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Test Bank For Accounting for Governmental & Nonprofit Entities, 19th Edition by Jacqueline Reck, Suzanne Lowensohn, Daniel Neely, Earl Wilson.€24,41
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Test Bank Accounting for Governmental & Nonprofit Entities, 19th Edition by Jacqueline Reck, Suzanne Lowensohn, Daniel Neely, Earl Wilson.
ISBN: 9781260809954.
Accounting for Governmental & Nonprofit Entities 19e reck test bank.
Reck 19e test bank.
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TEST BANK Accounting for Governmental & Nonprofit Entities, 19/E Jacqueline Reck
Chap 01: Introduction to Accounting and Financial Reportingfor Government and Not-for-Profit Entities
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) General purpose governments generally provide a wider range of services to their residents than
do special purpose governments.
⊚ true
⊚ false
2) Examples of general purpose governments include cities, towns, and independent public
school districts.
⊚ true
⊚ false
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.
⊚ true
⊚ false
4) The Governmental Accounting Standards Board (GASB) is the body authorized to
establish accounting principles for all government entities.
⊚ true
⊚ false
5) The Financial Accounting Standards Board (FASB) is the body authorized to establish
accounting principles for all colleges and universities and health care entities.
⊚ true
⊚ false
6) Neither governments nor not-for-profit entities have residual equity that can be
distributed to owners.
⊚ true
⊚ false
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.
1
,Chap 01_19e_Reck
⊚ true
⊚ false
8) The needs of users of government financial reports are the same as those of users of
business entity financial reports.
⊚ true
⊚ false
9) The Federal Accounting Standards Advisory Board (FASAB) recommends accounting
principles and standards for the federal government and its agencies and departments.
⊚ true
⊚ false
10) The FASB, GASB, and FASAB all focus their standards on both internal and external
financial reporting.
⊚ true
⊚ false
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.
⊚ true
⊚ false
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.
⊚ true
⊚ false
13) The Financial Accounting Foundation has oversight over both the FASB and the GASB.
⊚ true
⊚ false
2
,Chap 01_19e_Reck
14) In addition to financial statements and notes, the GASB requires governments to provide
information on service efforts and accomplishments (SEA) in their reports to the public.
⊚ true
⊚ false
15) Providing information on accountability is the primary financial reporting objective for
both governments and not-for-profit entities.
⊚ true
⊚ false
16) A difference in the financial reporting objectives for government entities and not-for-
profit entities is that government entities report on compliance with laws, regulations, and rules
that impact financial reports.
⊚ true
⊚ false
17) Since neither governments nor not-for-profit entities have investors, the financial
reporting objectives are the same for both types of entities.
⊚ true
⊚ false
18) The GASB provides optional guidance for those entities providing service efforts and
accomplishments (SEA) reports to the public.
⊚ true
⊚ false
19) The Office of Management and Budget (OMB) requires major federal departments and
agencies to prepare an annual performance report.
⊚ true
⊚ false
3
, Chap 01_19e_Reck
20) The FASB standards require not-for-profit entities to report net assets in three categories:
unrestricted, temporarily restricted, and permanently restricted.
⊚ true
⊚ false
21) The FASB standards require not-for-profit entities to separately report program expenses
and support expenses.
⊚ true
⊚ false
22) The governmental fund financial statements are intended to report on fiscal
accountability.
⊚ true
⊚ false
23) The governmental fund financial statements are useful in assessing operational
accountability.
⊚ true
⊚ false
24) Government-wide financial statements are prepared using the accrual basis of accounting.
⊚ true
⊚ false
25) A public college or university would be an example of a special purpose government.
⊚ true
⊚ false
26) A primary objective of financial reporting for governments and not-for-profit
organizations is to provide information that can be used in assessing the ability to provide
services.
4
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