Accounting > TEST BANK > ACC 431ACC-Test bank Chapter 1 12th edition grade A+ (All)

ACC 431ACC-Test bank Chapter 1 12th edition grade A+

Document Content and Description Below

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 exis... ts 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 profitseeking businesses and nongovernmental, not-for-profit organizations. Answer: True 4. FASAB, GASB and FASB standards are set forth primarily in documents called statements. Answer: True 5. FASAB, GASB and FASB standards are set forth primarily in documents called concept statements. Answer: False 6. The FASAB was established to recommend accounting and financial reporting standards for the federal government. Answer: True 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. Answer: False 8. The Financial Accounting Standards Board sets financial reporting standards for private not-for-profits and investor-owned businesses. Answer: True 2 Chapter 1 Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Organizations 9. An organization is presumed to be governmental if it has the ability to issue directly debt that is exempt from federal taxes. Answer: True 10. The Financial Accounting Standards Board and the Governmental Accounting Standards Board are parallel bodies under the oversight of the Financial Accounting Foundation. Answer: True 11. The Federal Accounting Standards Advisory Board requires less extensive reports than does the FASB or GASB. Answer: False 12. The FASAB requires more financial statements than are typically required of state and local governments. Answer: True 13.The only objective of the Governmental Accounting Standards Board is to help users determine compliance with finance-related laws, rules, and regulations. Answer: False 14. 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. Answer: True 15.A Management's Discussion and Analysis is required for state and local governmental units, and the federal government. Answer: True 16. The GASB Concept Statement on Service Efforts and Accomplishments Reporting encourages state and local governments to include inputs of nonmonetary resources in their financial reporting. Answer: True 3 Chapter 1 Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Organizations 17. Although certain supplementary information may not be required, if presented, it must follow GASB guidance regarding its format and content. Answer: True 18. The GASB Concept Statement on Service Efforts and Accomplishments Reporting requires state and local governments to include inputs of nonmonetary resources in their financial reporting. Answer: False 19. The format and content of supplementary information which is not required by GASB is up to the discretion of the reporting entity Answer: False 20.GASB and FASB Concept Statements establish accounting standards that must be complied with to receive an unqualified audit opinion. Answer: False 21. FASAB, GASB and FASB standards are set forth primarily in documents called interpretations. Answer: False 22.Fund-basis statements are presented for three categories of government activities: governmental, proprietary, and fiduciary. Answer: True 23. State and local governments may use twelve different fund types. Answer: False 24. The economic resource measurement focus and accrual basis of measurement is an important feature of government-wide financial statements. Answer: True 25. Business activities fund statements must be changed to the accrual basis from the [Show More]

Last updated: 1 year ago

Preview 1 out of 28 pages

Add to cart

Instant download

document-preview

Buy this document to get the full access instantly

Instant Download Access after purchase

Add to cart

Instant download

Reviews( 0 )

$10.50

Add to cart

Instant download

Can't find what you want? Try our AI powered Search

OR

REQUEST DOCUMENT
38
0

Document information


Connected school, study & course


About the document


Uploaded On

May 21, 2021

Number of pages

28

Written in

Seller


seller-icon
renurse

Member since 3 years

30 Documents Sold


Additional information

This document has been written for:

Uploaded

May 21, 2021

Downloads

 0

Views

 38

Document Keyword Tags

Recommended For You

Get more on TEST BANK »

$10.50
What is Browsegrades

In Browsegrades, a student can earn by offering help to other student. Students can help other students with materials by upploading their notes and earn money.

We are here to help

We're available through e-mail, Twitter, Facebook, and live chat.
 FAQ
 Questions? Leave a message!

Follow us on
 Twitter

Copyright © Browsegrades · High quality services·