192 test bank essentials of accounting for governmental and not for profit organizations 11th edition by copley

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192 Test Bank Essentials of Accounting for

Governmental and Not for Profit Organizations 11th

Edition by Copley

Multiple Choice Questions Part 2

Which of the following fund types does not use modified

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 Accrual Basis of

1 A) Relationship with stakeholders

2 B) Donor restricted assets

3 C) Fiduciary responsibilities

4 D) Both B and C

The _ sets the accounting and financial reporting

standards for both state and local governments and public for-profits

not-1 A) FASAB

2 B) FASB

3 C) GASB

4 D) AICPA

Which of the following funds is not a Fiduciary Fund?

1 A) Private Purpose Trust Fund

2 B) Permanent Fund

3 C) Pension Fund

4 D) Investment Trust Fund

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

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

A permanent fund classified under governmental funds…

1 A) Accounts for most of the basic services provided by the governmental unit.

2 B) Accounts for financial resources intended for major capital projects

3 C) Accounts for services provided by one department of a government to another

4 D) Accounts for resources that are legally restricted so only earnings, not principal, may be expended, and for purposes to benefit the government and its citizenry.

What basis of accounting would the Enterprise Fund use?

1 A) Accrual

2 B) Modified Accrual

3 C) Cash

4 D) Expended Accrual

Which of the following funds is considered a Fiduciary Fund?

1 A) Debt Service Fund

2 B) Enterprise Fund

3 C) Internal Service Fund

4 D) Pension Trust Fund

Which of the following is an objective of federal financial

reporting?

1 A) Budgetary Integrity

2 B) Operating Performance

3 C) Stewardship

4 D) All of the above

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

1 A) Statement of Revenues, Expenses, and Changes in Net Assets

2 B) Statement of Cash Flows

3 C) Statement of Net Assets

4 D) All of the above are included

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) Special revenue

2 B) General

3 C) Enterprise

4 D) Agency

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.

What type of fund is used when resources are provided mainly through business-like transactions to parties external to the government?

1 A) Internal Service Funds

2 B) Capital Projects Funds

3 C) Agency Funds

4 D) Enterprise Funds

A government may have General Fund(s)

in a given year?

1 A) As many as needed

2 B) Only one.

3 C) The number will vary depending on the needs of the government.

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

3 C) Comparing actual results with the legally adopted budget

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

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

The GASB is under the oversight of:

1 A) GAO.

2 B) FASAB.

3 C) FAF.

4 D) FASB.

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

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

1 A) Special revenue

2 B) General

3 C) Enterprise

4 D) Agency

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 net profit or loss

The Fund accounts for all resources other than those required to be accounted for in other funds

1 A) Special revenue

2 B) General

3 C) Enterprise

4 D) Agency

What are Enterprise funds used for?

1 A) To account for pension and employee benefit funds for which the governmental unit

is the trustee.

2 B) To report resources that are legally restricted so only earnings, not principal, may be expended, and for purposes to benefit the government and its citizenry.

3 C) To account for most of the basic services provided by the governmental units.

4 D) To account for resources provided primarily through the use of sales and service charges to parties external to the government.

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 service efforts, costs and

accomplishments of the reporting entity.

2 B)Financial reporting should enable evaluation of the success rate of programs

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

adequate

4 D)Financial reporting should demonstrate accountability regarding raising and

expending money according to budgetary process and laws and regulations

Level “A” GAAP for The University of Virginia, a public

institution, would be established by the:

1 A)Financial Accounting Standards Board.

2 B)Governmental Accounting Standards Board.

3 C)American Institute of Certified Public Accountants.

4 D)National Association of College and University Business Officers.

Which of the following is a fiduciary fund?

1 A) Investment trust

2 B) Permanent

3 C) Enterprise

4 D) Internal service

Proprietary funds use the:

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

2 B)current financial resources measurement focus and modified 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 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

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

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-owned utilities, authorities, hospitals, and colleges and universities

3 C)all governmental units and all not-for-profit organizations.

4 D)state and local governmental entities, and governmentally-owned utilities,

authorities, hospitals, and colleges and universities.

The GASB sets accounting standards for all of the following except:

1 A)State and local governments

2 B)Nongovernmental not-for-profit hospital

3 C)Component units owned or controlled by governments

4 D)Governmentally related not-for-profit universities

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)Both A & B are required

4 D)A & B are optional and not required

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

Governmental funds include:

1 A)Special revenue funds

2 B)Internal service funds

3 C)Debt service funds

4 D)A and C

Which fund category must change from modified accrual to accrual basis when preparing government-wide financial statements?

1 A)Governmental

2 B)Proprietary

3 C)Fiduciary

4 D)A & B only

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 is not a fiduciary fund?

1 A) Agency

2 B) Permanent

3 C) Pension trust

4 D) Private-purpose trust

Which of the following fund types is present in every purpose government?

general-1 A) Permanent

2 B) General

3 C) Special revenue

4 D) Capital projects

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) Format and content of financial statements

2 B)Assessing services provided by a non-business organization and its ability to continue to provide those services

3 C)Assessing managements’ stewardship and performance

4 D)Evaluation of an organization’s resources, obligations and effects of changes in net resources

The FASAB has the authority to establish accounting and

financial reporting standards for:

1 A)Federal government

2 B)Investor owned business

3 C)State and local governments

4 D)Public not-for-profits

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 is a governmental fund?

1 A) Agency

2 B) Enterprise

3 C)Special revenue

4 D)Internal service

The term “proprietary funds” applies to:

1 A)enterprise and internal service funds only.

2 B)all funds that use accrual accounting.

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

4 D)none of the above answers are correct.

Under the modified accrual basis of accounting, revenues should be recognized when they are:

1 A)authorized by the budget ordinance.

2 B)realizable and earned.

3 C)measurable and available to finance expenditures of the current period.

4 D)realized through collection.

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

1 A)Federal government

2 B)Private not-for-profits

3 C)State governments

4 D)None of the above

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 assets 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.

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

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.

70 Free Test Bank Essentials of Accounting for

Governmental and Not for Profit Organizations 11th

Edition by Copley Multiple Choice Questions Part 1 -

Page 2

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.

Under GASB Statement 34, accrual accounting is used for:

1 A)government-wide financial statements only.

2 B)government-wide financial statements and proprietary fund financial statements only.

3 C)government-wide, proprietary fund, and fiduciary fund financial statements only.

4 D)government-wide and all fund financial statements

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 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.

Which of the following is not true regarding GASB Concepts Statement No 2, Service Efforts and Accomplishments

3 C)It prescribes detailed standards governing the reporting of service efforts and accomplishments reporting.

4 D)None of the above, all are true.

Government-wide statements use the:

1 A)current financial resources measurement focus and 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)none of the above.

A city government collects local option sales taxes legally restricted to pay for the hiring of teachers for hearing impaired school children 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

1 A)the proprietary fund Statement of Net Assets.

2 B)the government-wide Statement of Net Assets.

3 C)both A and B.

4 D)neither A nor B.

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.

A city government sells police cars no longer in use No

restrictions have been placed on the proceeds Which fund should account for the receipt?

1 A)Debt service fund

2 B)Capital projects fund

3 C)Enterprise fund

4 D)General fund

Which of the following are the governmental funds?

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

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

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

4 D)None of the above.

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 include management’s objective explanations.

2 B)required supplementary information must be objective and may not include

predictions or subjective assessments.