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Chapter 1 The Government and Not-For-Profit Environment

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Topic: General General Questions
Due on: 01/18/2016
Posted On: 12/19/2015 12:56 AM

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21. Which of the following is an objective of financial reporting for not-for-profit entities as established by FASB? Financial reporting should provide information that is useful to present and potential resource providers and other users in:

a) Assessing the types of services provided and the need for those services.

b) Assessing the services provided and the entity’s ability to earn a profit.

c) Making rational decisions about the allocation of resources to those organizations.

d) Assessing how managers have managed personnel.

22. As used by GASB, interperiod equity refers to which of the following? Financial reporting should:

a) Demonstrate compliance with finance-related contractual requirements.

b) Provide information to determine whether current-year revenues were sufficient to pay for current-year services.

c) Demonstrate whether resources were obtained and used in accordance with the entity’s legally adopted budget.

d) Provide information to assist users in assessing the government’s economy, efficiency, and effectiveness.

23. Given a specific set of data, the basis of accounting selected by or imposed on a governmental entity will least affect which of the following?

a) Determining whether or not the governmental entity has a balanced budget.

b) Determining whether or not the governmental entity has the ability to issue debt.

c) Determining whether or not certain economic events occurred.

d) Determining the annual payments to a government-sponsored pension plan.

24. The basis of accounting selected by or imposed on a governmental entity can influence which of the following?

a) A decision to contract-out a specific service rather than provide that service itself.

b) The amount of salary increases proposed by union negotiators.

c) The amount that is available to spend on a donor-specified project or service.

d) All of the above.

25. The Governmental Accounting Standards Board is the primary standard-setting body for:

a) All governments.

b) All state and local governments.

c) All governments and all not-for-profit entities.

d) All state and local governments and all not-for-profit entities.

26. Under certain circumstances a governmental entity might use standards established by which of the following standard-setting bodies?

a) GASB.

b) FASB.

c) AICPA.

d) All of the above.

27. The primary standard-setting body for accounting and financial reporting by a state-supported college or university is:

a) GASB.

b) FASB.

c) AICPA.

d) All of the above.

28. In descending order, the hierarchy of GAAP applicable to a church-owned college may be:

a) FASB Statements and Interpretations, FASB Technical Bulletins, AICPA Industry Audit Guides, FASB Implementation Guides, other accounting literature—including GASB Standards.

b) FASB Statements and Interpretations, FASB Technical Bulletins, FASB Implementation Guides, AICPA Practice Bulletins (if cleared by FASB).

c) GASB Statements and Interpretations, AICPA Industry Audit Guides, GASB Implementation Guides, other accounting literature—including FASB Standards.

d) GASB Statements and Interpretations, GASB Technical Bulletins, AICPA Industry Audit Guides, AICPA Practice Bulletins (if cleared by GASB), GASB Implementation Guides, other accounting literature—including FASB standards.

29. Which of the following entities was a principal in creating the FASAB?

a) U.S. Congress.

b) Office of Management and Budget.

c) Governmental Accounting Standards Board.

d) Securities and Exchange Commission.

30. The purpose of the FASAB is to:

a) Establish accounting standards for not-for-profit entities.

b) Establish accounting standards for federal entities.

c) Establish accounting standards for all governmental entities.

d) Establish accounting standards for non-federal governmental entities.

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