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CPFO Accounting Examination / Questions/ With complete solutions

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1.1. Which of the following groups normally would not be considered a primary user of a state or local government's general purpose external financial statements? A. Citizens B. Legislative & Oversi... ght Bodies C. Management D. Investor & Creditors - ANS -C. Management Primary users of a state or local government's general purpose external financial statements are citizens, legislative & oversight bodies, and investors & creditors. While Management is a user, they have direct access to internal accounting information. 1.2. Which of the following groups took the lead in setting generally accepted accounting principles (GAAP) for business enterprises? A. Businesses themselves B. State governments C. Federal governments D. Independent auditors - ANS -D. Independent Auditors Independent auditors took the lead in setting GAAP in the private sector, whereas financial statement preparers led the first efforts to define GAAP in the public sector. 1.3. Which organization appoints the members of the Governmental Accounting Standards Board (GASB)? A. Financial Accounting Foundation (FAF) B. Governmental Accounting Standards Advisory Council (GASAC) C. American Institute of Certified Public Accountants (AICPA) D. Securities & Exchange Commission (SEC) - ANS -A. Financial Accounting Foundation (FAF) FAF appoints the members of both FASB & GASB. 1.4. Which of the following has the LOWEST authoritative status on the GAAP hierarchy? A. Widely recognized and prevalent practices B. NCGA Interpretations C. GASB concepts statements d. The AICPA's audit and accounting guide State and Local Governments - ANS -C. GASB Concepts Statements GASB concepts statements are considered to be more authoritative than any other source of guidance as they are included in "Other Sources" instead of an actual level of hierarchy. 1.5. Which of the following entities is NEVER subject to GASB jurisdiction? A. A hospital [Show More]

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