This Is Quiz 1

Topics: Financial Accounting Standards Board, Governmental Accounting Standards Board, Government Pages: 5 (918 words) Published: May 31, 2011
Question 1 (2 points)

Which of the following would not be considered a government or nonprofit organization? Question 1 options:
| A)| A software company that sells software exclusively to state and local governments | | B)| A public elementary school |
| C)| A church |
| D)| A private trust organized for charitable purposes | Save
Question 2 (2 points)

Each of the following would be defined as a governmental entity based on the definition of a government that was jointly developed by the GASB and FASB except Question 2 options:
| A)| A Historic Preservation District created by the governing board of the municipal government. | | B)| A Charter School incorporated in accordance with state law and accountable to the state oversight agency. | | C)| A hospital formerly owned by a local government entity that was sold to and is now owned by a private, for-profit health care management corporation. | | D)| A financing authority that is legally separate from the municipal government, but provides financing for the government's major capital projects. The governing board of the financing authority is appointed by the municipal government's board. | Save

Question 3 (2 points)

The Financial Accounting Foundation has oversight responsibilities over Question 3 options:
| A)| The Financial Accounting Standards Board (FASB). | | B)| The Governmental Accounting Standards Board (GASB). | | C)| The Government Accountability Office (GAO). |
| D)| Items A and B only |
Question 4 (2 points)

The governmental GAAP hierarchy was established by
Question 4 options:
| A)| The Governmental Accounting Standards Board (GASB). | | B)| The Financial Accounting Standards Board (FASB). | | C)| The American Institute of Certified Public Accountants (AICPA). | | D)| The Financial Accounting Foundation (FAF). |

Question 5 (2 points)

Which of the following is not specifically identified in the GAAP hierarchy for state and local governments? Question 5 options:
| A)| AICPA Industry Audit and Accounting Guides |
| B)| GASB Technical Bulletins |
| C)| GASB Implementation Guides |
| D)| GAO's Yellow Book |
Question 6 (2 points)

The primary users of external financial reports, as identified by the GASB, include all of the following except Question 6 options:
| A)| Investors and creditors. |
| B)| Citizens. |
| C)| Governing boards. |
| D)| All of the above are considered to be primary users of external financial reports. | Save
Question 7 (2 points)

Which of the following is a characteristic that distinguishes government and not-for-profit (G&NP) organizations from business enterprises? Question 7 options:
| A)| Borrowing is not a significant source of financing. | | B)| The resource providers of G&NP organizations often do not receive services commensurate with the amount of resources they provide. | | C)| Net income is an appropriate performance evaluation measurement for most of these organizations. | | D)| Accumulating wealth on behalf of its constituents is a key goal of G&NP organizations and business enterprises. | Save

Question 8 (2 points)

Which source of financial resources is unique to governments? Question 8 options:
| A)| Borrowings |
| B)| Gifts and grants |
| C)| Charges for services provided |
| D)| Taxation |
Question 9 (2 points)

What best describes the relationship of the FASB and the GASB? Question 9 options:
| A)| They are co-equal bodies with different areas of responsibility for standards setting. | | B)| The FASB standards are authoritative for governments. However, the FASB asks the GASB to establish guidelines for many unique transactions of government that the FASB does not have time to consider. | | C)| GASB standards are authoritative for...
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