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69 Free Test Bank for Essentials of Accounting for

Governmental and Not for Profit Organizations 12th Edition by Copley Multiple Choice Questions

Which of the following fund types uses modified accrual

accounting?

1. A) Enterprise

2. B) Internal Service

3. C) Investment Trust

4. D) Special Revenue

Which of the following characteristics would not define an

organization as governmental?

1. A) The power to enact and enforce a tax levy

2. B) The potential for unilateral dissolution by a government with the net resources reverting to a government

3. C) The receipt of grant money from a state or local government for the purpose of providing services to the public

4. D) All of the above

Which of the following is a governmental fund?

1. A) Agency

2. B) Enterprise

3. C) Special revenue

4. D) Internal service

The FASAB has the authority to establish accounting and financial reporting standards for:

1. A) State and local governments

2. B) Investor owned business

3. C) Federal government

4. D) Public not-for-profits

Proprietary funds use the:

1. A) current financial resources measurement focus and modified accrual basis

of accounting

2. B) economic resources measurement focus and accrual basis of accounting

3. C) economic resources measurement focus and modified accrual basis of accounting

4. D) current financial resources measurement focus and accrual basis of

accounting

Which of the following fund types is present in every

general-purpose government?

1. A) Permanent

2. B) Special revenue

3. C) General

4. D) Capital projects

The term “proprietary funds” applies to:

1. A) all funds that use accrual accounting

2. B) enterprise and internal service funds only

3. C) enterprise, internal service, and private-purpose trust funds

4. D) none of the above answers are correct

A city government collects local option sales taxes legally restricted

to pay for the construction of a new courthouse Which fund should account for the receipt of the sales taxes?

1. A) Special revenue fund

2. B) Capital projects fund

3. C) Private-purpose trust fund

4. D) General fund

The Governmental Accounting Standards Board has been given authority to establish accounting and financial reporting standards for:

1. A) all governmental units and agencies

2. B) federal, state, and local governments and governmentally related utilities, authorities, hospitals, and colleges and universities

3. C) state and local governmental entities, and governmentally related utilities, authorities, hospitals, and colleges and universities

4. D) all governmental units and all not-for-profit organizations

The _ is the government’s official annual report

prepared and published as a matter of public record

1. A) comprehensive annual financial report

2. B) governmental annual financial report

3. C) independent auditor’s report

4. D) complete audited financial report

Which of the following organizations has authority to establish

accounting and financial reporting standards for the federal

government?

1. A) Federal Accounting Standards Advisory Board

2. B) Office of Management and Budget

3. C) Governmental Accounting Standards Board

4. D) None of the above; no one has been granted authority to set standards for the federal government

Which of the following would not be included in FASB Statement of Financial Accounting Concepts #4, which identifies the information needs of the users of non-business financial statements?

1. A) Assessing services provided by a non-business organization and its ability

to continue to provide those services

2. B) Format and content of financial statements

3. C) Assessing managements’ stewardship and performance

4. D) Evaluation of an organization’s resources, obligations and effects of

changes in net resources

Which of the following statement(s) are not included in the

proprietary funds for a government entity:

1. A) Statement of Revenues, Expenditures, and Changes in Fund Balances

2. B) Statement of Cash Flows

3. C) Statement of Net Position

4. D) All of the above are included

Which of the following is not a fiduciary fund?

1. A) Agency

2. B) Permanent

3. C) Pension trust

4. D) Private-purpose trust

GASB Concepts Statement No 3, Communication Methods in General Purpose External Financial Reports that Contain Basic Financial Statements, states that

1. A) notes to the financial statements may not include management’s objective explanations

2. B) required supplementary information should be objective but may also include predictions or subjective assessments if management deems it

necessary for understanding of the financial statements

3. C) disclosure in the notes is not an adequate substitute for recognition in the financial statements

4. D) All of the above are correct

Under the modified accrual basis of accounting, expenditures

should be recognized when:

1. A) they are authorized by the budget ordinance

2. B) they are paid

3. C) they are measurable and can be financed by the revenues of the current period

4. D) the fund liability is incurred

Long-term debt of a governmental unit would be reported in the:

1. A) government-wide financial statements and proprietary fund financial statements

2. B) government-wide financial statements only

3. C) debt service funds of governmental fund financial statements and

government-wide financial statements

4. D) notes to the financial statements only

Which of the following fund types does not use modified accrual accounting?

1. A) Debt Service

2. B) Special Revenue

3. C) Investment Trust

4. D) Permanent

The Financial Accounting Standards Board (FASB) is the standard setting organization for which of the following reporting

organizations?

1. A) Private not-for-profits

2. B) Public not-for-profits

3. C) Investor owned businesses

4. D) A and C are both correct

Governmental funds include:

1. A) Special revenue funds

2. B) Internal service funds

3. C) Debt service funds

4. D) A and C

Which of the following best describes how many funds a

government should use?

1. A) One for each revenue source

2. B) Two at a minimum; the General Fund and one enterprise fund

3. C) As many as necessary to fulfill legal requirements and sound financial administration

4. D) None of the above

Long-term debt to be paid from proprietary funds is reported as a liability in

1. A) the proprietary fund Statement of Net assets (or Net Position)

2. B) the government-wide Statement of Net assets (or Net Position)

3. C) both A and B

4. D) neither A nor B

The Funds are used to account for situations in which the government is acting as a collecting/disbursing agent

1. A) Agency

2. B) Enterprise

3. C) General

4. D) Special revenue

Which of the following is an environmental difference between governments and for-profit business enterprises?

1. A) Relationship with stakeholders

2. B) Donor restricted assets

3. C) Fiduciary responsibilities

4. D) Both B and C

Which of the following is a proprietary fund?

1. A) Investment trust

2. B) Permanent

3. C) Special revenue

4. D) Internal service

The _ sets the accounting and financial reporting standards for both state and local governments and public not-for-profits

3. C) GASB

Capitalized fixed assets are reported in which of the following fund-basis statements?

1. A) Agency fund

2. B) Proprietary fund

3. C) Governmental fund

4. D) All of the above

Notre Dame University, a private institution, has level “A” GAAP established by the:

1. A) American Institute of Certified Public Accountants.

2. B) Governmental Accounting Standards Board

3. C) National Association of College and University Business Officers

4. D) Financial Accounting Standards Board

Which of the following is most correct with regard to Management's Discussion and Analysis (MD&A)?

1. A) State and local governments are required to provide an MD&A

2. B) Federal agency financial reports are required to provide an MD&A

3. C) Both state and local governments and federal agencies are encouraged, but not required to provide an MD&A

4. D) Both state and local governments and federal agencies are required to provide an MD&A

Fiduciary funds are to use the:

1. A) economic resources measurement focus and modified accrual basis of accounting

2. B) current financial resources measurement focus and accrual basis of

accounting

3. C) economic resources measurement focus and accrual basis of accounting

4. D) none of the above, the fiduciary funds have no revenues

The Funds are used when resources are provided primarily through the use of sales and service charges to parties external to the government and it is the intent of the government to measure revenues, expenses and changes in net position

1. A) Agency

2. B) Enterprise

3. C) General

4. D) Special revenue

What basis of accounting would the Enterprise Fund use?

1. A) Accrual

2. B) Modified Accrual

3. C) Cash

4. D) Expended Accrual

The FASB has the authority to establish accounting and financial reporting standards for:

1. A) Federal government

2. B) Private not-for-profits

3. C) Public not-for-profits

4. D) State and local governments

Which of the following are the governmental funds?

1. A) General, special revenue, debt service, capital projects, private purpose

2. B) General, special revenue, debt service, capital projects, permanent

3. C) General, special revenue, debt service, capital projects, internal service

4. D) None of the above

Financial reports for state and local governments are well suited for all the following EXCEPT?

1. A) Assessing financial condition and results of operations

2. B) Comparing actual results with the legally adopted budget

3. C) Measuring the effectiveness of government services such as police and fire protection

4. D) Assisting in determining compliance with finance-related laws and

regulations

Governmental funds use the:

1. A) economic resources measurement focus and accrual basis of accounting.

2. B) current financial resources measurement focus and accrual basis of

accounting

3. C) economic resources measurement focus and modified accrual basis of accounting

4. D) current financial resources measurement focus and modified accrual basis

of accounting

Which of the following is true regarding fund classifications?

1. A) Governmental funds include the General, special revenue, debt service, capital projects, and permanent

2. B) Proprietary funds include enterprise, internal service, and private-purpose

3. C) Both of the above

4. D) None of the above

The Fund accounts for and reports the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purpose other than debt service or capital projects

1. A) Agency

2. B) Enterprise

3. C) General

4. D) Special revenue

Which of the following is not a fiduciary fund type?

1. A) Agency

2. B) Expendable trust

3. C) Private-purpose trust

4. D) Investment trust

The fund basis statements for governmental funds are presented using the

1. A) Economic Resources Measurement focus and the Accrual Basis of

Accounting

2. B) Current Financial Resources Measurement focus and the Modified Accrual Basis of Accounting

3. C) Current Financial Resources Measurement focus and the Accrual Basis of Accounting

4. D) Economic Resources Measurement focus and the Modified Accrual Basis

of Accounting

The “Hierarchy of GAAP” is established by the:

1. A) Financial Accounting Standards Board

2. B) Federal Accounting Standards Advisory Board

3. C) Governmental Accounting Standards Board

4. D) All of the above have established a hierarchy

The GASB has the authority to establish accounting and financial reporting standards for:

1. A) State governments

2. B) Private not-for-profits

3. C) Federal government

4. D) None of the above

Government-wide statements use the:

1. A) current financial resources measurement focus and accrual basis of

accounting

2. B) economic resources measurement focus and modified accrual basis of accounting

3. C) economic resources measurement focus and accrual basis of accounting

4. D) none of the above

Level "A" GAAP for Cook County Hospital, a public hospital, would

be established by the:

1. A) Governmental Accounting Standards Board

2. B) Financial Accounting Standards Board

3. C) Hospital Financial Management Association

4. D) American Institute of Certified Public Accountants

State and local governmental funds are organized into three

categories including:

1. A) governmental, proprietary, and restricted

2. B) proprietary, fiduciary, and restricted

3. C) governmental, fiduciary, and restricted

4. D) governmental, proprietary, and fiduciary

Which of the following use current financial resources measurement focus?

1. A) Fiduciary fund statements

2. B) Governmental fund statements

3. C) Proprietary fund statements

4. D) Internal Service fund statements

Under GASB Statement 34, modified accrual accounting would be found in the:

1. A) government-wide financial statements only

2. B) governmental fund financial statements only

3. C) governmental and fiduciary fund financial statements only

4. D) governmental, proprietary, and fiduciary fund financial statements but not

in the government-wide financial statements

Which of the following is not one of the objectives of Federal

Financial Reporting, as outlined in SFFAC 1, which was issued by the FASAB?

1. A) Financial reporting should enable evaluation of the success rate of

programs

2. B) Financial reporting should enable evaluation of the service efforts, costs and accomplishments of the reporting entity

3. C) Financial reporting should reveal whether financial systems and controls are adequate

4. D) Financial reporting should demonstrate accountability with regard to raising and expending money

The Fund accounts for all resources other than those

required to be accounted for in other funds

1. A) Agency

2. B) Enterprise

3. C) General

4. D) Special revenue

The GASB sets accounting standards for all of the following

except:

1. A) State and local governments

2. B) Component units owned or controlled by governments

3. C) Governmentally related not-for-profit universities

4. D) Nongovernmental not-for-profit hospital

In order for a fund to exist, there must be:

1. A) A fiscal entity; assets set aside for a specific purpose

2. B) A double-entry accounting entity

3. C) A & B are optional and not required

4. D) Both A & B are required

Governmental funds do not include:

1. A) Special revenue funds

2. B) Agency funds

3. C) Debt service funds

4. D) The General fund

Which of the following funds is not a Fiduciary Fund?

1. A) Investment Trust Fund

2. B) Private Purpose Trust Fund

3. C) Permanent Fund

4. D) Pension Fund

The term “fiduciary funds” applies to:

1. A) enterprise and internal service funds

2. B) pension, investment trust and enterprise funds

3. C) enterprise, internal service, and private-purpose trust funds

4. D) none of the above answers are correct

Which of the following funds is used to account for the payment of principal and interest of general long term debt of a government?

1. A) Capital Projects Fund

2. B) Internal Service Fund

3. C) Agency Fund

4. D) None of the above

A government may have General Fund(s)

1. A) Only one