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Chapter_1_Study_Questions.docx.docx-Chapter 1 Study Quesons 1. Which
Chapter 1 Study Questions.docx.docx...
Chapter_1_Study_Questions.docx.docx-Chapter 1 Study Quesons 1. Which
Page 1
Chapter 1 Study Quesons
1.
Which of the following is a special purpose government?
a.
The state of Arkansas
b.
Greene County
c.
Rutgers
University
d.
Seale, Washington
2.
Which of the following is not a disnguishing difference between governmental
organizaons and for-profit organizaons?
a.
Lack of a profit move
b.
Revenue
may
be
earned
through
exchange
transacons
c.
Absence of owners
d.
Resources are provided by individuals and enes that may not directly benefit from
the use of the resources.
3.
Which of the following statements regarding primary sources of accounng and financial
reporng standards is false?
a.
The GASB sets standards for all state and local governments.
b.
The
FASB
sets
standards
for
all
business
and
not
for
profit
enes
c.
The FASB and GASB are administered by the Financial Accounng Foundaon.
d.
The FASAB sets standards for the federal government and its agencies and departments.
4.
James Black is reviewing his city’s financial reporng because he wants to run for the city
council. He is concerned that the city is not using its resources effecvely. James is
primarily interested in:
a.
Fiscal accountability.
b.
Social accountability
c.
Polical accountability
d.
Operaonal
accountability.
5.
The concept of interperiod equity refers to whether:
a.
Revenues equaled or exceeded expenditures for the year.
b.
Total assets were sufficient to cover total liabilies
c.
Current
year
revenues
were
sufficient
to
pay
for
current
year
services.
d.
Future taxpayers can expect to receive the same or higher level of services as
current taxpayers.
6.
What are the components that are included in the minimum requirements for general purpose
external financial reporng?
a.
Introductory secon, financial secon, and stascal secon.
b.
MD&A, stascal secon, fund financial statements, notes to the financial
statements and RSI
c.
Leer from the chief financial officer, government financial statements, notes to the
financial statements and RSI
d.
MD&A government-wide financial statements, notes to the financial statements and
RSI
7.
The basic financial statements of a state or local government include all of the following
except:
a.
An MD&A
b.
Government wide financial statements
c.
Fund financial statements
d.
Notes to the financial statements.


Page 2
8.
Under GASB standards, financial informaon useful for assessing operaonal accountability
is primarily reported in which financial statements?
i.
Government wide FS
Government Fund FS
NO
YES
Yes
NO
Yes
Yes
NO
NO
9.
Which of the following is not a required secon of a federal agency or
department’s performance and accountability report (PAR)?
a.
A performance secon, which includes an annual performance report (APR)
b.
An MD&A
c.
A basic financial statements secon
d.
A statement of nonparcipaon in polical maers
10.
The primary reason that not for profit organizaons should report expenses incurred for
program purposes separately from those for supporng services such as management
and general and fund-raising is that:
a.
GASB standards require it.
b.
Program managers need informaon about the cost of acvies for which they
are responsible
c.
Top managers need to know how much they are spending for non-programmac
management and general support
d.
Donors potenal donors, oversight bodies, and others need to know what percentage
of total expenses are being incurred for carrying out the NFP’s programs, rather than
for overhead and fund-raising.


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