE/FALSE (CHAPTER 1)
1. The Objectives Of A Typical Government Or Not-For-Profit Entity Include
Abstract Goals That Are More Difficult To Quantify Than Profit.
2. A Government’s Budget May Be Backed By The Force Of Law.
3. Governments Have No Need For An Accounting System.
4. A Government’s Constituents Rely On General Purpose Financial
Statements For A Considerable Amount Of Information About Their
Government.
5. Governments And Not-For-Profit Entities May Never Engage In Business-
Type Activities.
6. Lenders Use The Financial Statements Of Governments And Not-For-
Profit Entities Just As They Would Those Of Businesses, That Is, To Help
Assess The Borrower’s Credit-Worthiness.
7. Financial Statements, No Matter How Prepared, Do Not Directly Affect
The Economic Worth Of An Entity.
8. The Federal Accounting Standards Advisory Board’s Standards Do Not
Apply To The Federal Department Of The Treasury.
9. Sarbanes-Oxley Was Passed In 2002 With The Sole Purpose Of Enhancing
The Independence Of The GASB.
10. The Governmental Accounting Standards Board Establishes Generally
Accepted Accounting Principles For All State And Local Governments
And All Not-For-Profit Entities.
1. A Primary Characteristic That Distinguishes Governments From Businesses Is
a. The Need To Generate Revenues Equal To Or More
Than Expenditures/Expenses.
b. The Importance Of The Budget In The Governing Process.
c. The Need To Provide Goods Or Services.
d. The Correlation Between Revenues Generated And Demand For
Goods Or Services.
2. A Primary Characteristic That Distinguishes Government From Not-For-Profits Is
a. The Need To Generate Revenues Equal To Or More
Than Expenditures/Expenses.
b. The Ability To Levy Taxes.
c. The Need To Provide Goods Or Services.
d. The Correlation Between Revenues Generated And Demand For
Goods Or Services.
3. Which Of The Following Characteristics Distinguishes A Government Or
Not-For- Profit Entity From A Business?
a. There Is Always A Direct Link Between Revenues Generated
And Expenditures/Expenses Incurred.
b. Capital Assets Are Used To Produce Revenues And Save Costs.
c. Revenues Are Always Indicative Of Demand For Goods And Services.
d. The Mission Of The Entity May Include Goals Other Than
Maximizing Profit.
4. The Most Significant Financial Document Provided By A Government Is The
a. Balance Sheet.
b. Operating Statement.
c. Operating Budget.
d. Cash Flow Statement.
5. Which Of The Following Statements Is True?
a. Governments May Engage In Activities Like Activities Engaged In By
For- Profit Entities.
b. There Are A Small Number Of Different Types Of Governments.
c. All Governments Engage In The Same Activities.
d. Managers May Have A Long-Term Focus And Thereby Sacrifice The
Short- Term Liquidity Of The Entity.
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