Gasb 34 Study guides, Class notes & Summaries

Accounting for Governmental and Non-Profit Entities Wilson 15th Edition Test BankStudent: ___________________________________________________________________________ 1. General purpose governments generally provide a wider range of services to their residents than do special purpose governments. True False 2. Examples of special purpose governments include cities, towns, and public schools that receive tax revenue to finance the services they provide. True False 3. The Governmental Accounti...

Accounting for Governmental and Nonprofit Entities By Reck Lowensohn Wilson 16th Edition Test Bank   Accounting for Governmental and Nonprofit Entities By Reck Lowensohn Wilson 16th Edition Test Bank ch1 Student: ___________________________________________________________________________ 1. General purpose governments provide a wide range of services to their residents, such as public safety, road maintenance, and health and welfare. True False 2. Examples of special purpose...

Financial Accounting and Reporting System Your school district must implement and use a standardized financial accounting and reporting system, as described in this module. The system must present fairly and with full disclosure the district’s funds, financial activities, and results of financial operations in a manner that conforms to generally accepted accounting principles and allows the district to determine and show compliance with financial-related legal and contractual provisions.1 ...

TestBank Essentials of Accounting for Governmental and Not-for- Profit Organizations 12th Edition Test Bank Essentials of Accounting for Governmental and Not-for- Profit Organizations 12th Edition Paul TEST BANK TO ACCOMPANY ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL AND NOT-FOR-PROFIT ORGANIZATIONS: TWELFTH EDITION JAMES MADISON UNIVERSITY Chapter 1 Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Organizations True/False Questions 1...

Major funds - ANSWERSGeneral, Proprietary, Fidiciary Alice makes cash gift with no strings to political party - ANSWERSRevenue, unrestricted contribution Which of the following are fiduciary - ANSWERSPensions, Agency Which organization has jurisdiction for private university - ANSWERSFASB Revenue from property tax are recorded when - ANSWERSMeasurable and available Expenditures are what - ANSWERSDecreases in financial resources Following is a type of proprietary fund - ANSWERSE...

Difference between a budget in public vs. private sector? - Correct answer-Public sector = Law/Private sector = benchmark for performance and goals for growth Primary control device in Govt? - Correct answer-budget Financial Reports - Correct answer-primary mechanism by which public officials are able to demonstrate accountability. They show how much was raised, how it was spent, and whether spending was in compliance with the budget. State Authority - Correct answer-All the powers not set...

Chapter 02 The Financial Statement Auditing Environment True / False Questions 1. A series of business and related auditing failures led to the passage of the Sarbanes-Oxley Act (2002). True False 2. The primary audit context with which an auditor is concerned is the client's industry or business. True False 3. The audit committee generally includes senior executives of the organization. True False 4. A financial statement audit is generally organized based on th...

The resources to service all long-term debts of the governmental entity are typically accounted for in debt service funds. 2. When governments establish capital projects funds, they may choose to maintain a separate fund for each major project, or they may choose to combine two or more projects in a single fund. 3. GASB Statement No. 34 does not require a budgetary comparison statement for capital projects funds as it does for the general fund and for each major special revenue fund that ...

and Financial Reporting for Governmental and Not-for-Profit Organizations True/False Questions 1. The Governmental Accounting Standards Board sets financial reporting standards for all units of government: federal, state, and local. Answer: False 2. Fund accounting exists primarily to provide assurance that resources are used according to legal or donor restrictions. Answer: True 3. The Financial Accounting Standards Board sets financial reporting standards for profit- seeking...

TestBank Essentials of Accounting for Governmental and Not-for- Profit Organizations 12th Edition TestBank Essentials of Accounting for Governmental and Not-for- Profit Organizations 12th Edition Test Bank Essentials of Accounting for Governmental and Not-for- Profit Organizations 12th Edition Paul TEST BANK TO ACCOMPANY ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL AND NOT-FOR-PROFIT ORGANIZATIONS: TWELFTH EDITION JAMES MADISON UNIVERSITY Chapter 1 Introduction to Accounting and Financial Reportin...